Age doesn’t matter: Local start-up founders are surprisingly young and wealthy, reveals HSBC

They’re much younger than Western peers.

Here’s some good news for Singapore’s goal of creating a start-up hub: Entrepreneurs here tend to start their businesses earlier than their global peers, according to report from HSBC Private Bank.

The report, which surveyed 334 business owners with a net worth above US$1 million, found that the average age at which Singaporeans set up their first business was 28.
This is similar to the Asian average of 29 but much earlier than the Western average of 34. 

Over a third of respondents were also younger than 35.

Additionally, nearly two fifths (38%) of Singapore entrepreneurs utilise family wealth when setting up their first business, while 21% looked towards sourcing for investment from friends and acquaintances. 

This was slightly lower than the 47% average of Asian entrepreneurs who utilised family wealth and 25% who capitalised on funds from their personal networks to set up their businesses. 

In contrast, a much lower average of only 24% of entrepreneurs in the West relied on family wealth while about 9% looked towards investments from friends and acquaintances.
Singapore business owners also tend to embark on their entrepreneurial careers earlier than their global peers and rely on personal networks to start-up their business ventures.The research found that the average age at which Singaporeans set up their first business was 28,