Singapore geared to produce next unicorn: study

6 in 10 CEOs think that Singapore has macroeconomic strength as well as a talent pool.

Singapore topped the list of Asia-Pacific Economic Cooperation (APEC) economies most likely to produce the next fast-growing unicorn startup due to its conditions, according to PwC’s APEC CEO survey.

The study found that 64% of Singapore CEOs felt that the economy was well-poised for unicorns to thrive thanks to its macroeconomic strength and stability, talent pool and pipeline, which was higher than the 31% measured across APEC.

PwC surveyed 1189 business leaders across 21 APEC economies during the lead up to the 2019 APEC CEO Summit in Papua New Guinea.

“This is a nod to the recent efforts by the local authorities and government agencies to increase support for innovation and talent development,” PwC Singapore executive chairman Yeoh Oon Jin said. “Indeed, having the right environment and ecosystem can make a big difference in the success or failure to innovate, and businesses can do more themselves to create the right conditions for innovation.”