Singapore is the top startup ecosystem in Asia, seventh globally

Singapore’s startup ecosystem generated US$144b in ecosystem value.

Singapore displaced Beijing as having the best ecosystem for startups in Asia, according to this year's Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network.

The Lion City placed seventh in this year’s global rankings of startup ecosystems, inching up by one place from a year ago to surpass Beijing, which is now down to the eighth spot.

Singapore remained behind Boston (6th), but still outperformed other Asian cities, such as Seoul (9th), Tokyo (10th), as well as Shanghai (11th).

Silicon Valley, meanwhile, was able to secure its leadership as the best startup ecosystem in the world for five consecutive years now, based on the report’s available historical data. New York and London continued to tie for the second place.

The GSER report showed Singapore’s startup ecosystem generated US$144b in ecosystem value from 1 July 2021 through 31 December 2023, representing a 27% compound annual growth compared to the same two-year period previously.

Ecosystem value measures economic impact, calculated as the value of exits and startup valuations.

“Singapore's ascent as the core of the Pan Asia Startup Ecosystem hub brings together visionary founders and investors to advance Deep Tech- and AI-driven- innovations, cementing its position as a leading force in the region,” said Atsushi Taira, Co-founder and Chairman, The Edgeof, and Managing Director, Mistletoe Singapore.

Singapore is currently home to over 4,500 tech startups, 400 VCs and 240 accelerators, venture builders and incubators according to the report.

GSER ranks the top 40 ecosystems globally while exploring the latest and emerging trends driving the market.

The city-state emerged as a winner even as more and more startups found it more difficult to grow over the past year.