Startups in Singapore find it more difficult to grow over the past year: report

Nearly all believe having a clear path to profitability has become more crucial.

Singapore’s startup ecosystem remained resilient this year but nearly half of these enterprises felt it was more difficult to grow their businesses in the past year than the year before, according to HubSpot.

Nearly a quarter of Singapore startups finds it harder to enter new markets now than before while nearly a fifth agreed that it is more difficult to diversify into new business verticals.

Other challenges faced by startups in the city-state over the past year include developing new products, retaining customers, raising brand awareness as well as streamlining internal operations.

On a brighter note, more than half of Singapore startups noticed how it is easier to form the right type of partnerships in the past year than the year prior.

Overall, 98% of the companies believe having a clear path to profitability has become more crucial over the past year.

Singapore firms noted that a lack of diversity in the talent pool, shortage of specialised technical skills and high costs pose great challenges to the business in terms of talent acquisition.

The survey polled 150 respondents in Singapore as part of a broader study that analysed the trends shaping the startup landscape in Southeast Asia and India.

The Lion City ranked as the 17th best country for startups globally.