Singapore loses crown to US as best place to start a business

Lacking in skill and experience.

More people are setting up businesses in Singapore than in many other parts of the developed world, according to the Global Entrepreneurship Monitor 2012 Singapore Report, a study carried out by Nanyang Technological University (NTU).

In fact, Singapore ranks second, just behind the United States, in having the highest level of total entrepreneurial activity among 25 selected economies globally.

In terms of financial support and government policies, Singapore also had the highest scores compared to the other 24 economies.

This Singapore report was conducted by a multidisciplinary team of eight researchers from NTU. The report is part of the annual Global Entrepreneurship Monitor (GEM), a worldwide study by a consortium of universities in 69 countries. Conducted since 1999, GEM is a leading international indicator of entrepreneurial activity, providing valuable insights into the state of entrepreneurship within and across developed and developing economies.

This is the second year that NTU had led the GEM survey in Singapore. About 2,000 Singapore residents and 37 experts, including entrepreneurs, venture capitalists and government officials participated in the national survey.

“Our 2012 report on entrepreneurship in Singapore shows that Singaporeans are increasingly looking to business ownership as a viable option for earning a living,” said Associate Professor Olexander Chernyshenko, who specialises in psychological assessment at NTU’s Nanyang Business School.