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Singapore came in joint fourth in the world for how fast its start-ups turned into unicorns, according to a global ranking by British price comparison website Money.co.uk. The top-performing sector when it comes to time taken to reach a US$1 billion valuation was auto and transportation, whose 31 unicorns took an average of four years and five months.
The tech industry have been noticing a boom, demonstrating the resilience of the start-up ecosystem in Singapore despite the challenges of the Covid-19 pandemic, said Enterprise Singapore (ESG) chairman. ESG’s Startup SG Founder venture building programmes have trained over 680 aspiring entrepreneurs since its launch in August last year. About half of the participants are mid-career professionals, managers, executives and technicians (PMETs) who were unemployed, he said.
With brighter forecast, An initiative has arise, encouraging firms and government agencies to join forces to develop innovative solutions to specific problems and market needs is already reaping benefits for local companies.
With the government continuously supporting firms and start-up to innovate, Singapore’s start-up industry is looking ahead to a bright future!
With higher rates vaccinations and borders slowly re-opening, Singapore expects its economy to grow at a faster pace than previously predicted as vaccinations gain pace, allowing for more economic activity and boosting demand for goods and services at home and in some of its key markets abroad.