While Singapore was ranked 12th best location for startups, the city-state managed to knock tech haven Silicon Valley out of the top spot for global startup talent
Singapore has claimed the title of number one location for generating global startup talent, according to a new report.
In a 150-page research survey covering 10,000 startups across more than 100 cities, US-based Startup Genome Project analysed startup environments in 50 countries based on startup experience, market reach, funding, overall performance – and talent.
While Silicon Valley – a part of California’s Bay Area that is home to Apple, Facebook, Google and other major tech brands – still holds the prestige of being the top global ecosystem on the planet, Singapore managed to oust it in terms of startup talent. Singapore’s overall ranking, however, fell two spots this year to 12th place.
Singapore’s estimated 1,600 to 2,400 tech startups receive substantial government subsidies and enjoy a location that provides easy access to emerging tech markets throughout Southeast Asia.
Singapore has relatively experienced startup employees, the report says, with 74% of growth teams and 80% of engineering teams having at least two years of prior startup experience, compared to the global averages of 60% and 72%, respectively. Singapore startup founders were said to be the youngest in the world, with a median age of 28.
Employee salaries are also comparatively low in Singapore, as the average software engineer salary in Singapore of $35,000 a year is below the global average of $49,000.
The report pointed out that the US is slipping in terms of startup ecosystems compared to Asia and Europe, with Los Angeles and Chicago seeing the biggest drop in rankings out of the top 20 cities.