Startup opportunities in Singapore. |
Posted: June 24, 2016 |
Where to begin for starups in Singapore - You are in Singapore and you want to settle in right away, but no, you are bored following orders from a Boss. In this buzz-friendly world, the best thing to focus if you want to survive in Singapore, but still be your own boss is the word Startup.
So what do we need to begin a startup business in Singapore a) Idea of what we will startup – You can get a fair idea of what are the more popular startups in Singapore in this write-up and decide what suits your area of expertise. b) Where to go for funding – A list of useful websites, which can help you with valuable financial muscle power. c) How to go about paperwork d) How to spread the word-of-mouth and enhance growth.
Startup models in Singapore Following are the various types of startup models, which have found success in Singapore after receiving startup capital.
Ecommerce startups – These are basically Ecommerce sites, which facilitate the buying and selling a wide variety of items from clothes to make-up accessories and gift. 2 of the popular Ecomm sites, which come in this category, are Lazada and Zalora (www.zalora.sg).
Transportation startups – These are startups which compete with Uber and local Singapore taxi companies in providing more transport options. GrabaTaxi is an example.
Real estate startups – Property owning and property renting are always a regular advertisement on local papers, so some innovative startups have concentrated on that area and got good success. Propertyguru an example.
Biotech startups – Pharmaceutical companies have always got encouragement in Singapore and Biotech is no different with lots of government grants and private capital waiting. Aslan pharma is a prime example of a successful biotech startup based in Singapore.
Internet related startups – Another area of work, which is opening up is the Internet infrastructure area, including mobile. There used to be only 2 or 3 Government companies, which controlled mobile and internet service providing, but that is changing. The government has opened up both these sectors for competition and myrepublic (myrepublic.com.sg a local startup) is trying to give the big 3 a run for their money.
Adtech startups – Advertising is another area where smaller, smarter ad companies with new ideas online and in mobile are showing up and grabbing decent business. (Inmobil and ctrlshift are 2 companies as examples to emulate)
Fintech startups – Financial services is another area where innovative technological startup services are being seen in Singapore. Codapay and Moneysmart are 2 innovative startups in this field. Bit coin related companies, headquartered in Singapore are steadily increasing too.
We have listed just areas, but many more for your imagination to think of and start exploring.
Where to go for funding in Singapore If you are a local Singapore citizen or Permanent Resident or married to one, Spring Singapore is definitely the 1st port of call to find out what schemes are available for one to invest in. There are various options available including Micro-loans, Loan Insurance Scheme (LIS), Local Enterprise Finance Scheme (LEFS), Incubator related schemes and Tax incentive schemes. A call or visit to Spring Singapore office should get you on your way.
NRF.gov.sg is another Government agency linked to startups.
In the private funding area, there is no shortage of VC’s (venture capitalists) given the low tax base of Singapore. Techinasia.com has a good up-to-date listing of these VC’s.
Registering your startup in Singapore Now you got your business plan and you got the funding, you must be raring to go, but you still need to get your company registered before you get your internet domain. Accounting and Corporate Regulatory Authority is where most of the FAQ’s are. If you still find all the jargon there confusing, you can go down to their office and you will find a few enterprising companies or individuals willing to help you out for a reasonable fee. Singapore is still always ranked in the top 3 countries of the world in the ease of doing business, always competing with HK.
Networking your startup in Singapore In this wired up world, without networking, there is no way you can get your startup become a roaring success thanks to word-of-mouth publicity from family and friends. So, you will have to take that extra effort do hang around Start-up networking events especially in your particular startup model area and try to maximize the potential of advertising. Online listing through Google and other mobile ad space is another option.
There are a few Networking groups such Startup grind Singapore, The Hub Singapore, TiE, Aspiring Entrepreneur Venture and Singapore Entrepreneurs Network, which will help you going.
Also keep a lookout online for any Startup related events in Singapore or in your current country and sign up to get you immersed in the thick of action.
Don’t wait. Start it up.
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