With its vibrant, business-friendly environment and strategic geographical access to Asian markets, Singapore has ranked first in Asia's startup ecosystem and seventh globally, up one position from last year.
According to Startup Genome’s latest 2024 Global Startup Ecosystem Report, Singapore is the leading startup ecosystem in Southeast Asia, dominating the regional tech funding landscape last year with 63.7% of deal volume and 73.3% of deal value in the region. This amounted to a total investment of USD 6.1 billion (about SGD 8.1 billion) across 522 deals.
The report states: "Over the past 30 years, Singapore has invested heavily in developing its tech ecosystem, dedicating 1% of its GDP to the Research, Innovation, and Enterprise 2025 plan (RIE2025). This is Singapore’s most substantial research plan in history. These investments have created an impressive R&D base with nearly 40,000 researchers, scientists, and engineers, supported by a robust intellectual property protection system."
Startup Genome, a global leader in ecosystem development, has collaborated with over 160 economic and innovation agencies from more than 55 countries. Its Global Startup Ecosystem Report is based on extensive research and data analysis of 4.5 million startups across 300 ecosystems worldwide, measuring five success factors: startup performance, funding, market reach, talent and startup experience, and knowledge infrastructure.
According to the report, Singapore scored 10 out of 10 in market reach and 9 in funding, showing excellent performance in these areas.
The report also highlights that Singapore hosts 4,500 tech startups, 400 venture capital firms, and 240 accelerators, venture builders, and incubators, providing a solid foundation for a globally competitive ecosystem. Singapore is evolving into a global tech hub, focusing on developing tech-intensive products rooted in scientific research.
It adds: "Singapore’s startups benefit from a growing pool of global capital and venture investors like Emerald Ventures, Mass Mutual, Wavemaker Partners, and Ele8.vc. Through the StartupSG initiative, launched by Enterprise Singapore with ecosystem partners, startups have access to various local support schemes and a platform connecting them to the global stage."
Global Startup Ecosystem Rankings
In Asia, they are following Singapore's top position, Beijing, Seoul, and Tokyo rank second, third, and fourth, respectively.
Tokyo notably entered the global top 10 for the first time, rising five spots from 15th in 2023, making it the most improved city among the top 10 ecosystems.
Globally, Silicon Valley ranks first, followed by London and New York City. Los Angeles and Tel Aviv are tied in fourth place.
The report indicates that the world's top five startup ecosystems are collectively valued at USD 4.4 trillion, representing 54% of the total value of the top 40 ecosystems, with Silicon Valley leading with 59% of the value within the top five.
One key factor for Silicon Valley’s success is its high level of late-stage funding (Series B and beyond). In 2023, Silicon Valley-based AI companies like OpenAI, Inflection, Databricks, and Anthropic attracted substantial investments.
Looking ahead, the report suggests that while the global startup ecosystem faced significant downward pressure last year, emerging technologies such as generative AI and clean tech are expected to drive a new growth cycle in tech entrepreneurship. "Those who invest during or immediately after economic downturns will see the highest returns. Now is the time to seize unique opportunities from this transformational period."
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