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Singapore #StartupStack
J O I N T R E S E A R C H I N T O T H E F A C T O R S D R I V I N G
T H E R E M A R K A B L E R I S E O F S I N G A P O R E ’ S
S T A R T U P C O M M U N I T Y
Stripe conducted a survey in February 2017, in
partnership with SeedPlus, Jungle Ventures, Golden Gate
Ventures, General Assembly and 500 Startups.
R E S E A R C H B A C K G R O U N D
235 responses from startups were collected, with more than
half (55%) coming from founders and co-founders. Most
respondents were from early-stage startups (70%), almost half
of which (48%) employed five or fewer staff.
Today, Singaporean startups are born global and
scaling internationally faster than ever.
60%
of Singaporean startups
sell internationally today.
Of those who aren’t currently
selling abroad, almost half
(49%) intend to go global
within the next year.
More than a third (35%) of
startups launched within the
past year are already selling
internationally.
60% 49% 35%
Yet, only 36% of startups believe that they could have started their businesses from
Singapore as little as five years ago.
What’s powering the
growth of Singapore’s
startup economy?
T H E S I N G A P O R E # S T A R T U P S T A C K
T H E S I N G A P O R E S T A R T U P S T A C K
An ecosystem of cloud-based
software that is enabling Singaporean
startups to scale on a pay-as-you-
grow basis.
A total of 157 tools are used across 10 business functions. Almost two-thirds of
startups (63%) use 6 or more tools to run their businesses.
W H A T T O O L S M A K E U P T H E S I N G A P O R E
S T A R T U P S T A C K ?
A C C O U N T I N G A N A L Y T I C S
C U S T O M E R S U P P O R T C O D E R E P O S I T O R I E S
C R M C Y B E R S E C U R I T Y
H O S T I N G A N D D A T A S T O R A G E H U M A N R E S O U R C E S
M O B I L E A N D W E B P A Y M E N T S T E A M C O L L A B O R A T I O N & C O M M U N I C A T I O N
S T A R T U P S N O L O N G E R N E E D T O R E I N V E N T T H E
W H E E L
By automating some of the most resource-intensive parts of building a
business, the “startup stack” is helping entrepreneurs reallocate engineering
time and focus on their core product:
Less than 12% have
built their own servers
or data storage.
Less than 10% have built
their own payments
infrastructure.
Less than 9% have
built their own team
communication tools.
Less than 8% have built
their own security and
anti-fraud systems.
12% 10% 9% 8%
At GovTech, we are focused on building and
scaling projects, while keeping a small, efficient
team. This approach has allowed us to move
quickly to launch new services to meet
Singapore’s needs, such as Parking.sg and
Beeline. Using cloud services allows us to stop
wasting time on solved problems, and instead
focus on delivering our actual value.
L I H O N G Y I , D E P U T Y D I R E C T O R , P R O D U C T
& E N G I N E E R I N G T E A M , G O V T E C H
T H E S E T O O L S M A K E I T F A S T E R A N D E A S I E R T O S T A R T
A N D S C A L E A T E C H B U S I N E S S T H A N E V E R B E F O R E
94% of startups believe
cloud tools make it
quicker to go global from
Singapore.
97% 94% 93%
0
25
50
75
100
97% of startups believe
cloud tools have made it
easier to launch a tech
startup in Singapore.
93% believe these tools
make it cheaper.
Digital tools are redefining entrepreneurship in
Singapore. From eCommerce tools like Shopify and
WooCommerce to payments and accounting
software like Stripe and Xero, user-friendly cloud
software has made it easy to run a business with
only a small team—or no team at all. At TradeGecko,
we rely on many such online tools to power our
international growth and global team collaboration.
C A M E R O N P R I E S T , C O - F O U N D E R & C E O ,
T R A D E G E C K O
U N B U N D L I N G T R A D E G E C K O ’ S S T A C K
Mobile and web
payments
Analytics
Hiring Customer messagingSubscriptions
Hosting Help desk Accounting
Team collaboration and
communication
Human resources Sales CRM
Marketing CRM Design collaboration Accounting
H O W E L S E A R E T H E S E T O O L S H E L P I N G
S I N G A P O R E A N S T A R T U P S ?
Increased
productivity
Easier to work
remotely as a team
Reduced overall
operating costs
Quicker product
development
70% 63% 55% 48%
The top five most used tools by Singapore startups:
T H E N E W S T A N D A R D
C O M M U N I C A T I O N
H O S T I N G C O D E
A N A L Y T I C SP A Y M E N T S
W H A T D O S T A R T U P S L O O K F O R I N T O O L S ?
Affordability Ease of
integration
Reliability Scalability Interoperability
between tools
78% 72%
57%
47% 46%
0
25
50
75
100
125
Technology plays a key role in our mission to
provide an easy way for the elderly and loved ones
to get and manage care. Thanks to tools like AWS,
Stripe and Twilio, we’ve been able to create a
frictionless experience for our users. Cloud-based
tools like these are defining the future of every
industry, and have certainly been key to our growth
in Singapore.
G I L L I A N T E E , C O - F O U N D E R A N D C E O ,
H O M A G E
T H E Y ’ R E A L S O H E L P I N G T O C R E A T E A F E R T I L E
C L I M A T E F O R E N T R E P R E N E U R S H I P .
56% 54%
43% 34% 27%
0
25
50
75
100
The growth of the
local startup
community
Increased access
to funding
Strong
government
support
Higher smartphone
penetration
1 in 4 startups listed the ability to outsource non-core business and tech
functions as a key factor making launching a business easier today.
Startups said the following factors were also helping to stimulate the
startup ecosystem in Singapore:
The growth of
ecommerce
T H I S E N V I R O N M E N T I S M A K I N G S T A R T U P S
I N S I N G A P O R E M O R E C O N F I D E N T A B O U T
T H E F U T U R E
More than half (52%) of startups believe that
Singapore’s startup ecosystem will continue to expand
rapidly, making it one of the world’s top 3 startup hubs
by 2020.
Singapore #StartupStack

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Singapore #StartupStack

  • 2. J O I N T R E S E A R C H I N T O T H E F A C T O R S D R I V I N G T H E R E M A R K A B L E R I S E O F S I N G A P O R E ’ S S T A R T U P C O M M U N I T Y
  • 3. Stripe conducted a survey in February 2017, in partnership with SeedPlus, Jungle Ventures, Golden Gate Ventures, General Assembly and 500 Startups. R E S E A R C H B A C K G R O U N D 235 responses from startups were collected, with more than half (55%) coming from founders and co-founders. Most respondents were from early-stage startups (70%), almost half of which (48%) employed five or fewer staff.
  • 4. Today, Singaporean startups are born global and scaling internationally faster than ever. 60% of Singaporean startups sell internationally today. Of those who aren’t currently selling abroad, almost half (49%) intend to go global within the next year. More than a third (35%) of startups launched within the past year are already selling internationally. 60% 49% 35% Yet, only 36% of startups believe that they could have started their businesses from Singapore as little as five years ago.
  • 5. What’s powering the growth of Singapore’s startup economy? T H E S I N G A P O R E # S T A R T U P S T A C K
  • 6. T H E S I N G A P O R E S T A R T U P S T A C K An ecosystem of cloud-based software that is enabling Singaporean startups to scale on a pay-as-you- grow basis.
  • 7. A total of 157 tools are used across 10 business functions. Almost two-thirds of startups (63%) use 6 or more tools to run their businesses. W H A T T O O L S M A K E U P T H E S I N G A P O R E S T A R T U P S T A C K ? A C C O U N T I N G A N A L Y T I C S C U S T O M E R S U P P O R T C O D E R E P O S I T O R I E S
  • 8. C R M C Y B E R S E C U R I T Y H O S T I N G A N D D A T A S T O R A G E H U M A N R E S O U R C E S M O B I L E A N D W E B P A Y M E N T S T E A M C O L L A B O R A T I O N & C O M M U N I C A T I O N
  • 9. S T A R T U P S N O L O N G E R N E E D T O R E I N V E N T T H E W H E E L By automating some of the most resource-intensive parts of building a business, the “startup stack” is helping entrepreneurs reallocate engineering time and focus on their core product: Less than 12% have built their own servers or data storage. Less than 10% have built their own payments infrastructure. Less than 9% have built their own team communication tools. Less than 8% have built their own security and anti-fraud systems. 12% 10% 9% 8%
  • 10. At GovTech, we are focused on building and scaling projects, while keeping a small, efficient team. This approach has allowed us to move quickly to launch new services to meet Singapore’s needs, such as Parking.sg and Beeline. Using cloud services allows us to stop wasting time on solved problems, and instead focus on delivering our actual value. L I H O N G Y I , D E P U T Y D I R E C T O R , P R O D U C T & E N G I N E E R I N G T E A M , G O V T E C H
  • 11. T H E S E T O O L S M A K E I T F A S T E R A N D E A S I E R T O S T A R T A N D S C A L E A T E C H B U S I N E S S T H A N E V E R B E F O R E 94% of startups believe cloud tools make it quicker to go global from Singapore. 97% 94% 93% 0 25 50 75 100 97% of startups believe cloud tools have made it easier to launch a tech startup in Singapore. 93% believe these tools make it cheaper.
  • 12. Digital tools are redefining entrepreneurship in Singapore. From eCommerce tools like Shopify and WooCommerce to payments and accounting software like Stripe and Xero, user-friendly cloud software has made it easy to run a business with only a small team—or no team at all. At TradeGecko, we rely on many such online tools to power our international growth and global team collaboration. C A M E R O N P R I E S T , C O - F O U N D E R & C E O , T R A D E G E C K O
  • 13. U N B U N D L I N G T R A D E G E C K O ’ S S T A C K Mobile and web payments Analytics Hiring Customer messagingSubscriptions Hosting Help desk Accounting Team collaboration and communication Human resources Sales CRM Marketing CRM Design collaboration Accounting
  • 14. H O W E L S E A R E T H E S E T O O L S H E L P I N G S I N G A P O R E A N S T A R T U P S ? Increased productivity Easier to work remotely as a team Reduced overall operating costs Quicker product development 70% 63% 55% 48%
  • 15. The top five most used tools by Singapore startups: T H E N E W S T A N D A R D C O M M U N I C A T I O N H O S T I N G C O D E A N A L Y T I C SP A Y M E N T S
  • 16. W H A T D O S T A R T U P S L O O K F O R I N T O O L S ? Affordability Ease of integration Reliability Scalability Interoperability between tools 78% 72% 57% 47% 46% 0 25 50 75 100 125
  • 17. Technology plays a key role in our mission to provide an easy way for the elderly and loved ones to get and manage care. Thanks to tools like AWS, Stripe and Twilio, we’ve been able to create a frictionless experience for our users. Cloud-based tools like these are defining the future of every industry, and have certainly been key to our growth in Singapore. G I L L I A N T E E , C O - F O U N D E R A N D C E O , H O M A G E
  • 18. T H E Y ’ R E A L S O H E L P I N G T O C R E A T E A F E R T I L E C L I M A T E F O R E N T R E P R E N E U R S H I P . 56% 54% 43% 34% 27% 0 25 50 75 100 The growth of the local startup community Increased access to funding Strong government support Higher smartphone penetration 1 in 4 startups listed the ability to outsource non-core business and tech functions as a key factor making launching a business easier today. Startups said the following factors were also helping to stimulate the startup ecosystem in Singapore: The growth of ecommerce
  • 19. T H I S E N V I R O N M E N T I S M A K I N G S T A R T U P S I N S I N G A P O R E M O R E C O N F I D E N T A B O U T T H E F U T U R E More than half (52%) of startups believe that Singapore’s startup ecosystem will continue to expand rapidly, making it one of the world’s top 3 startup hubs by 2020.