Singapore’s Tech Boom: From “Nope” to “Let’s Go!”
Back in 2010, a San‑Francisco investor named Paul Bragiel was asked, “Want to see Singapore’s tech scene?” He said, “Sure, if you can convince me a few times.” He eventually crossed an 8,000‑mile ocean and was greeted by a city dusting itself off, but still a bit uncertain about being Asia’s new Silicon Valley.
How the Deal Was Made
- 10‑Year Journey: In 2011, Bragiel co‑founded Golden Gate Ventures in Singapore after it offered an “aggressive” incentive package that outshone Hong Kong and Tokyo. The terms were hush‑hush, but the focus was clear: generous grants, tax holidays and acres of free office space.
- Payload of Pals: Google now hires over 1,000 folks here (from 24 in 2007), Facebook opened a 3,000‑seat hub recently, and Dyson invited its HQ to set up shop.
- Big Numbers, Small Share: Singapore’s economy was worth US$356 billion in 2018. While manufacturing, finance and insurance took a third, the information‑communications sector is growing at a dizzy 6.6% annually—fastest of all.
Beyond Money: “Jedi Master” Recruitment
Chng Kai Fong from the Economic Development Board (EDB) got the idea that talent is king. “I’m hunting for Jedi Masters,” he quips, hoping bright engineers will train the next wave of startups. It’s a battle of titles: engineering stars vs. business leaguers.
- Tax Holiday → “No heavy taxes, just the internet.”
- R&D Grants → “We hand out a lot of money that says, ‘Build something cool!’”
- Land & Rental Deals → “You pay nothing for the first year because we believe in your future.”
Winning Big Players
Large enterprises aren’t shy about the perks either. Google, Facebook, Dyson, and even Altitude‐conscious Dyson’s electric‑car plans found treats that had them all rooting for Singapore. The country’s low corporate tax, top‑notch legal system and stellar infrastructure are its secret sauce.
Talent Wars & Startup Reality
Even with the money, the real challenge is human capital. “We’re fighting a war for senior tech talent,” says Daljit Sall of Randstad. Data scientists, full‑stack devs, cybersecurity pros – everyone’s contract is busy.
Local dynamos like Grab (the ride‑hailing unicorn) and Carousell (now a US$550 million boom) help illuminate the pathway. Carousell’s founders won a free office space in a former factory in 2012 and expanded abroad, showing that Singapore can piggyback on seasoned innovators.
Regulation & Neutrino Perks
Law firms like Hogan Lovells say Singapore’s data‑friendly regulatory environment is a blessing. Neutral ground between US & China, free‑trade ties to the EU, and a central location in Southeast Asia combine to form a powerful magnet for data‑driven entrepreneurs.
From Skeptic to Believer
Bragiel’s experience mirrors many investors’ journeys: initial doubt turned fertile ground. “Silicon Valley rains the whole world; Singapore is catching up,” he says, as the city hustles to become a true global tech hub.