We all hear endlessly about the goings on in Silicon Valley, whether it be news about novel startups with a mission to change the world, the investors that back the projects, or the political machinations that go on in this well-known hotbed of technological innovation.
But far across the globe there are plenty of places that are also bubbling with excitement, innovation, entrepreneurial fervor and cash. Often they’re the very places where the actual Silicon Valley’s products actually get mass-produced. Meet some of Asia’s tech innovation hotspots.
Singapore
Singapore is often feted as “Asia’s Silicon Valley” because of its history as a popular place to set up an international business, its location, its low friction to doing business and its cosmopolitan nature. As an example of its growing importance, recently a new incubator fund, Golden Gate Ventures, is trying to spend its $10 million to bring successful Singaporean entrepreneurs to Silicon Valley itself to work with existing names that are famous from currently successful enterprises like YouTube.
As another example, Business Insider recently covered the interesting story of social messaging service Bubble Motion. CEO Tom Clayton explained that his company was already split 50-50 between the Valley and Singapore, with management in the U.S. and all the technical parts of the business the other side of the Pacific. After the financial slowdown in 2008 the company decided that consolidating operations in one place was better, and rather than scrabbling among other startups for money in Silicon Valley it decided Singapore was a better option–not least because it was cheaper to operate from there.
As the BBC noted, there’re interesting efforts by private and government bodies in Singapore to push its tech start-up status. This includes programs like that run by the Joyful Frog Digital Incubator, which partnered with the large SingTel telco to fund a 100-day program where entrepreneurs are mentored and then pitch to investors. The government itself kicked things off in 2003 with an economic review that decided Singapore should become an “entrepreneurial nation” that is keen to take the kind of risks you need to start innovative new businesses.
The status of the nation as a great place to be an entrepreneur isn’t universally accepted, however, and some voices suggest it’s due to a lot of hype. Some suggest that the culture really doesn’t support entrepreneurial risk-taking, and that angel investors are too wary of risk.
That doesn’t seem to worry billionaire Facebook cofounder Eduardo Saverin who, slightly controversially, chose to make his official home in Singapore just before the Facebook IPO. He’s reportedly keen to invest in startups in the nation, and is said to be promoting a more Silicon Valley-style of investment.
