Singapore is considered a leading tech hub in Asia. The top tech companies like Facebook, Google, Amazon, and more have headquarters in Singapore because of the country’s ideal location, availability of quality talent, global connectivity, supporting infrastructure, and business support through government initiatives. The government investment in the acquisition of 5G in its early stages also reflects the country’s image as a global tech hub.
Singapore has an elaborate tech infrastructure that helps businesses operate smoothly, like the city-wide 4G coverage, ensuring connectivity among companies.
Nowadays, tech-related issues faced by you or any company can be solved remotely. Therefore, most businesses outsource their IT support services. Since the country produces a high level of STEM graduates who go on to join successful tech companies, it is a major exporter of IT support services. Popular job roles in its IT sector include software engineer, data scientist, AI specialist, cyber security analyst, product manager, community specialist, and more. Now, more and more companies are choosing to outsource IT support Singapore as the country has an advanced tech ecosystem.
Several initiatives and support from the government have played a vital role in the country’s technology boom. This article will highlight how the tech industry is evolving in Singapore.
1. Digitally Motivated Government
The government has introduced several policies that have proven to be highly conducive to tech growth. The country funds start-ups and other companies looking to expand their business in Singapore. You can secure funding through the traditional banking system, government scholarship schemes, venture capitalists, and more. All tech-related activities are encouraged for economic growth and advancements within the country as well. The government expects the tech companies to make the following improvements within the country;
- Improve public transport system
- Increase public security
- Improve city planning
Singapore has a high cost of living. Tech start-ups coming to the country from abroad find it difficult to sustain living costs and other company-related expenses. Hence, the government provides special rent relief to new start-ups coming from abroad.
2. Ambitious Workforce
Singapore understands the potential of its population and values its talent to further its digital ambitions. Several tech-related initiatives have been launched to provide the population with the best education and digital skills. The government invested billions of dollars in 2020 in the following fields to digitally innovate them.
- Academic Research
- Health and Biomedical Sciences
- Services Industry
- Urban Solutions
- Advanced Engineering
The citizens show a keen interest in these fields and work hard to excel in tech skills to further the interests of the country.
3. Skills are Valued
Singapore employs a skillful workforce by focusing more on individual skills than a degree. Improve your analytical thinking and problem-solving skills while learning the basics of coding through an online course, and you are eligible for a job in any tech company.
There are no age restrictions as well. Mid-career switchers are also welcomed as long as they have the required tech/non-tech skills. IT industry is an evolving field, what you learn during your education is only the basics and you are expected to continue learning as the field evolves. Therefore, skills are often valued more than a degree.
4. Growth of Deep Tech
Deep technology, often called hard tech, aims to provide technology-based solutions to any substantial challenges faced by humanity. For example, clean energy solutions for dealing with global warming, medical devices that can help save lives, and data analysis to solve world hunger. Therefore, with the enormous potential of deep tech to solve world problems, the country has invested in it through;
- Maintaining a deep tech ecosystem backed by a strong IP regime
- Nurturing deep tech talent
- Organizing several deep tech events
- Establishment of multinational corporations in the sector
- Support from the government
5. Tech-Related Initiatives
The country has invested in various tech-related initiatives to train a multi-talented workforce in an environment that supports research and innovation. Some of the initiatives are as follows;
· The Smart Nation Program
The Smart Nation program is an initiative to educate people to be tech-savvy. It provides a platform for anyone to log in and learn the latest digital trends like coding, video conferencing, and more. The Singapore government has sponsored this program since 2004 and has invested millions of dollars in supporting 5G research and innovation. With heavy investments from the government and a technology-friendly population, nothing can stop Singapore from establishing a tech empire like no other.
· The National Artificial Intelligence Strategy
This strategy, announced in 2019, highlights the government’s plan to use AI to boost the economy. It also aims to increase the productivity of the nation and incorporate AI tech in new fields to innovate and grow. This program requires a collective effort from the government, citizens, local businesses, researchers, and international partners to work to advance tech in Singapore.
This program is jointly managed by the economic development board (EDB) and Enterprise Singapore. This program, launched at the start of 2020, helps local tech companies to hire talented foreign individuals. The easy access to the vital talent required by the companies helps them scale their businesses and boost the economy.
6. Immigration Process
Singapore has built a reputation as a sought-after market for foreign businesses. Therefore, the state offers various visa options to accommodate this growing demand. The two types of work visas issued include;
· Employment Pass
This pass allows you to work as a foreign national in Singapore for 1-2 years. It is appropriate for professionals with a job offer in Singapore. Leaders of a company who have to relocate to Singapore may also apply for this visa.
· Entrepreneur Pass
This pass allows foreign businesses to operate in Singapore for 1-2 years. It is an appropriate visa option for innovators and investors planning to launch a business in Singapore. The company should be registered as a private limited company with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). Moreover, the company should not be older than six months when applying for an entrepreneur pass.
7. Beneficial IP Laws
Singapore has a legal system that explicitly benefits start-ups. Working with intellectual property lawyers to obtain a patent helps new start-ups. Legal IP increases the value of the start-ups and provides a competitive edge. According to international standards, the country’s IP laws are ranked as the highest.
The Bottom Line
Singapore is an emerging nation at the technological forefront. The government is investing and launching various initiatives to boost the economy through advancements in technology. Not only is the local talent being nurtured and employed but the foreign talent is also being recruited to further the government’s vision of a technologically advanced country. The country values research and invests in innovative fields like artificial intelligence and deep tech companies. In short, the zeal of the nation to become tech-savvy and the government’s efforts to achieve this makes Singapore a country ready to rise as the next tech empire.