Singapore has overtaken tech mecca Silicon Valley as the world's No. 1 country for start-up talent; this is according to a recent report by Startup Genome project.
The 2017 survey analyse how cities help to grow and sustain start-up ecosystems through eight major factors. These factors are performance, funding, market reach, global integration, talent, start-up experience, resource attraction, ecosystem demographics and founder demographics.
According to a recent Straits Times, Singapore's success in the startup ecosystem is due to its innovative policies.
The report also mentioned of how Singapore’s geographical location marked it as an easy access point to up and coming tech markets in South-east Asia. In Singapore, tech start-up companies enjoy government subsidies, and the government is working to establish local tech start-ups as globally relevant companies.
The report highlighted how the talents from Singapore were found to be relatively strong in their experience level. 80% of engineering and 74% of growth teams talents had at least two years of prior start-up experience upon joining as compared to the global averages of 72% and 60%
While Silicon Valley took the top spot in many other categories, the report indicates that it’s losing its dominance in both Asia and Europe.
Startup Genome Project is an organisation based in the United States; this is Startup Genome's third edition of its Global Startup Ecosystem Report.