The Business Times
In a position paper on Tuesday (Jan 25), the Action Community for Entrepreneurship (ACE) identified 3 key challenges that Singapore startups currently face: a talent crunch, constraints in overseas expansion and difficulties in raising capital.
The paper, published in collaboration with PwC Singapore, taps the views of over 120 startups, founders, venture capitalists and government stakeholders. It will be presented to the government before the Budget on Feb 18.
While only accounting for 0.57 per cent of the employed population, tech startups have contributed to 2.4 per cent of Singapore’s GDP, the paper said.
The government has thus far played a pivotal role in the success of Singapore’s startup ecosystem, ACE’s chairman James Tan noted in the paper.
“While the direction is clear, there is indeed much work ahead of us. As the nation’s startup trade association, ACE is determined to do its utmost to uplift our startup community and work with you to support this essential economic ecosystem,” Tan said.