Foreign innovation drives startup economies, and in the US alone, 51% of billion-dollar startups were founded by immigrants.
Cities across the world have taken notice: encouraging the free movement of information and talent is crucial to tech sector success. That’s why Singapore, a longtime advocate of attracting foreign talent, has seen major growth as a startup hub. As Industry Leaders Magazine reports, this city-island-nation has the potential to become the next Silicon Valley.
Any doubts? Look at the numbers: VC investment in the tech sector in Singapore increased from less than $30 million in 2011 to more than $1 billion in 2013, with 10 local exits in 2014.
The epicentre of this boom is an area known as Block 71, a vibrant community housing a cluster of startups near the National University of Singapore that The Economist called “the world’s most tightly packed entrepreneurial ecosystem.”
One of the driving forces behind this growth is Singapore’s attractive immigration policies. The government has actively encouraged startups to set up shop, with programs like the Global Investor Program. The EntrePass—a specific employment pass targeting would-be entrepreneurs—facilitates the relocation process for foreign startups who want to set up shop in Singapore.