In the first of a new series on the world's corporate VC hubs, we get the lowdown on Singapore's tech scene from local CVC Sharan Makhija, of Singtel Innov8.
Singapore has emerged as the jewel of the Southeast Asian startup scene, with a vibrant local tech environment, business-friendly regulation and an array of local investors. Not to mention some 4,000 tech startups and 200 accelerators, venture builders and incubators.
It’s also the world’s fifth most visited city, with a low crime rate and one of the most efficient public transportation systems worldwide.
So, what is it like to be a corporate VC in Singapore? As the GCV Singapore Connect event takes place, we asked Sharan Makhija (left), senior investment director at telecoms firm Singapore Telecommunications’ Singtel Innov8 unit.
What makes Singapore’s startup scene stand out?
The concentration of global talent, capital and expertise creates a uniquely cosmopolitan innovation environment that few other ecosystems can match. Singapore is in the top 10 in the Global Startup Ecosystem ranking and that recognition reflects both the quality and scale of innovation happening here.
A unique aspect of Singapore is its position as a gateway to Southeast Asia. Our strategic location provides startups with access to a range of fast-growing markets across the ASEAN region while providing a stable environment for business.
Where are the hotspots in the local tech scene?
The One-North district is a hotspot. Block71 (below), a partnership between the National University of Singapore’s NUS Enterprise, Singtel Innov8 and the Media Development Authority of Singapore, is a tech ecosystem builder, providing affordable office spaces and opportunities for networking and collaboration. The original building’s success led to the development of an entire innovation district called JTC LaunchPad @ one-north, which now encompasses multiple buildings (Blocks 71, 73, 75, 77 and 79) housing over 800 startups and 50 incubators.
Biopolis is a purpose-built biomedical R&D hub in One-North that spans over 2 million square feet across multiple buildings and brings together public research institutes, corporate labs and startups working on everything from genomics to pharmaceutical development.
The 600-hectare Jurong Innovation District (JID) has emerged as Singapore’s advanced manufacturing hub, focusing on Industry 4.0 technologies. Unlike traditional industrial estates, JID integrates research institutions, technology providers, factories of the future and training centres to create an end-to-end manufacturing ecosystem.
The Central Business District area, particularly around Shenton Way, Raffles Place and Robinson Road, hosts many startups and venture capital firms and benefits from its proximity to major financial institutions and multinational corporations. In recent years, Tanjong Pagar has also emerged as a thriving tech hub, with numerous coworking spaces and startup offices, and a blend of heritage architecture and modern amenities that creates an attractive environment for creative and design-focused tech companies.
Where’s the best place for a coffee meeting?
YaKun Kaya Toast offers an authentically Singaporean setting for casual conversations. Their traditional kopi (local coffee), kaya toast and soft-boiled eggs provide international visitors with a genuine taste of Singapore’s coffee culture. Killiney Kopitiam is another popular local coffee chain.
A few other good ones are Five Oars, Tiong Bahru Bakery, The Social Space, Providore, 6Oz, Dutch Colony and Plain Vanilla.
Where would you take a founder you wanted to impress to dinner?
For its ambience with breathtaking views, CE LA VI (below) or Lavo, at Marina Bay Sands. Artemis Grill also offers great views of the skyline. Atlas Bar has fabulous interiors and an enormous gin library. Jigger and Pony would be another destination of choice for cocktails.
What are the best events for meeting local founders and investors?
Singapore Fintech Festival is the world’s largest fintech event while Echelon and the Tech in Asia Conference (TIA) are two popular conferences focused on the region. Innovfest, organised by NUS Enterprise, brings together academic innovation with commercial applications. SWITCH (Singapore Week of Innovation and Technology) offers a broad cross-section of Singapore’s innovation ecosystem and there’s Token 2049, which is focused on crypto and Web 3.
What’s the one thing every visitor should see while they’re here?
Singapore Zoo provides an extraordinary wildlife experience that consistently impresses international visitors. Unlike traditional zoos, our ‘open concept’ design creates naturalistic habitats with hidden barriers instead of obvious cages, allowing animals to thrive in environments that closely resemble their natural habitat.
Who in the local startup scene should people make sure to meet while they’re here?
Some of the key players, in no particular order, and in no way exhaustive: regional VC firms include Peak XV Partners, Monk’s Hill Ventures, Openspace Ventures, Jungle Ventures, Vertex Ventures, Granite Asia, East Ventures, Wavemaker Partners, Golden Gate Ventures and Insignia Ventures Partners.
Corporate venture arms include Singtel Innov8, Standard Chartered’s SC Ventures, Saison Capital, ST Engineering Ventures, Hyundai Cradle and Genting Group’s Genting Ventures. For government-linked investors, SGInnovate and EDBI.
Lastly, what’s a secret only the locals know?
The ‘chope’ culture is perhaps Singapore’s most distinctive social practice. Locals reserve tables at hawker centres by placing packets of tissue on them – an unwritten rule universally respected. This system emerged organically as a practical solution in our space-constrained dining environments. While it might seem strange to visitors that an unattended tissue packet holds the same authority as a ‘reserved’ sign, challenging this system would immediately identify you as an outsider.
Want to help us write the CVC guide to your city? Get in touch with Rob Lavine — we’d love to hear your insider tips.
