Armed with lucrative grants and incentives, Singapore has been ramping up its efforts to lure tech firms and investors by RDchatters geddiejdk anshumandaga
SINGAPORE - San Francisco-based investor Paul Bragiel said he needed to be asked three or four times before he accepted an invitation from Singapore to come check out its tech scene.He made the 8,000-mile trip, but said that back then - in 2010 - the city-state’s prospects to become a leading Asia tech hub were “bleak, to say the least.”
But now the focus is shifting toward attracting talent, and even the government says its work is not done. But it is growing faster than any other sector, data on Tuesday showed. Info-comm expanded at an annualized 6.6% in the first quarter of this year, while the next fastest of the nine sectors Singapore tracks was finance and insurance at 3.2%.
Lengthy tax holidays, hefty grants for research and development, co-funding for investments and land and rental deals are among the incentives from different agencies, they added. “Singapore is very successful; it has a great reputation for its ease of doing business and its links to the wider region,” said Britain’s trade commissioner for Asia Pacific, Natalie Black. “Many UK tech companies are already here and many more are exploring the opportunity.”
Chng said he hopes attracting top talent will help nurture domestic startups, which has so far been difficult. “There is a war for senior tech talent,” said Daljit Sall, Singapore-based director at recruitment firm Randstad. “We are seeing big demand for data scientists, full stack developers, cyber security experts and solution architects.”In 2012, the co-founders of online marketplace Carousell won a Singapore startup competition. The prize was three months of free office space in a former factory.
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