Singapore has been named in the top five list of best cities to launch a digital or tech ventures in the world, according to a recent study by Movinga, a Europe-based full-service provider in the moving industry.
Sitting on the fourth position, Singapore is the only Asia Pacific city in the top 10 list of such cities, with the study stating blockchain as the main industry for growth in the city.
The rest of the list was being dominated by cities in the US and Western Europe.
Launched with the goal to help entrepreneurs make a more informed decision on the best places to start a business, the study looked at 75 global cities that are already known for their entrepreneurial spirit, business opportunities, and economic growth.
They divided the study into three main categories of businesses: Restaurants, tech or digital ventures and import or export.
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For the tech or digital ventures category, a city is being scored based on the following factors: Tech ecosystem, human capital, venture capital, and main industries for growth.
“Tech or digital ventures rely not only on the ecosystem and available talent, but the investment opportunities, so the data for this industry also gives an insight into the feasibility for launching any internet-based startup looking for venture capital,” the study explained.
Main industries for growth and what it means
Despite not making into the top 10 list of best cities to launch a digital or tech ventures in the world, Beijing scored the highest score in the venture capital aspect, followed by San Francisco and Shanghai.
Of all the cities in the digital or tech ventures list, artificial intelligence was the main industry for growth and is most popular in cities. The position is being followed by e-commerce, blockchain, and SaaS.
“The main industries for growth in the tech or digital venture category is one of the most interesting datasets in this study. With artificial intelligence taking top spot and blockchain making a noticeable appearance, digital entrepreneurs are clearly leveraging future-facing technologies more than ever,” said Marta Blanco Amez, Vice President of Marketing at Movinga.
“What those planning to launch their own business need to decide, is do they go with a city containing an established network of people in the same field, or do they go where there’s less competition? We hope that this index can help technology startups to make these difficult decisions.”
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Image Credit: Yeo Khee on Unsplash
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