In the current wave of Chinese enterprises going overseas, how to achieve true globalization rather than just operating overseas is a topic worth exploring. With its geographical, technological and economic advantages, Singapore is enough to become a bridgehead for Chinese enterprises to set foot in the world.
Last week, Singapore Eye hosted a live broadcast with Professor Wen Yonggang, Dean of the Graduate School of Nanyang Technological University, and Wang Yuquan, founding partner of Hywin Capital, to conduct an in-depth and detailed analysis on the theme of Singapore's technological heritage and the globalization of Chinese enterprises.
In the past, many people thought of Singapore as a safe haven for successful people, but ignored the businesses and entrepreneurs who grew up in Singapore. Many high-tech companies, such as Tokai Group and Advance Intelligence Group, were founded by entrepreneurs who emigrated from Singapore or from the mainland. These businesses have not only been successful in Singapore, but have also gained international recognition, highlighting Singapore's potential as a hotspot for startups.
Professor Wen Yonggang has made outstanding achievements in the field of science and technology
According to the Global Startup Ecosystem Assessment 2024, Singapore ranks 7th in the world and 1st in Asia. Professor Man recalled that when he came to Singapore in 2011, there was not a single unicorn (unlisted company valued at more than US$1 billion) in Singapore or the whole of Southeast Asia. After years of vigorous development, by September 2024, there are 28 unicorns in Singapore, and all of them are high-tech enterprises.
Wang Yuquan, a technology investor, is a founding partner of Hywin Capital
In the general perception, it is necessary to have a huge economy to support these unicorns, and Singapore, a small country with a population of 6 million and a land area of less than 800 square kilometers, has given birth to 28 unicorn companies. This not only shows Singapore's rapid growth in technology entrepreneurship, but also reflects Singapore's success in attracting investment, nurturing innovation and promoting technology transfer.
There are 28 unicorns in Singapore
Professor Man further elaborated on Singapore's scientific research strength from three aspects, starting with the government's huge investment in science and technology. Singapore has a five-year "Research, Innovation and Enterprise 2025" (RIE2025) with a total investment of S$25 billion, equivalent to more than 100 billion yuan, accounting for 1% of the country's GDP, such a large proportion of R&D investment that only a few countries in the world can achieve. It is precisely because of such large-scale strategic investment that specific industries in Singapore can quickly form a strong development momentum in a short period of time.
Vice Premier Heng Swee Keat presided over RIE2025 press conference at the end of 2020
Then there is high-quality higher education. Singapore is home to two world-class universities – the National University of Singapore (NUS) and Nanyang Technological University (NTU), both of which are ranked in the top 30 in the global university rankings and the top 5 in Asia. Having two of the world's top universities in a city at the same time is perhaps only possible with Boston (Harvard and MIT) and Beijing (Peking University and Tsinghua University) apart from Singapore.
Nanyang Technological University, Singapore
NUS and NTU are two universities that not only rank among the best in terms of the quality of education, but also play a key role in scientific research and technology transfer. Nanyang Technological University (NTU) is ranked in the top two in the world in a number of global rankings, such as materials science, new energy, artificial intelligence and computing. These research results not only promote the development of academia, but also provide strong technical support for enterprises.
National University of Singapore
Professor Wen also mentioned that Nanyang Technological University's one-year investment in scientific research is equivalent to Apple's one-year R&D funding! You must know that Apple is the hottest and most profitable company today, and NTU's scientific research investment can be on a par with Apple, which shows how sparing no effort Singapore spares in the development of education and technology.
Nanyang Technological University's R&D investment is on par with Apple's
Third, Singapore has a good science and technology talent policy to attract talents from all over the world to work and study in Singapore. Over the past five years, more and more talent has come to Singapore from United States, Europe and China. These elites from different countries and cultures gather in Singapore, which can bring about a richer collision of ideas, thereby promoting the progress of science and technology.
From January 7 to 10, 2025, the global technology event, the Consumer Electronics Show, will be held in Las Vegas, United States. As the world's largest and most influential consumer electronics technology exhibition, CES is known as the "vane of electronic technology", attracting the attention of countless technology enthusiasts and industry leaders.
Tech giants and well-known innovators from around the world will gather to showcase the latest cutting-edge technologies. Singapore passport holders enjoy the convenience of visa-free entry and experience the feast of cutting-edge technology for the first time!
Singapore Eye joined hands with Outpost Technology, led by Wang Yuquan, a technology investor, founding partner of Hywin Capital, and a global science and technology innovation industry expert, to form a CES Singapore exhibition group to embark on this technological journey with like-minded business seekers.
Registration for CES is now open, and space is limited, so hurry up!
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