September 25, 2014 | Sharon Cheong
Singapore is one of Asia's (and the world's) top countries. Though relatively small in its geographical size and population, the country thrives and stands out in all aspects of life. Singaporeans are more driven to excel in whatever they do. They tend to be more innovative and progressive in their approach to earning a living.
The Singaporean government has made it more conducive for local and international businessmen to establish startups and SMEs (Small and Medium Enterprises) in the country. First, the taxes imposed by the government are reasonable and lower compared to most countries across the globe. Second, the Singaporean government provides various benefits and schemes to newly setup companies, resulting to more profit for the new, risk-taking businessmen.
Successful Startups in Singapore
SMEs play a crucial role in improving a country's economy. The World Economic Forum expressed that SMEs are the contributors, innovators, and absorbers to the economic growth of a country. It has been said that 70% of startups fail in its initial year of operations; but the remaining 30% of startups did succeed in their first year of operations in Singapore.
Luxola started its operations in September 2011. It is an online beauty store selling grey and black market products backed by authentic brands. After only a year of operations, the online store started shipping to other Southeast Asian countries.
Travelmob started its operations in September 2012. It is a social stay marketplace where users can offer, find, and book accommodations in the Asia-Pacific region. The website offers a secure platform for Asia-Pacific property owners to list down as many properties as they like, free of charge. Service fee is collected through an online secure payment system only when an actual booking takes place.
Fashfix is a women's shopping portal that went online in October 2012. This online shop is unique as it allows women to swap clothes with other users. In case the clothes do not fit, members can easily relist the items for resale.
Luxe Nomad is a flash deals site that offers up to 70% discounts on luxurious resorts and hotels in Asia. Discounts are for members only and are usually available for a maximum of two weeks.
Hastify answers meal-related needs of busy Singaporeans. It is an online food pre-ordering site where customers can access the menu of partner restaurants and order their choices. The waiting-in-line for food takeouts is eliminated. A customer can now just drop-by a restaurant and get his pre-ordered meal.
Dropmysite started operations in August 2011. The site is one of Asia's fastest growing startups as it has a reputed 630,000 signups in less than 50 days. The company deals with Internet back-ups -- focusing on websites, social media, chat, emails, and so on. Dropmyemail, with its more than 650,000 users in less than 50 days, is a cloud to cloud back-up solution for emails.
These are just some of the more successful startups in Singapore. To date, these startups have received funding from international investors. The notion that only companies that deal with high-tech solutions are successful is far from the truth. Any business that presents a solution to a consumer need has the potential to be a successful startup.
Feasible Singapore Startup Ideas
Singapore aims to be Asia's Silicon Valley as it attempts to create Southeast Asia's startup hub. Facebook Inc. recently bought the photo-sharing site Instagram and messaging platform WhatsApp for several billions in USD. These deals brought a great deal excitement to Singapore's tech entrepreneurs, making them count down to the day when an international tech giant would buy one of its home-based startups.
Technological innovations, software, and web and mobile-based applications designing are the way to go in terms of tech startups in Singapore.
Mobile Applications - The country and its people are highly digital and mobile. The fast-paced life of most Singaporeans requires them to be online most of the time. Designing a mobile application to make their home or office work easier to manage is a great idea for a tech business startup.
Home Water Treatment and Purification System - Fresh water supply is a scarcity in Singapore. Though the government has effectively addressed this problem, fresh water remains a scarce commodity. The government has turned to NEWater (treated and purified used water) and importation of fresh water to ensure ample water supply to its citizens. However, a home water treatment and purification system would provide Singaporeans accessible and affordable water supply.
Singaporeans strive hard to uplift and maintain their way of life. They tend to measure quality of life based on social, economic, political, physical, and spiritual factors. A product or service that could help them maintain and/or level-up their way and quality of life would be greatly received.
Home Services - Cleaning the house, organizing rooms and cabinets, and doing errands take time and effort. For the busy working Singaporean, a company that offers these services will help them manage their time more efficiently. Though there are businesses that individually offer these services, a company that proffer all these related services is more apt as one does not have to get the services of several companies.
There are plenty of possible startup businesses in Singapore for the innovative and creative entrepreneur. If you are bent on setting up a startup business in Singapore, call Servcorp now for professional assistance. This is the one company that will guide and help you set up a successful startup in Singapore.