In today’s fiercely competitive world, the “Next Singapore” quest is never-ending. However, entrepreneurs don’t have to wait for fate to bestow this honour upon them. Instead, they can take control of their destiny and create their version of the next Singapore. Join me on a journey of discovery as we delve into the intricacies of entrepreneurial leadership and uncover the secrets to building a thriving business hub from scratch. With the right tools and strategies, you can turn your vision into a reality and unlock opportunities beyond your wildest imagination. So, prepare to embark on a journey towards limitless potential and take the first step towards greatness.
LOCATION
Singapore started its life similar to many other nations in the world, as a British colonial territory. It had a naturally sheltered harbour so it was an excellent location to conduct trade and still to this day its strategic location has made it one of the world’s most important trade hubs.
When looking for the “Next Singapore” the most important thing is location location location. Excluding the human, and government elements of the location you want to look at the natural landscape, is this place a major trading hub, is it well connected, to other trading hubs, and does it suffer from frequent natural disasters? You want to invest in a location that is favourable in all or most of these factors.
GOVERNMENT
Singapore is not a country that is rich in resources; it is, in fact, the 20th smallest country in the world. Consequently, traditional methods of resource extraction were not viable for achieving economic prosperity. When Singapore gained independence from Malaysia in 1959, unemployment was alarmingly high and trade was minimal. To address these challenges, the government invited Dutch Economist Albert Winsemious to visit the country and develop an industrialization program. In short, his policies were two-fold: first, eliminate communism; second, establish strong ties with developed countries (e.g., the West) and enforce a clear rule of law. When searching for governments that prioritize entrepreneurship, one should look for similar values. At Yonderpreneur, we avoid labels such as communist, capitalist, or socialist; instead, we focus on facts. Specifically, we assess the government’s policies, goals, taxation levels, and the quality of life of its citizens to determine if the location is entrepreneur-friendly. If all these factors are heading in the right direction, then that location may have a government that is supportive of entrepreneurs.
THE PEOPLE
When looking for the Next Singapore, it’s crucial to examine the human capital of a location. In the case of Singapore, its success is largely attributed to its highly skilled and educated workforce. The Singaporean government invested heavily in education, building a strong foundation that allowed for the development of a knowledge-based economy. The country’s emphasis on education has led to a literacy rate of nearly 97% and a highly skilled workforce that is competitive on the global stage. In addition, Singapore’s workforce is known for being hardworking, disciplined, and adaptable, which has helped the country weather economic challenges and emerge as a leader in innovation and technology. The government also implemented policies that encouraged talent retention and attraction, such as providing scholarships and incentives for individuals to pursue higher education and return to work in Singapore. Any location aspiring to be the Next Singapore must prioritize the development of its workforce.
INFRASTRUCTURE INVESTMENT
In addition to investing in its human capital, Singapore recognized the importance of having a sound infrastructure to attract businesses and compete on the global stage. The country strategically took advantage of its location in the Strait of Malacca, which is a crucial shipping route connecting the Indian and Pacific Oceans, to build some of the largest and most efficient seaports in the world. The Port of Singapore is the busiest transshipment port globally and is among the top five busiest container ports worldwide. The success of the Port of Singapore has boosted the country’s economy, making it a hub for trade and commerce. But Singapore’s investment in infrastructure did not stop at seaports. The country has also built world-class airports, including the award-winning Changi Airport, which has consistently been ranked as one of the best airports globally. The airport has become a hub for air travel, connecting Singapore to major cities across the world. In addition to its ports and airports, Singapore has also invested heavily in city-wide telecommunications systems, including fibre optic networks and wireless connectivity, which have helped to boost business and innovation. Singapore’s investment in infrastructure has allowed the country to become a major player in the global economy. The country’s efficient transportation systems and connectivity have attracted businesses and investors from all over the world. In addition, its infrastructure has made it easier for businesses to move goods and people in and out of the country, further bolstering the economy. Thus, any location aspiring to be the Next Singapore must prioritize infrastructure development to attract businesses and investors and remain competitive in the global market.
TECHNOLOGY & INNOVATION
Building on Singapore’s focus on innovation and technology, the country has become a leading hub for startups and entrepreneurs. The government has implemented various policies and initiatives to promote entrepreneurship and innovation, including funding support, mentorship programs, and access to co-working spaces. The country’s emphasis on developing a startup ecosystem has resulted in the emergence of successful home-grown startups such as Grab and Carousell, which have expanded beyond Singapore and become regional players. Moreover, Singapore has also positioned itself as a leader in emerging industries such as fintech and biotech, investing heavily in research and development to stay ahead of the curve. The government’s initiatives to develop these industries have resulted in the growth of a thriving ecosystem, with startups, research institutes, and corporations collaborating to drive innovation and create new solutions. Singapore’s culture of entrepreneurship and risk-taking has also contributed to its success. The country’s emphasis on education, infrastructure, and innovation has created an environment that nurtures creativity and encourages individuals to take risks and pursue their ideas. This culture has resulted in a society that is constantly innovating and adapting to change, enabling the country to remain competitive in the global market.
CONCLUSION
In conclusion, the search for the “Next Singapore” is not an easy one, as it requires identifying and analyzing the factors that allowed Singapore to thrive. However, it is a worthwhile quest, as it can shed light on the characteristics that are needed for a country to achieve success and prosperity. The emergence of a new Singapore-like country may come as a surprise, as it may be a place that is not traditionally associated with economic growth and development. As we observe countries around the world, we may see some exhibiting the common characteristics that Singapore had in its early days. Perhaps El Salvador will be the one to reach for this new position, and we may witness its transformation into a prosperous nation. Only time will tell, but the search for the “Next Singapore” continues, and the possibilities are endless.