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Here’s how the Singapore startup scene will look like in 2020

Written by: Christopher Quek

2019 was a significant year for the Singapore startup scene for several reasons.

On a positive note, Carousell’s merger with classified firm 701Search lifted its value to S$1.2 billion, showing that born-and-bred Singaporeans can grow unicorns – companies with a valuation of over S$1 billion – and can compete in the big league.

On the downside, local grocery seller HonestBee had to scale down and lay off staff on the back of outstanding debts of over US$180 million (S$250 million). A Business Times report suggested that it was burning through some US$6.3 million a month in the first half of 2019.

The troubles of HonestBee and others earlier, such as oBike, have also shown that the cash-burning days that was a characteristic of the startup ecosystem here in the last few years are not sustainable.

So what can we expect in Singapore’s startup ecosystem scene in 2020? Can the Republic stay ahead in a very competitive environment, given that a number of venture capitalists have declared their interest in Vietnam and Indonesia startup investments, with a few setting up offices regionally?

In addition, what startup events in 2020 will impact Singaporeans?


This article is originally posted on TODAYonline. To read further, please visit the link. Cover Image by Honestbee/Facebook.