Singapore has secured the top global ranking for startup talent, overtaking Silicon Valley, which is considered the cradle of start-up and global technology companies like Apple, Facebook and Google, said The Global Startup Ecosystem Report and Ranking 2017.
The survey is conducted by Startup Genome and took into account at least 10,000 start-up founders across more than 100 cities. The company studied the overall performances, funding, market reach, talent and startup experience of the startup ecosystems.
The report stated the Lion city secured the top ranking for talent due to its strong performance in access to quality talent and cost, reported the Channel News Asia. Moreover, the experience levels of Singaporean talent were found comparatively strong. Also, the survey revealed, Singapore-based Startup founders were the youngest in the world, with an average age of 28 years.
The news website also reported that the average salary of a software engineer in Singapore is US$35,000 (S$49,000), which is below the global average of US$49,000. This trend hints towards lower costs for businesses.
However, Silicon Valley in the US remained the dominant global ecosystem, followed by New York and London.
The San Francisco tech hub continued to reign supreme in all metrics in the report except talent.
Overall, Singapore is placed 12th in the world for its startup ecosystem. However, the report said that the Lion City was "poised for a continued startup revolution" because new companies will be given more funds and government subsidies. Moreover, with its geographical location, Singapore is capable of attracting coming tech markets in Southeast Asia. "Singapore is evolving at a pace like no other ecosystem. Within three years, we've a sustainable ecosystem of accelerators and corporate co-innovation, resulting in a six-fold increase of start-ups raising series A," said head of Infocomm Investments, Alex Lin, as reported by Today Online.