Singapore's Strategic Push for Start-Up Globalization

Singapore's Minister of State for Trade and Industry, Alvin Tan, emphasized the necessity for local start-ups to expand their operations internationally to maintain competitiveness. Speaking at the launch of JTC’s new co-working space at LaunchPad, Tan highlighted the importance of a long-term strategy, particularly during periods of global uncertainty. He stated, “In a time of uncertainty, we have to push on and play the long game,” urging start-ups to explore markets where they can excel.

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To facilitate this international expansion, the Singapore government has introduced various initiatives, including the Startup SG Equity scheme, which received a $1 billion top-up in Budget 2026. This funding aims to support deep tech start-ups in their growth phases. Additionally, start-ups at LaunchPad will gain access to 19 global start-up nodes, including locations in San Francisco, Paris, Tokyo, and Shenzhen, through partnerships with the National University of Singapore (NUS) Enterprise and INSEAD.

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NUS Enterprise and INSEAD are providing co-working spaces at overseas hubs, allowing start-ups to test their products in new markets without significant upfront investment. The Global Innovation Alliance initiative, in collaboration with Enterprise Singapore, aims to connect local start-ups with global innovation ecosystems. JTC's LaunchPad Innovation Network (LINK) will also expand, incorporating new partnerships with companies like CapitaLand Development and SoftBank Robotics, which will offer financial and operational support for start-ups.

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Joe Lu, co-founder of HeyMax, noted that the affordability of LaunchPad's facilities has been beneficial for start-ups. However, he pointed out the need for more exit opportunities within Singapore's market, suggesting that regional and multi-country IPOs could enhance the local start-up ecosystem. Kelvin Koh, co-chair of SGTech, echoed this sentiment, advocating for a focus on key sectors such as artificial intelligence and cybersecurity to establish Singapore as a global leader.

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Deputy Prime Minister Gan Kim Yong reinforced the message of international expansion during a recent media interview. He advised Singaporean companies to draft plans for overseas growth amid rising global uncertainties, stating, “The current situation reminds us that our economy is still a very small one.” Gan highlighted the importance of diversifying Singapore's economic base through investments in larger markets like Latin America, China, and the US.

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In his Budget speech, Prime Minister Lawrence Wong announced measures to support internationalization, including a 40% rebate on corporate income tax and enhanced grants for market access. These initiatives aim to create stability and job opportunities for Singaporeans both domestically and abroad.

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Despite the positive outlook, some industry leaders have expressed concerns regarding the current start-up landscape in Singapore. They argue that while the government initiatives are beneficial, there is a pressing need for more substantial exit strategies and a stronger focus on attracting talent. The call for streamlined regulatory processes and enhanced collaboration with neighboring economies has also been noted as essential for fostering a more robust start-up ecosystem.

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• “In a time of uncertainty, we have to push on and play the long game.” — Alvin Tan, Minister of State for Trade and Industry

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• “Ms Yap Eai-Sy, director of the Infocomm Media and Startup Division at JTC, said: “LaunchPad is where start-ups and enterprises can build, grow and go global.” — Ms. Yap Eai-Sy, Director, Infocomm Media and Startup Division at JTC

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• “There needs to be some level of incentive for large corporations in Singapore and the region to incorporate more mergers and acquisitions strategies for start-ups here,” — Joe Lu, Co-founder and CEO of HeyMax

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• “The current situation reminds us that our economy is still a very small one, and we are subject to a lot of external factors and uncertainties which could potentially rock our economy,” — Gan Kim Yong, Deputy Prime Minister

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This strategic push for internationalization underscores Singapore's commitment to nurturing a competitive start-up ecosystem capable of thriving on a global scale.

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