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More IT Companies Seeking Success In Singapore

More and more entrepreneurs are applying for start-up funding to start their own IT companies in Singapore, according to a statement released by the island state’s arm for local enterprise support, SPRING Singapore.

SPRING Singapore revealed that one-third of the number of companies requesting for start-up funding from the government hail from the Information and Technology sector. The demand has been increasing as Singapore’s citizens learn to embrace technology, specifically, internet and communications technology (ICT), at a surprisingly quick pace.

According to securities and derivatives brokerage firm DBS Vickers Securities, 65% of postpaid mobile users in Singapore make use of high-tech modern phones like Apple iPhone and Samsung Galaxy model. This only goes to show that Singaporean consumers are increasingly becoming tech savvy with internet capable devices and multi-coverage phones.

The Singapore market is also seeing the benefit of online shopping more recently as evident in the success of online clothing store Zalora and third-party restaurant booking site, Chope. More Singaporean consumers are heading online even for simple purchases such as buying household stuff and reserving movie tickets.

As a result, more businesses are taking it online to reach a wider audience. The sudden shift in business model has, therefore, increased the need for the services of IT companies that are solicited by companies to create digital apps and websites for them.

The problem, however, is that not all entrepreneurs have enough resources to push through with their start-ups. This is where SPRING Singapore enters the picture.

Through its Technology Innovation Programme (TIP), SPRING Singapore allows innovators to work on new inventions with financial and consultation support from SPRING’s Centres of Innovation (COIs) that are composed of polytechnic schools across the island state. Existing companies applying for the said grant would have to meet the criteria which include having 30% local shareholding and less than SG $100 million in annual sales.