- 63% of startups use six or more cloud-based software tools
- 60% of startups surveyed sell internationally
- 35% of startups launched in the past year are selling internationally
- 64% of startups do not believe they could have set up their business in Singapore five years ago
Online tools have played a big role in helping some 60% of Singaporean startups to sell internationally today.
And almost half of the remaining 40% intend to go global within the next year, a clear sign that Singapore’s startup ecosystem is definitely growing.
In fact, 52% of the startups surveyed by Stripe in its latest study are optimistic that Singapore’s startup scene will continue to develop rapidly – making it one of the world’s top three startup hubs by 2020.
Stripe is a technology company that builds economic infrastructure for the internet, and allows both individuals and businesses to accept payments over the internet.
For the study, Stripe partnered with SeedPlus, Jungle Ventures, Golden Gate Ventures, General Assembly, and 500 Startups, to survey 235 venture-funded startups.
More than half of the responses collected were from founders and co-founders (55%), and most of the startups were early-age startups (70%). Almost half of these startups employed five or fewer staff.
Local startups benefit from access to cloud-based software tools and resources: like Trello, Amazon Web Services, Slack, Bugcrowd, Braintree, Google Analytics, and of course, Stripe – collectively referred to as the “startup stack” in the study.
The startup stack includes a suite of more than 150 software tools, across 10 business functions, that can be accessed by startups.
And here’s how the startup stack has becoming a game changer for Singaporean startups.
Using the “startup stack” allows companies to automate some of the most resource-intensive parts of building a business.
And this just means that business owners will have more time to focus on their core product.
Less than 10% of startups have built their own payment structures while less than 9% have built their own communication tools.
“Using cloud services allows us to stop wasting time on solved problems, and instead focus on delivering our actual value”, says Li Hongyi, the deputy director of GovTech’s product and engineering team.
Cheaper, faster and more efficient
The study also found that 64% of current startup owners do not believe that their businesses would have taken off just five years ago.
We aren’t even talking about a decade here.
93% of startup owners also think that the tool available have made setting up a business cheaper, not to mention the overwhelming 97% of them who say that the tools have made it easier to establish a tech startup here.
If you’re wondering how the startup stack has made it easier for startups in Singapore, using these tools have led to an increase in productivity and quicker product development, among other benefits.