Singapore

Region: Asia and Oceania
 

Classification of economies by geographic region is based on that of the United Nations Statistics Division.

High Income
 

Based on the income levels set out by the World Economic Forum (WEF) in its Global Competitiveness Report. However, the groupings are slightly different due to the numbers of economies covered. For GEM, the low income group contains both those classified as low income and lower middle by WEF, and the middle income group has those that WEF groups as upper middle. High income is the same for both GEM and WEF.

Population: 5.6 million (2018)
 

Population data is from the World Bank, except Palestinian Territories World Population Review and Taiwan Worldometers

GDP Growth: 4% (2017)
 

GDP growth data is from the World Economic Outlook Database, except Palestinian Territories Worldometers

GDP Per Capita: $59,990 (2017)
 

GDP per capita data is from the World Economic Outlook Database, except Palestinian Territories Worldometers

Entrepreneurial Behaviour and Attitudes

Most recent data: 2014
  • Singapore 2014
  • Singapore 2013
  • Global Average
  • Regional Average
  • Income Level Average

Self-Perceptions

  • 1
     
    Perceived Opportunities Rate:Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who see good opportunities to start a firm in the area where they live
  • 2
     
    Perceived Capabilities Rate:Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who believe they have the required skills and knowledge to start a business
  • 3
     
    Fear of Failure Rate*:Percentage of the 18–64 population who agree that they see good opportunities but would not start a business for fear it might fail. NOTE: this is a percentage of those seeing good opportunities, and not the total adult population
  • 4
     
    Entrepreneurial Intentions Rate:Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who are latent entrepreneurs and who intend to start a business within three years
  • 1. Perceived Opportunities Rate
  • 2. Perceived Capabilities Rate
  • 3. Fear of Failure Rate*
  • 4. Entrepreneurial Intentations Rate:

Activity

  • 1
     
    Total early-stage Entrepreneurial Activity (TEA):Percentage of 18-64 population who are either a nascent entrepreneur or owner-manager of a new business
  • 2
     
    Established Business Ownership Rate:Percentage of 18-64 population who are currently an owner-manager of an established business, i.e., owning and managing a running business that has paid salaries, wages, or any other payments to the owners for more than 42 months
  • 3
     
    Entrepreneurial Employee Activity Rate:Rate of involvement of employees in entrepreneurial activities, such as developing or launching new goods or services, or setting up a new business unit, a new establishment or subsidiary
  • 1. Total early-stage Entrepreneurial Activity (TEA)
  • 2. Established Business Ownership Rate
  • 3. Entrepreneurial Employee Activity Rate

Motivations

  • 1
     
    Motivational Index:Percentage of those involved in TEA that are improvement-driven opportunity motivated, divided by the percentage of TEA that is necessity-motivated
  • 1. Motivational Index

Gender Equity

  • 1
     
    Female/Male TEA Ratio:Percentage of female 18-64 population who are either a nascent entrepreneur or owner-manager of a 'new business', divided by the equivalent percentage for their male counterparts
  • 2
     
    Female/Male Opportunity-Driven TEA Ratio:Percentage of those females involved in TEA who (i) claim to be driven by opportunity as opposed to finding no other option for work; and (ii) who indicate the main driver for being involved in this opportunity is being independent or increasing their income, rather than just maintaining their income, divided by the equivalent percentage for their male counterparts
  • 1. Female/Male TEA Ratio
  • 2. Female/Male Opportunity-Driven TEA Ratio

Impact

  • 1
     
    High Job Creation Expectation Rate:Percentage of those involved in TEA who expect to create 6 or more jobs in 5 years
  • 2
     
    Innovation Rate:Percentage of those involved in TEA who indicate that their product or service is new to at least some customers AND that few/no businesses offer the same product
  • 3
     
    Business Services Sector Rate:Percentage of those involved in TEA in the 'Business Services' sector - Information and Communication, Financial Intermediation and Real Estate, Professional Services or Administrative Services, as defined by the ISIC 4.0 Business Type Codebook
  • 1. High Job Creation Expectation Rate
  • 2. Innovation Rate
  • 3. Business Services Sector Rate

Societal Values

  • 1
     
    High Status to Successful Entrepreneurs Rate:Percentage of 18-64 population who agree with the statement that in their country, successful entrepreneurs receive high status
  • 2
     
    Entrepreneurship as a Good Career Choice Rate:Percentage of 18-64 population who agree with the statement that in their country, most people consider starting a business as a desirable career choice
  • 1. High Status to Successful Entrepreneurs Rate
  • 2. Entrepreneurship as a Good Career Choice Rate

Entrepreneurial Framework Conditions

Most recent data: 2014

Expert Ratings: 1 = highly insufficient, 5 = highly sufficient

  • Singapore 2014
  • Singapore 2013
  • Regional Average
  • Income Level Average
  • Global Average
  • Singapore 2014
  • Singapore 2013
  • Regional Average
  • Income Level Average
  • Global Average

Singapore Reports

Name
Report information
pdf
  • Year of publication: 2015
  • Category: National Reports
  • Language: English
  • Upload date: 2015-08-18

  • This report illustrates the current entrepreneurship landscape in Singapore, using data from the Global Entrepreneurship Monitor (GEM) for the year 2014, in comparison to those from the years 2011 to 2013. Entrepreneurial scene in Singapore remains vibrant and lively. With consistently high Total Entrepreneurial Activity (TEA) rates that remain above 10% for the past three years, Singapore continues to rank among the top few entrepreneurial nations in the world. Singapore is also among the leading innovation-driven nations to utilize the latest technology, and to have a large number of customers based overseas amongst new businesses.
  • URL: https://www2.gemconsortium.org/report/49220
 GEM Singapore 2014 Report
Report information
pdf
  • Year of publication: 2014
  • Category: National Reports
  • Language: English
  • Upload date: 2015-03-27

  • The Global Entrepreneurship Monitor (GEM) is the largest annual international research initiative that collects and analyses data about various forms of entrepreneurial activity, providing valuable insights into the state of entrepreneurship within and across different economies around the world. These insights are particularly relevant to Singapore, where the success of its innovation-driven financial system is largely dependent on the economic activities of its citizens.
    In this report, we describe the key definitions and terms used in the GEM and summarize the key findings of the GEM Singapore 2013. Wherever possible, we draw comparisons with findings from 2011 and 2012 reports, and with other developed countries or those located near Singapore. 

  • URL: https://www2.gemconsortium.org/report/48870
 GEM Singapore 2013 Report
Report information
pdf
  • Year of publication: 2013
  • Category: National Reports
  • Language: English
  • Upload date: 2015-03-27

  • This report illustrates the current entrepreneurship landscape in Singapore using data from the Global Entrepreneurship Monitor (GEM) for the year 2012. Singapore continues to strive towards a vibrant and entrepreneurial nation. With 21.4% of the surveyed population intending to start a business within the next three years, Singapore ranks among the top few entrepreneurial nations in the world. 11.6% are currently starting or have recently started their new businesses, as indicated by the Total Entrepreneurial Activity rate (TEA) in 2012.

     

  • URL: https://www2.gemconsortium.org/report/48564
 GEM Singapore 2012 Report
Report information
pdf
  • Year of publication: 2012
  • Category: National Reports
  • Language: English
  • Upload date: 2015-03-27

  • This report illustrates the current entrepreneurship landscape in Singapore using data from the Global Entrepreneurship Monitor (GEM) for the year 2011. Singapore continues to strive towards a vibrant and entrepreneurial nation. With 15.3% of the surveyed population intending to start a business within the next three years, Singapore ranks among the top five innovation-driven (developed) economies. A further 6.6% are currently starting or have recently started their new businesses, as indicated by the Total Entrepreneurial Activity rate (TEA) in 2011.

  • URL: https://www2.gemconsortium.org/report/48438
 GEM Singapore 2011 Report
Report information
pdf
GEM Singapore 2006 Report
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