According to the most recent version of the Bloomberg Innovation Index (the 2018 addition of this annual report from Bloomberg Financial), Singapore has jumped up to the third spot in the global community – piggybacking ahead of Germany, Switzerland, and Finland (while sitting just behind South Korea and Sweden) – which really illustrates the financial success and stability that Singapore has enjoyed over the last few years.
For quite a while now, Singapore has sent pretty steadily at the number six spot according to this particular index, but things have been changing over the last few years as more and more members of the global finance community begin to appreciate everything that Singapore is able to ring to the table.
Impressively, Singapore has been able to soar as far as the global innovation rankings are concerned while other legendary hotbeds for innovation business success have slid by the wayside – with the United States most recently slipping right out of the top 10 and into the 11th spot.
Singapore has posted fantastic financial numbers over the last few years
The thing that has helped Singapore enjoy such incredible growth in such a fantastic reputation across the global community has to be its impressive financial numbers coming out of this Southeast Asian nation over the last decade or so.
A major driver of the startup business environment, rivaling Silicon Valley in the United States even though Silicon Valley had a decades long head start, more and more startups are electing to build and incubate their businesses in Singapore than anywhere else around the world – and for good reason.
Singapore already has incredible infrastructure established to help support new businesses, but they also have tight connections with some of the world’s most important and influential economies, a government that is very friendly towards new business development, and financial rules, regulations, and tax codes that do not publish innovators or those looking to drive business success as much as humanly possible.
The research and development spending of Singapore is also the highest, with dollars spent on emerging technologies, startup businesses, and startup communities. Investors are setting up shop in Singapore and leveraging the very friendly financial rules that govern this Southeast Asian nation, enjoying a much larger share of profits here than they would have most anywhere else.
Singapore has nowhere to go but up. No one expects Singapore to slide out of the top five spots of the most innovative countries on the planet anytime soon. This is a nation that has been building towards this kind of success for years and years, a nation that is very serious about becoming one of the most influential members of the global financial community, and a nation that has a real entrepreneurial streak running through the foundation of their culture that isn’t going to disappear in the short or long-term.
It wouldn’t be surprising at all to find Singapore atop this Bloomberg list next year, and it certainly wouldn’t be surprising to find Singapore atop this list for years and years to come, either!