According to the 2019 Tech Cities index by Savills, Singapore is the sixth best tech city in the world and has emerged as the premier tech city amongst its Asia-Pacific peers.
Savills highlighted, “Tech Cities are outperforming other global centres. GDP across the 30 Tech Cities is forecast to rise by 36% in the next decade, against a rate of 19% across other developed cities.”
“New York has emerged as the premier Tech City in this year’s index, overtaking San Francisco. Chinese Tech Cities have risen fast and now account for a higher share of VC investment than their US counterparts,” Savills added in its report.
Private equity (PE) and VC investments in Singapore reportedly contributed 56% of the overall PE deals completed in Southeast Asia for Q2 2018 which raised $1.8b across 36 deals, according to Ernst & Young's (EY) private equity briefing report.
The Savills Tech Cities index measures what makes a successful Tech City. Their assessment for each city comprises of over 100 individual metrics, ranging from the number of days needed to start a business through to the cost of a flat white coffee. These metrics are grouped into six categories: business environment, tech environment, city buzz & wellness, talent pool, real estate costs, and mobility. Each category is weighted to reflect its importance to the tech sector.
Savills Tech Cities index measures 30 cities from around the world against 100 individual metrics, ranging from the volume of inward venture capital investment through to the cost of a flat white coffee, to establish which cities are the most successful homes for tech and start-up companies.