27-8-2024 (SINGAPORE) In a testament to its burgeoning startup ecosystem, Singapore has secured an impressive second place in Forbes Asia’s prestigious “100 Companies to Watch” list for 2024. With 15 homegrown firms making the cut, the city-state has outpaced economic powerhouses like China and Japan, trailing only behind India in this year’s rankings.
The annual compilation, now in its fourth year, spotlights innovative companies across the Asia-Pacific region that are making significant strides in their respective industries. Despite a slight dip from last year’s tally of 20 companies, Singapore’s strong showing underscores its position as a hub for entrepreneurial talent and technological innovation.
Forbes Asia’s announcement on Tuesday, 27 August, revealed a shifting landscape in the regional startup scene. While Singapore saw a modest decline, India surged ahead with 20 companies on the list, a remarkable increase from just six the previous year. China and Japan followed with 10 and nine companies respectively, both experiencing changes in their representation compared to 2023.
Singapore’s startups demonstrated particular strength in the Enterprise Technology and Robotics sector, with five companies featured in this category. Notable entries include Bluesheets, an artificial intelligence-driven firm automating corporate financial data management, and SquareX, which offers innovative browser cybersecurity solutions.
Finance emerged as the second most represented sector for Singapore, maintaining its position with four companies. Among these are Tazapay, facilitating cross-border transactions for small businesses, and fintech firms Fluid and HitPay, both supporting “buy now, pay later” services.
While the biotech and healthcare sectors saw a reduction from four companies last year to two this year, new entrants in manufacturing, energy, and aerospace technology have diversified Singapore’s representation. NEU Battery Materials, specialising in recycled lithium batteries, and Aliena, developing electric-powered aerospace engines, showcase the country’s expanding technological horizons.
The enduring presence of SaladStop! Group in the food and hospitality category highlights Singapore’s continued innovation in lifestyle sectors alongside its tech-focused ventures.
This year’s list spans 16 countries and regions, encompassing 10 industries. The selection criteria remain stringent, requiring companies to be headquartered in the Asia-Pacific region, privately owned, and for-profit. Additionally, eligible firms must have annual revenues not exceeding US$50 million (approximately S$65.21 million) and total financing of no more than US$100 million as of 7 August 2024.
Forbes Asia emphasises that listed companies must demonstrate a positive impact on their region or industry, exhibit strong revenue growth or funding attraction, present a promising business model, and offer compelling unique selling points.
The diverse range of Singaporean startups on this year’s list, from AI-powered financial tools to sustainable energy solutions, reflects the city-state’s commitment to fostering innovation across various sectors.
