Advanced manufacturing is among the verticals that have seen incorporations drop steadily since 2020. Despite a consistent output of high-quality research in this area, those start-ups face ongoing challenges in areas such as commercialisation and the availability of specialised talent.
Singapore’s early-stage emerging tech start-ups saw an uptick in funding in 2023, with total funding growing 59% year-on-year to reach US$402 million ($548 million) last year, according to SGInnovate.
However, fewer emerging tech start-ups were incorporated in 2023, with the current number observed standing at 25, in contrast to the 35 incorporated in 2022. While the final figure is likely higher as more incorporations from 2023 are uncovered, it is still expected to represent an overall dip compared to 2022; a reflection of the ongoing macroeconomic uncertainties which could lead to deferred incorporations.
