Tech startup incorporations drop to 25 in 2023 amid economic uncertainties

In 2022, there were 35 new company incorporations.

Singapore saw a decline in new tech startup incorporations in 2023, dropping from 35 in 2022 to 25.

The decline in incorporations reflects the "ongoing macroeconomic uncertainties, which could lead to deferred incorporations," according to SGInnovate.

Amongst verticals, SGInnovate said Advanced Manufacturing witnessed a consistent decline in new company incorporations, with figures dropping steadily since 2020.

"Despite a consistent output of high-quality research in this area, ongoing challenges in areas such as commercialisation and availability of specialised talent point to emerging gaps in the support and resources available to new startups in this space," SGInnovate reported.

Whilst Singapore saw fewer incorporations in 2023, it recorded a surge in seed-stage deals.

In 2023, early-stage emerging tech startups recorded a total funding of US$402m, up 56% YoY from 2022.

The number of seed-stage deals likewise rose, increasing by 1.5x between 2022 (20) and 2023 (30) across advanced manufacturing, agrifood, sustainability, and health and biomedical sciences.

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