Singapore is working towards building up a tech hub that is similar to Silicon Valley in the U.S. as part of its plan to encourage the creation of technology startups and to secure a place among the most technologically focused countries.
Singapore has been sending delegates to the U.S as part of its efforts to learn more about how Silicon Valley works and why it is so successful. The goal is to use that knowledge to create the Silicon Valley of Singapore. Here are some tips that might help the country to achieve those goals.
- Sharing knowledge encourages the creation of new ideas
One of the things that most companies in Silicon Valley have in common is that they like sharing insights that might help achieve success. Companies such as IBM and NVIDIA among others are very willing to share the strategies as well as processes that allowed them to be the successful companies that they are today. In contrast, many companies in other sectors would not give out such information mainly because they do not want to aid potential competition that might later copy them and even beat them at their own game.
- Having an open-minded approach towards foreigners
One of the things that you will learn just by observing the people working in Silicon Valley is that they are very diverse. In fact, roughly 25% of the people that launch startups in San Francisco are foreigners. If Singapore wants to be as successful as the Bay Area in terms of attracting tech startups, then it should consider being more open-minded to foreigners becoming part of their societies. The country is still highly conservative when it comes to things like transnational and interracial marriages but these things will become more common in the future.
- Employing from local communities and offering competitive salaries
One of the reasons why Silicon Valley is successful is because companies are part of the community and they also provide employment to local talent. Singapore’s plan to become a tech hub will also lead to job creation but the country should mainly focus on promoting the local workforce.
- Entrepreneurial programs
Singapore should also consider launching programs that will train or prepare young people for work in the startups that will be launched in the country. The programs should help students to secure internships at those startups.
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