What We Learnt about Starting a Business in Singapore from 100 Founders

Published on 26/1/2025

Starting a business in Singapore is often considered a wise move due to the country’s business-friendly environment, strategic location, and extensive support for entrepreneurship. From relatively low tax rates to a streamlined regulatory process, Singapore regularly appears at the top of global rankings for ease of doing business. Yet true success goes beyond simply incorporating in a favorable locale. Conversations with over 100 founders show that lasting impact and resilience emerge from clear market alignment, adaptability, and a willingness to learn from inevitable challenges.

Many of these entrepreneurs began with an obvious yet often overlooked starting point: find a real-world problem that people truly want solved. They launched small-scale experiments, gathered honest feedback from early users, and refined their products or services accordingly. They also tapped into Singapore’s extensive resources—from government grants to industry connections—and built teams aligned with a shared mission. The result is a rich tapestry of insights that any aspiring founder in the bustling city can draw upon.

1. Find a Problem Worth Solving

A recurring theme from the interviews is the importance of tackling genuine, often long-standing gaps. Rather than rushing to chase the latest hype, founders who identified deep-seated issues set themselves apart by delivering solutions that resonate with customers on a fundamental level.

Among the success stories is Pawfoo, created by an entrepreneur who noticed how much food goes to waste in Singapore. She devised a method to transform surplus produce into healthy dog snacks, thus offering both an eco-friendly product to pet owners and a meaningful step toward reducing food waste. By centering on a clear need, she found ready allies in environmentally conscious consumers.

Similarly, Ajinkya Bhat of SeamlessXR recognized the potential of immersive experiences in gaming and fitness. Starting with the development of a VR glove for rehabilitation, Ajinkya and his team pivoted to focus on gamification after realizing a stronger demand from gamers for enhanced feedback. By securing initial funding, they were able to refine their product for immersive gaming solutions, balancing technological innovation with user-centric design. Their journey highlights the importance of adapting to market needs while staying true to a broader vision.

2. Start Small, Think Big

Many new entrepreneurs fall into the trap of believing they need a polished, large-scale launch to succeed. However, founders across various industries in Singapore repeatedly highlight how incremental and iterative development builds a stronger foundation.

One example is ShareRight. Its founder, starting with a narrow user group, used the feedback from those initial adopters to refine his space-sharing service. Only after the concept proved effective in a small market did he steadily expand across Southeast Asia, minimizing guesswork and resource waste.

A similar approach led to early traction for Firejet, a Figma SaaS tool released after just two weeks of intense development. By observing how real users interacted with the basic version, the founder made data-driven tweaks. That swift yet measured launch, combined with continuous upgrades, allowed revenues to surpass $4K per month in a short span.

Iterative launches not only keep costs manageable but also allow founders to test assumptions, swiftly integrate user feedback, and pivot if the market signals a need for change. This “start small, think big” mentality often proves more sustainable than pouring excessive time and resources into a product that remains unvalidated.

3. Understand Your Target Market

Deep knowledge of your potential customers’ perspectives and pain points often separates thriving businesses from those that stagnate. Rather than guessing what will appeal, the entrepreneurs we interviewed emphasize doing the legwork: conducting interviews, gathering surveys, and tracking user behavior.

The team behind Circonomy leaned into growing demand for environmentally sound solutions by recognizing how companies were seeking ways to tackle issues like resource depletion and climate change. By aligning their services with these challenges, they positioned themselves as not just a useful tool but also a necessary partner in sustainability.

Similarly, the founder of Ailytics worked closely with regulators, industrial partners, and end users to hone the platform’s features. By integrating consistent feedback cycles into each stage of development, the startup rapidly built credibility and improved its AI algorithms in line with real operational needs.

4. Leverage Singapore’s Ecosystem

From mentorship programs and incubators to grants and industry networks, Singapore’s entrepreneurial ecosystem is designed to accelerate the growth of new ventures. While many cities promote innovation, Singapore stands out for its efficient government agencies, clearly defined legal structures, and culture of cross-sector collaboration.

Enterprise Singapore, for instance, offers early-stage funding and guidance for eligible startups. Incubators such as SGInnovate and Block71 provide office spaces, mentorship, and networking events that connect like-minded entrepreneurs and experts. By taking advantage of these resources, founders can reduce operational overhead and gain valuable industry insights.

5. Build a Team That Shares Your Vision

A strong team often matters more than a brilliant idea. Founders repeatedly mention the importance of hiring individuals who genuinely resonate with the mission, especially in a startup’s formative phase. Skills can be taught or refined, but intrinsic motivation is harder to cultivate if it’s not there from the start.

Some entrepreneurs have chosen to bring on inexperienced hires who made up for the lack of background with a deep passion for the cause. This strategy fosters a sense of ownership and a willingness to push the company forward despite the inevitable hurdles. Yoona, a female wellness brand, reached seven-figure annual recurring revenue (ARR) in about a year partly by forming a unified, values-driven team. This alignment not only streamlined decision-making but also ensured that each employee invested genuine care into product improvements and customer interactions.

When a team is on the same page about a startup’s broader goals, they are better able to troubleshoot problems collaboratively, introduce creative ideas, and maintain high morale even during challenging times.

6. Embrace Failures and Iterate

Every founder interviewed agrees that failure is part of the entrepreneurial journey, even in a supportive ecosystem like Singapore’s. Instead of viewing setbacks as permanent roadblocks, successful entrepreneurs use them as opportunities to refine their models, update their offerings, or adopt healthier work habits.

Repairs SG serves as a prime example of this mindset. Early missteps regarding pricing and booking systems prompted the founder to rework his entire approach to customer service. By treating failure as a catalyst for improvement, he developed a far more robust operation that continues to expand.

The founder of The Chiro Lab also shares a similar lesson. When he opened his one-man clinic fresh out of university, he lacked business experience and initially struggled with marketing, partnerships, and operational details. He spent hours figuring out potential clinic locations, wrestling with website design, and balancing finances as a solo operator. It was a lonely path at times, and stress became an ongoing battle. Yet by consistently evaluating his own missteps, making incremental improvements, and sticking to boundaries—like taking real breaks and resisting the urge to read only business books—he turned a haphazard launch into a steady clinic that reached $5K in monthly revenue after five months. His story highlights how personal well-being and adaptability can play a decisive role in sustaining a business.

Embracing failures, whether they appear as budgeting miscalculations or gaps in your product roadmap, encourages founders to adapt and fine-tune their strategies. Such adaptability often proves to be a core strength when navigating a rapidly evolving market.

Conclusion: The Singapore Formula for Entrepreneurial Success

The journey shared by these entrepreneurs—from repurposing waste into dog treats to using AI in heavy industries and launching a solo chiropractic clinic—demonstrates that Singapore’s welcoming environment is just one piece of a bigger puzzle. True success hinges on understanding the problems you aim to solve, launching on a manageable scale, and forging deep connections within your target market.

Equally vital is embracing the spirit of collaboration that defines Singapore’s ecosystem. Networking with mentors, taking advantage of government grants, and actively engaging with community partners can accelerate your trajectory far beyond what you might achieve alone. A mission-driven team helps maintain focus and motivates everyone to push forward—even when failures inevitably crop up. By viewing each setback as a learning experience, you can refine your business in real time and remain responsive to changing customer demands.

Whether you’re planning a tech platform, championing sustainability, or opening a specialized business, the formula for entrepreneurial success in Singapore remains grounded in action, adaptability, and a willingness to keep learning. With the right blend of strategic thinking, collaboration, and persistence, your venture can thrive in one of the world’s most dynamic startup ecosystems.

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