But according to a new study from LinkedIn, these 15 start-ups have risen above these challenges in Singapore.
“Financial technology startups feature prominently within the Singapore list, comprising more than half of the companies in the top 15, followed by health care and edtech companies,” said Adrian Tay, the senior editor in Asia for LinkedIn News.
“This reflects the current needs of Singaporean consumers, who are keen to manage their finances and manage their wealth, want more convenient healthcare services, and need services to cater to the ageing population and also investing in the future of their kids with good education tools and resources.”
While these are challenging times, some argue that innovative ideas are born in times of uncertainty, LinkedIn said.
“Operating under constrained resources and limited capital can push young companies to prioritize assets and values and adapt quickly,” the social media network said.
In compiling the list, LinkedIn drew on in-house data collected between July 1, 2021 and June 30, 2022, measuring start-ups based on four aspects — employment growth, engagement, job interest and attraction of top talent.
To be eligible, companies had to be headquartered in Singapore, have 50 or more employees, and be seven years or younger at the time of calculation.
The professional networking site said the rankings serve as a resource for employees who are “excited by the opportunity to innovate” and to grow their skills.
“This year’s list features eight debutants, which demonstrate the strong innovation ecosystem in Singapore,” Tay added.
Here’s the full list of Singapore’s Top Start-ups 2022.
15. Geniebook — E-Learning services
14. Carro — Automotive marketplace
13. Zenyum — Retail
12. Syfe — Financial services
11. Advance Intelligence Group — Financial services
10. LingoAce — E-Learning services
9. Spenmo — Financial services
8. Cake DeFi — Financial services
7. ADDX — Financial services
6. Homage — Health-care services for elderly
Industry: Financial services
Full-time headcount: 120
Most common skills: Digital literacy, business management, digital marketing
New to the list is Pace Enterprise, a buy now, pay later payment platform that allows consumers to make purchases and pay at a later date or via three monthly payments. Pace has several hundred points-of-sale across the region and its brand partners include Apple, Japanese clothing retailer Uniqlo, and travel booking site Trip.com.
Industry: Financial services
Full-time headcount: 140
Most common skills: Development tools, web development, digital literacy
Digital wealth advisor Endowus aims to help people in Singapore reach retirement goals and become more financially literate. The fintech company offers investment advice to retail and institutional investors through its so-called “robo-adviser,” according to LinkedIn. Clients can invest with cash, or with funds from their retirement savings scheme, known as the Central Provident Fund.
Industry: Food and beverage services
Full-time headcount: 130
Most common skills: Digital literacy, business management, data science
Flash Coffee is another new entry to the list — it is a tech-enabled chain of coffee shops that offer a cup of joe at affordable prices. Its app allows customers to order and pay for coffee remotely, and then pick up their order from outlets — or get it delivered.
Industry: Health care
Full-time headcount: 560
Most common skills: Digital literacy, project management, data science
Doctor Anywhere is a telehealth provider that aims to make health care more accessible. Its mobile app allows patients to consult a doctor quickly from wherever they are. To date, it has served over 2.5 million users across Asia, according to LinkedIn.
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