Billion dollar baby: Tiny Singapore boasts world’s biggest startups, reveals report
It's home to three billion-dollar startups.
When it comes to nurturing startups and generating "unicorns", tiny Singapore as an innovative city-state is definitely punching above its weight. "Unicorns” are defined as privately-held and relatively new firms which are valued at above US$1 billion.
According to a study from the University of South California Marshall School of Business on country's ability in generating billion-dollar companies, the US tops the list with a 65% share, followed by China (14%), India (4%), United Kingdom (3%), and Singapore (2%).
The largest is video game company Garena, valued at US$2.5 billion and was founded in 2009 by Forrest Li. This is followed by taxi booking app GrabTaxi, which is valued at US$1.6 billion and was established by Anthony Tan in 2012. The third homegrown unicorn is e-commerce player Lazada Group, which is valued at $1.3 billion and was founded by Maximillian Bittner in 2012.
If you are interested in the full report from Marshall School of Business, refer to this link.