Start-ups in Singapore resilient in crisis: Poll

13:31, June 02, 2010      

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A recent survey showed that start- up enterprises in Singapore are resilient in the financial crisis, local media reported on Wednesday.

The latest Start-up Enterprise Survey 2010 found profit levels of start-ups here were fairly constant for the last three years, with 22 percent of its record 1,982 respondents registering losses for the 2009 financial year. This is compared to 23 percent of 1, 808 in 2008, local daily the Straits Times reported.

In fact, the proportion of companies registering more than 150, 000 Singapore dollars (107,000 U.S. dollars) in profits remained fairly constant for the past three years at around 17 percent.

Revenue-wise, the share of companies earning more than 500,000 Singapore dollars (357,000 U.S. dollars) jumped 4 percentage points from 2007 to 34 percent last year. Leading the pack for this group is start-ups in transport or storage and manufacturing. One in two start-ups in these sectors pulled in revenue of more than 500,000 Singapore dollars.

An uncertain global economic climate also did not deter plans to expand overseas.

A quarter of start-ups currently derive revenue from overseas market, compared with 16 percent in 2008. And these overseas ventures might just be the reason for the impressive financial performance.

More than half of those which derived above 30 percent of their revenue from overseas markets reported an annual turnover of more than 500,000 Singapore dollars, compared to the 24 percent of those without overseas revenue.

The key effects of the meltdown were not unfelt though. To deal with increased market competition, more start-ups are also focusing on marketing and improving their quality of their products rather than price competitiveness.

Source: Xinhua


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