The number of active startup accelerator programmes in Southeast Asia’s six major markets dipped slightly to 62 in 2020, compared with 66 in the previous year.
Together, the 62 programmes held 76 batches — nearly the same as 2019’s 78 batches — according to data compiled in DealStreetAsia Research & Analytics’s latest report State of SE Asia Startup Accelerators.
Given the pandemic, the figures were not disappointing as most accelerators managed to move their activities online.
The numbers, though, were propped up by a disproportionately high number of programmes in Singapore. The financial nerve centre accounted for 28 of the accelerator programmes (45%) in the region last year.
Singapore’s share of startup accelerator programmes has been much higher than its peers in the Southeast Asia region in the last five years.
Singapore continues to attract many new startup accelerators as, enabled by digitalisation, the supply of quality startups is no longer an issue in the region.
Singapore remains one of the best places globally to raise capital, attracting founders from across Southeast Asia, South Asia, and beyond. Businesses in the city-state also benefit from progressive government policies, and ample subsidies.
Startup accelerators use Singapore as a gateway to access talent across the region. This trend became more apparent in 2020 as programme managers and startups are forced to conduct all activities from application to demo day online due to region-wide travel restrictions amid COVID-19.
Most of the active startup acceleration programmes in Singapore are focusing on deep tech and fintech. Moving forward, effective public and private partnership will continue to shape Singapore’s startup accelerator landscape.
For more data on PE fundraisings in 2020, refer to our Research & Analytics report.