Singapore is riding high on a vast digitalization drive, changing the narrative from “Singapore – A Financial Hub” to “Singapore – A Technological Hub.”
The transition comes after several companies are setting up shops in the country. The huge investment influx further motivates the government to provide requisite services to startups for establishing their offices in the country. Amidst this growth, Singapore is also facing a tech-talent crisis.
In this scenario, Singapore is pinging its hopes on Indian techies to fulfill the demand. Companies in Singapore hire Indian developers as they are technically mature, intelligent, and dedicated. Between 2005 and 2020, the demand for tech professionals doubled.
This excerpt goes into the details of the higher demand and why it has been causing issues with the locals.
Rise of Startups in Singapore
Singapore is cruising high on a thriving startup ecosystem. By the first half of 2020, startup funding in Singapore had crossed $3.3 billion. By the first nine months of 2021, the startup funding was $8.3 billion. But the startup funding performance is taking a dip this year. Overall in Asia, the late-stage and technology growth investment in Q2 2022 dropped by 23% compared to last year.
Even with the dip, the country has experienced substantial growth in terms of willingness to build businesses. In the 2019 rankings of Startup Genome, Singapore received 14th rank, with the total startups valued at $25 billion.
For Singapore, the last decade has been instrumental in turning the country into a startup hub. If you would have visited there in the 90s, you could count the number of startups in the country on your fingers. But as the economy started to show preference toward startups, the number increased to 768 in 2015 and to 4000 by the end of 2019.
Here are some of the most funded and newly funded startups in the Silicon Valley of Asia.
|Most Funded Startups||New Funded Startups|
|Grab – $10.8 Billion||Cococart – $4 Million|
|Ninja Van – $1.10 Billion||Nansen – $75 Million|
|Trax – $1.02 Billion||Friz – $ 1 Million|
|Coda Payments – $715 Million||Gotrade – $7 Million|
|Emeritus – $690 Million||Spenmo – $2 Million|
In 2022, Singapore also saw 9 IPOs. These IPOs collectively raised $572 Million, taking the IPO Market Capitalization to $790 Million. Compared to 2021, this is a 70% increase in capital raised.
With Singapore’s growth, the neighboring Southeast Asian countries are also booming. Experts say that together, these countries are entering a golden age.
As the number of startups increases, so does the demand for tech people. As a result, Indian developers and programmers are in high demand. India and Singapore are a part of the Comprehensive Economic Cooperation Agreement (CECA). With the CECA, Indians can easily get an employment pass to work in Singapore.
Startups in Singapore hire Indian programmers to have experienced professionals working on their projects. Listed below are a few reasons why these startups prefer Indian programmers.
Why do Brands Hire Indian Engineers?
- Practically Infinite Pool of Talent
The Indian talent pool, especially in the tech sector, has added substantially to the global reputation. India has the largest pool of youth population in the world.
More than 66% of the Indian population is below 35 years of age. This means that no matter the industry, India has the required number of people companies need. Added to this, the same is set to grow by 8 million people per annum.
The same applies to the IT sector, where the tech talent is expected to grow on a regular basis. Indian techies are available in tier-1, tier-2, and tier-3 cities. These cities are like a gold mine for tech talent. So, when companies from Singapore look at the talent pool of programmers in India, they have the luxury to pick the best person in a wide enough range.
- Commitment to Work
Indian people are committed to their work and have set high hopes for themselves. Especially the Indian youth and their hardworking approaches have set them apart from other talent pools.
Indian youth and techies are driven by their dreams, which include buying their own house, car, etc. This urge to live the life of their dreams makes them committed to their work. This ultimately benefits the companies when they hire India developers.
- Top Quality Work
Indian techies are committed to their work and provide top-quality work. Globally, Indians are trusted to provide the highest quality of work and follow the requirements to the last detail.
This is on top of their innovativeness and unique approach to creating the required solutions. India churns out hundreds of thousands of engineers every year. And these techies have graduated from excellent institutions imparting quality education at par with the global standards.
When startups hire Indian programmers, they prefer people who are aware of the new-age technologies. Indian techies are also fluent in speaking English, which is a key requirement for hiring any type of employee.
Indian techies cost 40% less than the ones working in the USA or other developed nations. Sometimes, it is even less. And that is a great benefit that startups particularly prefer.
As it is, startups face a cash crunch or they have to spend money judiciously. Hiring programmers in India helps them cut development costs substantially. Indian techies are not only cost-efficient, but they also offer good quality of work and can scale it up or down as required.
This means that startups hire Indian techies because they are flexible and agile in their work approaches. This makes it convenient to work with them.
- Problem Solving Approach
Problem-solving is a crucial part of software development. Programmers with effective problem-solving skills are better at creating solutions. Troubleshooting and problem-solving are two techniques that are either indirectly or formally taught to programmers.
However, developers learn this skill mostly on their own. For Indian developers, problem-solving comes naturally as the majority of them are good at mathematics.
Due to this, they are more likely to solve problems and create effective solutions.
- Time Difference b/w India & Singapore
Time is a crucial factor for startups who want to launch their products and solutions quickly. More importantly, they want to launch before their competitors.
Singapore is ahead of India by 2 hours and 30 minutes, and this is not too big a time difference. This means that startups in Singapore have the option to hire quality-driven and intelligent developers from India and ensure that there are no communication barriers.
Communication is often delayed when hiring people from time zones with a large gap. But with people working from India for Singapore-based organizations, this is not an issue.
- Cultural Similarities between Singapore & India
A company’s culture and its setting play an important role in employee satisfaction and productivity. When you hire an Indian developer, the company’s culture may become an attraction or deterrent.
And suspicions are raised from both parties. The worker might have questions like, “Will I be able to adjust in a company with a foreign culture?”. At the same time, the hiring managers might think, “Can an employee with a different ethnic and religious background fit in the company?”
It is good that this is not the case with Indian programmers and Singaporean companies. Mostly because both countries share similar cultural traits. In Singapore, there is a locality called Little India. This locality is a testament to the fact that Indian culture is recognized in the country.
The impact of these cultural similarities goes both ways. It makes working with each other more comfortable and communicating more approachable.
- Economic Partnership between the 2 Nations
India and Singapore entered into a mutually beneficial partnership in 2005. Both countries’ prime ministers at that time signed the Comprehensive Economic Cooperation Agreement (CECA).
The purpose of this agreement is to strengthen and enhance bilateral trade and cooperation. For our discussion, the CECA makes it easier to establish a work agreement between the two parties.
One of the objectives of this agreement is to explore new areas of economic cooperation. When Singapore-based startup hires programmers in India, they explore these new avenues.
How Recro is Helping Singapore-based Startups Scale?
Recro is a uniquely built developer vetting solution working for Singapore-based startups. We help you recruit the best possible talent for your organization while considering your requirements.
Recro fast-tracks the entire process by providing pre-vetted recommendations to the startups that further improve the onboarding process. With Recro, startups can access the top tech talent in India selected via a rigorous process.
We give startups the freedom and flexibility to scale up and down instantly according to their demands and market dynamics. On average, hiring a developer can take up to 60 days, but we can do it in about 15 days.
Since you are not “actually” hiring the person, there is no regulatory or legal compliance to consider. We are providing access to a large enough pool of talented programmers who are creative and can cater to your specific needs easily.
Recro addresses the talent gap you are facing instantly and with expertise. Our pool of programmers in India will become mission-critical to your startup’s success.
Hiring an Indian developer means posting job descriptions, taking interviews, tests, and then onboarding. This process might look easy when you are reading but hiring a good programmer for your startup is easier said than done. With an average time frame of around 60 days, startups cannot afford to wait for this much time before they start building their product.
Hence, at Recro, we help startups in Singapore recruit programmers in India from a pre-vetted talent pool. With effective hiring, startups can start building their solutions from day one without worrying about providing tech training.
Good developers who understand their craft and have technical expertise are hard to find. But with Recro, you can get instant access to an impressive talent pool curated especially for startups and their needs.