Singapore has come in 8th on a list of cities worldwide ranked for their ability to attract and foster the growth of women-owned firms.
It was also the top city in the Asia-Pacific on the list compiled by Dell and IHS Markit.
New York was named the overall best city for fostering high-potential women entrepreneurs, followed by the Bay Area in San Francisco and London. Hong Kong came in 16th.
The newly released study looked at the cities based on the impact of local policies, programmes and characteristics, along with national laws and customs, and ranked each city across five key aspects of fostering women-owned firms: capital, technology, talent, culture and markets.
The Republic placed 7th in terms of capital, 6th in enabling environment, 5th in culture, and 10th in technology.
“Cities in Asia-Pacific hold huge promise and opportunity for women entrepreneurs, with a number of cities in the region already realising success in terms of attracting and fostering high-potential women business owners,” said Mr Amit Midha, president of Asia-Pacific commercial at Dell EMC.
He added that throughout the region and across the five city characteristics looked at as part of the ranking, cities have differentiated themselves in specific areas.
Singapore and Hong Kong, for instance, are both focusing on technology leadership and their ability to enable women entrepreneurs to stand out, through technology and innovation.
Kuala Lumpur is also emerging as a “city to watch” in recognition of its enabling factors for business and society. While it ranks 41st overall, it is 5th in terms of markets, 1st in costs, 6th in access, as well as 8th in women’s skill and experience, or talent.
Dell’s executive vice-president and chief customer officer Karen Quintos said: “Globally, women’s entrepreneurship rates are growing more than 10 per cent each year. In fact, women are as likely or more likely than men to start businesses in many markets. However, financial, cultural and political barriers can limit the success of these businesses.
“By arming city leaders and policymakers with data-driven research and clear calls to action, we can collectively improve the landscape for high-potential women entrepreneurs, which in turn dramatically lifts a city’s economic prospects – as what is good for women is good for the economy.”
“The challenges women entrepreneurs face are complex, but the success stories we see are testament to the scale of the opportunity available in Asia-Pacific. Identifying these challenges and working to address these is an investment in our collective future,” said Mr Midha.
Check out the top 10 countries for women entrepreneurs below, or check out the complete list here.
By Jacqueline Woo, The Straits Times, July 2017
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