A FEW large exits and strong investor activity have pushed Singapore up 10 spots to rank eighth among global startup ecosystems, but a shortage of life-sciences talent and other hurdles hold the city-state back.

The Global Startup Ecosystem Report, published annually by policy advisory and research firm Startup Genome, identifies leading global ecosystems based on factors such as performance, funding and talent. Singapore has had four startup exits valued at over US$1 billion, the latest report showed.

These large exits act as triggers, noted Parshant Sharma, data-science lead at Startup Genome. “They send a signal that success can happen in a given ecosystem, and catalyse the attraction of resources from outside the ecosystem,” he said. Such resources include foreign investors and talent.