Edited by Anthony Bartzokas and Sunil Mani
Chapter 9: The emergence of the Singapore venture capital industry: investment characteristics and value-added activities
Clement Wang INTRODUCTION In this chapter we examine the Singapore venture capital (VC) industry in three sections. The ﬁrst section starts by looking at the historical evolution in four phases. We describe the various policies and programs set up by the Singapore government in supporting the VC industry as well as tracing the role it has played over the years. The second section focuses on the current structure of the VC industry in Singapore. Here, various VC industry trends and organizational characteristics are proﬁled. Next, from a case study of ten VC ﬁrms in Singapore, we group the value-added activities by these ﬁrms into four categories: technological, marketing, management and ﬁnancial support, and summarize their similarities and diﬀerences. Finally, the chapter concludes with a discussion on VC ﬁrms’ governance structures which characterize their value-added activities to their investee companies. We also draw some managerial implications for VC ﬁrms and policy makers. HISTORICAL EVOLUTION OF VENTURE CAPITAL IN SINGAPORE Singapore is one of the most active players in venture capital among Asian countries and has established itself as a regional ﬁnancial hub. The country’s VC industry began in the early 1980s and developed rapidly in the 1990s. At the end of the year 2000, the cumulative VC under management in Singapore stood at US$9.2 billion, ranking it as the third largest VC investment pool in Asia, next only to Hong Kong and Japan (AVCJ, 2002). The evolution of venture capital in Singapore can be divided into four phases,...
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