TR3301
Individual Written Assignment
PART 1: COMPARISON TABLE OF ENTREPRENEURIAL ECOSYSTEMS
Indicators ASEAN as a region
Top 3 most entrepreneurial
countries / cities in each region
GDP per capita in each region
(USD)
GDP in each region (USD)
Forecast GDP growth in each
region (%)
European Union (EU)
Brunei, Cambodia, Indonesia, Laos, Austria, Italy, Belgium, Latvia, Bulgaria,
Malaysia, Myanmar, Philippines, Lithuania, Croatia, Luxembourg, Cyprus, Malta,
Singapore, Thailand, Vietnam Czechia, Netherlands, Denmark, Poland,
Estonia, Portugal, Finland, Romania, France,
Slovakia, Germany, Slovenia, Greece, Spain,
Hungary, Sweden, Ireland
Singapore Stockholm
Jakarta Amsterdam
Kuala Lumpur Paris
Ref: Startup Genome Global Startup Ref: Startup Genome Global Startup
Ecosystem Report 2020 – Top 30 Ranking Ecosystem Report 2020 – Top 30 Ranking
& Top 100 Emerging Ecosystem Ranking
SG: 56,349 (2020) SE: 56,068 (2020)
ID: 4,312 (2020) NL: 53,133 (2020)
MY: 11,637 (2020) FR: 40,560 (2020)
Ref: Trading Economics Ref: Trading Economics
SG: 340b (2020) SE: 537.61b (2020)
ID: 1058.42b (2020) NL: 912.24b (2020)
MY: 336.66b (2020) FR: 2603b (2020)
Ref: Trading Economics Ref: Trading Economics
Predicted GDP Growth Rate: Predicted GDP Growth Rate:
SG: ~1.5% (2022 Q4) SE: ~3.5% (2022 Q4)
ID: ~4% (2022 Q4) NL: ~4.5% (2022 Q4)
MY: ~5% (2022 Q4) FR: ~6% (2022 Q4)
Ref: Trading Economics – Annual GDP Ref: Trading Economics – Annual GDP
Growth Forecast Growth Forecast
Predicted GDP Per Capita
SG: 75,853 (2026) Predicted GDP Per Capita
ID: 5,870 (2026) SE: 72,697 (2026)
MY: 15,942 (2026) NL: 69,412 (2026)
FR: 53,437 (2026)
Predicted GDP
SG: 469.26b (2026) Predicted GDP
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TR3301
Individual Written Assignment

ID: 1672.54b (2026) SE: 806b (2026)

MY: 564.64b (2026)
Ref: International Monetary Fund – World
Economic Outlook April 2021
NL: 1229.13b (2026)
FR: 3538.7b (2026)
Ref: International Monetary Fund – World
Economic Outlook April 2021

Total venture capital SG: Stockholm:

investments in each region - EV: 21bn - EV: 44bn
(USD) - TEF: 1.4bn - TEF: 944m
Jakarta: Amsterdam:
EV: Startup Ecosystem Value - EV: 26.3bn - EV: 22bn
TEF: Total Early-Stage Funding - TEF: - - TEF: 960m
(USD) Kuala Lumpur: Paris:
- EV: 15bn - EV: 32bn
- TEF: 99m - TEF: 2.6bn

Ref: Startup Genome Global Startup Ref: Startup Genome Global Startup
Ecosystem Report 2020, Emerging Markets Ecosystem Report 2020

Number of unicorns in each
region
Top 3 unicorns in each region
(by valuation)
(Please include your
source/references to support your
answers)
SG: 9 [SEA (Garena), Razer, Trax,
Grab, Lazada, Patsnap, HyalRoute,
Moglix, Carro]
Jakarta: 6 [J&T Express, Go-Jek,
Traveloka, Ovo, Tokopedia,
Bukalapak]
Malaysia: 0
Ref: CBInsights – Global Unicorn Club
2021, NextUnicorn Ventures
SG: Grab (14b), HyalRoute (4b),
Lazada (4b)
Jakarta: J&T Express (8b),
Bukalapak (4b), Traveloka (3b)
Malaysia: -
Ref: CBInsights – Global Unicorn Club
2021
Stockholm: 4 [Klarna, Northvolt,
KRY, Epidemic Sound]
Amsterdam: 4 [Mollie,
MessageBird, Bunq, BitFury]
Paris: 12 [Back Market,
ContentSquare, BlaBlaCar, Alan,
Mirakl, Ledger, Deezer, Voodoo,
Doctolib, Meero, Vestiaire
Collective, Shift Technology]
Ref: CBInsights – Global Unicorn Club
2021
Stockholm: Klarna (46b), Northvolt
(9b), KRY (2b)
Amsterdam: Mollie (7b),
MessageBird (4b), Bunq (2b)
Paris: Back Market (3b),
ContentSquare (3b), BlaBlaCar
(2b)
Ref: CBInsights – Global Unicorn Club
2021

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TR3301
Individual Written Assignment

PART 2 OPEN-ENDED QUESTIONS

Please keep your answers to 100 words in each question, 1.5 line spacing, 12pt Times New Romans.

1. What are the 2 most important things you have learnt from PART 1: COMPARISON
TABLE OF ENTREPRENEURIAL ECOSYSTEMS? (100 words)
GDP Per Capita is positively correlated with the size of entrepreneurial ecosystem – Singapore &
Malaysia are examples of this. An exception is Brunei – despite high GDP Per Capita, its startup
scene is relatively nascent, possibly due to the political climate.

GDP can be said to have a positive correlation as well, citing Indonesia as an example. However, as
GDP is size dependent, countries like Singapore with a relatively small population has a lower GDP,
but has a bright entrepreneurial ecosystem nonetheless.

Forecasted GDP serves as a stellar indicator of where the investments are heading, a proxy for
ecosystem size.

2. How would you apply 2 things that you have learnt in the future? (100 words)

Consider different markets that fit the product/service at hand. Between the markets, closely analyse
the economic projections of the region, the investor activity, the average early stage funding,
government support policies and resources (especially incubators & mentors) available, as well as the
geopolitical climate in the country should be considered. Start off in a versatile environment before
slowly expanding - like Grab & Traveloka.

Culture & lifestyle differences largely influence consumer behaviour as seen in the difference in the
nature of unicorns in ASEAN vs EU region. A well-seasoned & tailored product/service is pivotal in
creating a successful startup.

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