Entrepreneurial Ecosystem: A Quantitative Overview of the UK, US, and South East Asia (2024-2025 Data)

1. Executive Summary

The entrepreneurial ecosystems in the UK, US, and South East Asia are supported by a significant number of incubators, accelerators, angel networks, VC firms, universities with entrepreneurship programs, and government-sponsored tech hubs. As of 2024-2025 data, the UK has over 500 accelerators and 126 angel networks. The US hosts approximately 1,500 to 2,910 incubators/accelerators and around 540 angel networks. South East Asia collectively has 588 incubators/accelerators, 38 angel networks, and 1,798 VC funds, with Singapore, Indonesia, and Malaysia being key players. University entrepreneurship programs are widespread in the UK and US, and growing in SEA. Government-sponsored tech hubs are prominent in the US (31 designated) and actively supported in SEA nations.

2. United Kingdom (UK)

2.1 Incubators and Accelerators

The United Kingdom's entrepreneurial landscape is significantly supported by a robust network of incubators and accelerators. As of May 2025, the UK is home to 705 such organizations. A 2025 report from the Entrepreneurs Network, a UK think tank, highlights that the UK is home to over 500 accelerator programmes. This figure underscores the density of such initiatives within the national entrepreneurial landscape. Since 2016, Innovate UK, a government-backed innovation agency, has invested £219 million into these programs, indicating substantial public funding directed towards fostering early-stage ventures.

However, the report also points to challenges within this ecosystem, such as the lack of clear standards or shared definitions for these programs. This ambiguity can make it difficult for entrepreneurs to navigate the support system and identify the most suitable programs for their ventures. Furthermore, there is a notable regional disparity in the distribution of these accelerators, which tends to mirror the UK's broader economic geography, potentially leaving some areas with less access to these crucial resources. According to data from Beauhurst cited in the report, only 57% of listed incubators or accelerators are currently active, while 33% have closed, and 10% are in a state of limbo, suggesting a degree of instability and a high attrition rate within the support system. This dynamic environment, while rich in options, necessitates careful selection by founders.

The UK Accelerator, a specific government-backed initiative, welcomed five innovators to its 2025 cohort for a six-month program. This program, delivered in partnership with the Janus Consortium and the Defence and Security Accelerator (DASA), is custom-designed for early-stage startups and aims to develop, scale, and test dual-use emerging technologies. The selection process for this cohort was highly competitive, with the five companies chosen from 2,400 applications. The program is hosted at the Imperial College London, Innovation Hub (I-HUB) in the White City Innovation District, which is also co-located with the NATO DIANA (Defence Innovation Accelerator for the North Atlantic) Headquarters. This co-location is strategic, fostering a collaborative environment and providing access to a wider network of defence and security expertise. The focus on dual-use technologies highlights a strategic direction towards innovations that can serve both military and civilian applications, thereby maximizing the impact and commercial potential of the supported ventures. The Minister of State for Defence Procurement and Industry emphasized that this collaborative approach aims to dismantle barriers for startups and SMEs, enabling them to play a fuller role in collective security and contribute to innovation-driven economic growth.

2.2 Angel Networks

The UK, in conjunction with Ireland, hosts a significant number of angel networks, with a combined total of 126 such groups as of May 26, 2025. These networks are pivotal in providing early-stage funding and strategic guidance to startups. Angel investors typically invest their own capital and often bring valuable industry experience and connections, which can be instrumental for nascent companies. The collective investment power of these 126 angel networks is substantial, having deployed over $56.5 billion across more than 7,048 funding rounds, benefiting over 1,500 companies. This level of activity underscores the critical role angel investors play in bridging the funding gap that often exists for startups before they are ready for venture capital or other forms of institutional investment.

A significant portion of this investment activity has occurred in the last five years, with these angel networks participating in 1,340 seed-stage rounds, amounting to $2.26 billion, 1,030 early-stage rounds totaling $12.7 billion, and 260 late-stage rounds with $14.8 billion in investment. The geographical distribution of these networks shows a concentration in major economic centers, with London hosting 59 angel networks and Edinburgh hosting 7, indicating where entrepreneurial activity and investor interest are most densely populated. The Cambridge Capital Group stands out as a prominent angel network in the UK & Ireland, with 80 members and chapters in Cambridge, London, and Oxford, focusing on Life Sciences and Agriculture sectors with investments ranging from £150K to £2M.

2.3 Venture Capital (VC) Firms

The venture capital landscape in the United Kingdom demonstrated resilience and growth leading into 2025. In 2024, venture capital investment in the UK totaled £9 billion, marking a 12.5% increase compared to the previous year. This performance solidified the UK's position as Europe's most active VC market and the third globally, trailing only the United States and China. The investment activity was widespread, with over 9,100 businesses across the UK receiving venture capital support, indicating a maturing early-stage ecosystem.

A particularly encouraging trend was the significant growth in seed-stage investment. Funding for seed deals increased by more than 80% year-on-year, and the number of companies securing seed funding rose by 30%. This surge in early-stage support is crucial for fostering innovation and is underpinned by a strong infrastructure that includes R&D incentives, university spinout platforms, and an increasingly diverse pool of micro and mid-sized VC funds. The British Business Bank (BBB), alongside sector-focused Limited Partners (LPs) and corporate investors, continues to play a pivotal role in catalyzing initial investments.

Despite the robust early-stage environment, a persistent challenge for UK companies is the "scale-up gap," particularly when transitioning from Series A to later-stage growth rounds. The BVCA's 2025 report notes that accessing domestic capital becomes significantly harder once companies begin raising growth rounds of £20 million or more. This often forces founders to rely on overseas investors, especially those from the US, for subsequent funding stages. In some cases, this need to access foreign capital has even led to companies redomiciling to the US, highlighting a tangible consequence of the UK's underdeveloped scale-up capital pool. While 48 funds were raised in 2024, up from 44 in the previous year, indicating continued investor interest, the structural issue of insufficient domestic growth capital remains a concern for the long-term development of UK-based unicorns and global tech leaders.

The BVCA's 2025 report on the economic contribution of UK private equity and venture capital also highlighted that in 2025, there are over 12,900 private equity and venture capital-backed businesses in the UK, which directly employ 2.5 million people, underscoring the significant economic impact of this sector. London, as a major hub, saw its startups attract £2.69 billion in VC funding in the early part of 2025, indicating a strong start to the year despite a fall in deal volumes.

Several prominent VC firms operate in the UK, particularly in London, supporting startups across various stages and sectors. Pitchdrive's 2025 list highlights firms such as Octopus Ventures (investing from pre-seed to Series B+ in health, fintech, deep tech, and consumer brands), Index Ventures (seed to growth, across SaaS, gaming, fintech, and developer tools), LocalGlobe (seed to Series B, focusing on impact tech, deep tech, and AI), Molten Ventures (formerly Draper Esprit, seed to Series B, investing in software, deep tech, and healthtech), Hoxton Ventures (pre-seed to Series A, backing founders solving global problems in AI, SaaS, and fintech), MMC Ventures (seed to Series A, focusing on SaaS, AI, digital health, and fintech), Notion Capital (seed to Series C, specializing in B2B SaaS, cloud infrastructure, and enterprise software), Passion Capital (pre-seed to Series A, known for early-stage fintech, marketplaces, and B2C apps), and SFC Capital (pre-seed and seed, focusing on UK-based startups utilizing SEIS/EIS schemes in deep tech, SaaS, and consumer startups). These firms represent a diverse range of investment philosophies and sector expertise, contributing to the dynamism of the UK's startup ecosystem.

2.4 Universities with Entrepreneurship Programmes

A significant number of UK universities offer dedicated entrepreneurship programs, reflecting a strong commitment to fostering entrepreneurial skills and mindsets among students. Educations.com lists numerous such programs, including 28 Bachelors degrees specifically in Entrepreneurship for the 2025 academic year and a broader list of 100 entrepreneurship degrees encompassing both undergraduate and postgraduate levels. These programs are offered by a diverse range of institutions across the country.

For example, Northumbria University provides a Business and Entrepreneurship (Extended Degree) BA (Hons), while Oxford Brookes University offers a Business, Enterprise and Entrepreneurship, BA (Hons). The University of Reading features a BSc Business and Management (Entrepreneurship and Innovation), and The University of Greenwich has both a Business Entrepreneurship and Innovation, BA Hons and an Entrepreneurship and Innovation, BA Hons. Anglia Ruskin University offers a BSc (Hons) in Business with Entrepreneurship, Liverpool John Moores University an Applied Entrepreneurship, BSc (Hons), and Bangor University a BSc (Hons) in Business Enterprise and Entrepreneurship. These programs typically aim to equip students with practical skills for starting and managing new ventures, covering core areas like innovation, marketing, finance, and leadership.

At the postgraduate level, universities such as Manchester Metropolitan University offer an MSc in Entrepreneurship, Royal Holloway University of London an MSc Entrepreneurship and Innovation, and the University of Bristol provides several options including an MSc Management (Entrepreneurship and Innovation), an MSc Innovation and Entrepreneurship, and an MA Creative Innovation and Entrepreneurship. Cardiff University offers an MSc Business Strategy and Entrepreneurship, and SOAS University of London has an MSc Innovation, Entrepreneurship and Strategy. These master's programs are often designed for individuals who wish to launch new ventures with growth potential or apply entrepreneurial principles within existing organizations. They typically provide specialist understanding, practical skills, and often result in a ready-to-implement business plan. The emphasis across these programs, both undergraduate and postgraduate, is on experiential learning, real-world application, and developing the critical thinking and creative problem-solving abilities essential for entrepreneurial success. The widespread availability of such programs indicates a strong institutional infrastructure supporting entrepreneurship education throughout the UK.

2.5 Government-Sponsored Tech Hubs

The UK government actively supports the development of tech hubs and innovation through various initiatives, often in collaboration with academic institutions and the private sector. One notable example is the UK Accelerator, which is part of the NATO DIANA (Defence Innovation Accelerator for the North Atlantic) initiative. This program, delivered in partnership with the Defence and Security Accelerator (DASA) and the Janus Consortium, is specifically designed to support early-stage startups developing dual-use emerging technologies. The 2025 cohort of this accelerator program is being hosted at a new, high-specification office at the Imperial College London, Innovation Hub (I-HUB) in the White City Innovation District. This hub is strategically co-located with the NATO DIANA Headquarters, fostering a collaborative environment and providing access to a wide network of defence and security expertise. The government's investment in such hubs aims to fast-track the development of technologies that address critical defence challenges while also having civilian applications, thereby promoting innovation-driven economic growth and enhancing technological sovereignty.

While specific nationwide counts of all government-sponsored tech hubs across the UK are not explicitly detailed in the provided information, the existence and function of hubs like the I-HUB at Imperial College London demonstrate a clear model of government-backed innovation infrastructure. These hubs often serve as physical spaces that connect ecosystems, support startups, and drive innovation, investment, and global partnerships. The UK's broader strategy includes significant investment in research and development, with organizations like Innovate UK playing a key role in funding and supporting innovation across various sectors. The focus on areas such as Artificial Intelligence is also prominent, with the UK AI sector reaching a combined market valuation of $230 billion in Q1 2025 and being home to over 2,300 VC-backed AI startups. Government support, in this context, extends beyond physical hubs to include funding, R&D tax credits, and regulatory sandboxes, all aimed at creating a conducive environment for technological advancement and entrepreneurial growth. The call from AI startup leaders for more direct government intervention in funding markets and more R&D tax credits to hire talent further highlights the ongoing dialogue and reliance on government support for the tech ecosystem.

3. United States (US)

3.1 Incubators and Accelerators

The United States boasts a vast and dynamic ecosystem for startups, evidenced by the large number of accelerators and incubators operating within its borders. As of May 2025, there are approximately 2,910 such organizations supporting early-stage companies. These entities collectively have a substantial impact, with a combined portfolio of over 30,800 companies. This extensive network provides a critical foundation for innovation, offering resources such as mentorship, office space, funding opportunities, and access to a broader network of investors and industry experts. The sheer volume of accelerators and incubators indicates a highly developed support structure for entrepreneurs across the nation. This infrastructure is crucial for translating innovative ideas into market-ready products and services, fostering economic growth, and maintaining the US's competitive edge in the global technology landscape. The distribution of these organizations likely spans various innovation hubs and emerging tech cities, contributing to a geographically diverse entrepreneurial environment.

As of February 2025, another report indicated that the United States has over 1,500 business incubators. This figure, provided by a Montgomery County, Maryland report, underscores the significant infrastructure in place to support early-stage startups, with an emphasis on biotechnology, medical, and technology sectors.

3.2 Angel Networks

The United States boasts a significant number of angel networks, with Tracxn data indicating approximately 540 such networks as of early to mid-2025. Specifically, one report from Tracxn, dated May 26, 2025, states that the US has 542 angel networks with a combined portfolio of 4,010 companies. Another Tracxn report, updated earlier on January 29, 2025, cited 539 angel networks with a portfolio of 3,890 companies. This slight variation likely reflects the dynamic nature of these networks, with new ones forming and others potentially becoming inactive over time. These networks play a crucial role in providing early-stage funding and mentorship to startups.

Examples of prominent angel networks include Tech Coast Angels, a non-profit network in Southern California with over 300 members across five chapters, which has invested over $180 million in more than 300 companies since 1997. Another notable network is Keiretsu Forum, a global network with over 2,500 members and 52 chapters, including a significant presence in the USA, investing in sectors like Real Estate, Life Sciences, and Consumer Goods. The consistent reporting of over 500 angel networks highlights the maturity and breadth of the early-stage investment landscape in the US, facilitating capital flow to innovative ventures across various sectors and regions.

3.3 Universities with Entrepreneurship Programmes

The United States boasts a significant number of higher education institutions offering programs in entrepreneurship, reflecting the country's strong emphasis on fostering innovation and business creation. As of March 2025, over 130 colleges and universities across the nation provide specialized entrepreneurial programs. This figure highlights the widespread integration of entrepreneurship education into the American academic landscape. These programs are designed to equip students with the necessary skills, knowledge, and mindset to launch and grow successful ventures. The demand for such programs is consistently high, mirroring the rising entrepreneurial activity throughout the country.

Renowned institutions like the University of Houston, Babson College, and the University of Texas at Austin are frequently cited for their exemplary entrepreneurship programs, which often feature hands-on learning, incubation centers, and strong industry connections. For instance, the University of Texas at Austin offers a comprehensive entrepreneurial experience through its Harkey Institute for Entrepreneurial Studies, providing access to over 125 centers and institutes, more than 40 business competitions, and a vast network of mentors and alumni. The diversity of these programs allows students to tailor their learning paths according to their specific interests, whether in technology, social impact, or traditional business sectors.

3.4 Government-Sponsored Tech Hubs

The U.S. federal government has made significant strides in designating and supporting regional technology hubs across the country to bolster innovation and economic development. In October 2023, the Biden-Harris Administration, through the U.S. Economic Development Administration (EDA), designated 31 Tech Hubs spread across 32 states and Puerto Rico. This initiative, part of the "Tech Hubs Program," is an economic development strategy aimed at driving regional innovation and job creation by enhancing a region's capacity to manufacture, commercialize, and deploy critical technologies. The program represents a direct investment in burgeoning, high-potential U.S. regions, with the goal of transforming them into globally competitive innovation centers.

These hubs are located in both rural and urban areas and focus on a diverse range of industries, including autonomous systems, quantum computing, biotechnology, clean energy, semiconductor manufacturing, and precision medicine. The selection of these hubs followed a competitive process, with nearly 400 applications received, indicating strong interest from regions across the nation to be recognized as centers of technological excellence.

The 31 designated Tech Hubs are organized around key technology areas and strategic national goals. For instance, in the realm of "Safe and Effective Autonomous Systems," hubs include the Headwaters Hub (smart photonic sensor systems in Montana), the Ocean Tech Hub (ocean robotics, sensors, and materials in Rhode Island and Massachusetts), and the Trustworthy & Equitable Autonomous Systems Tech Hub (secure autonomous systems in Oklahoma). For "Maintaining Our Quantum Edge," the Elevate Quantum Colorado (quantum information technology in Colorado) and The Bloch Tech Hub (quantum computing and communications in Illinois, Indiana, and Wisconsin) were designated.

"Advancing Biotechnology" saw designations like the Advanced Pharma Manufacturing Tech Hub (active pharma ingredient manufacturing in Virginia), ReGen Valley Tech Hub (cells, organ, and tissue biofabrication in New Hampshire), and the Kansas City Inclusive Biologics and Biomanufacturing Tech Hub (vaccine-related biologics and manufacturing in Missouri and Kansas). Other focus areas include "Accelerating Our Energy Transition," "Strengthening Our Critical Minerals Supply Chain," "Regaining Leadership in Semiconductor Manufacturing," and "Growing the Future of Materials Manufacturing." Each hub is expected to leverage its regional strengths and collaborate with industry, academia, and government to advance its specific technological focus, thereby contributing to U.S. competitiveness and job creation. The EDA also awarded Strategy Development Grants (SDGs) to 29 additional consortia to help them strengthen their proposals for future Tech Hub funding opportunities, further expanding the reach of this initiative.

4. South East Asia (SEA)

4.1 Incubators and Accelerators

South East Asia's startup ecosystem is significantly supported by a robust network of incubators and accelerators. As of May 2025, the region hosts a total of 588 such entities. These organizations play a crucial role in nurturing early-stage startups by providing mentorship, resources, funding opportunities, and networking platforms. The distribution of these incubators and accelerators varies across the region, with some countries establishing themselves as prominent hubs for entrepreneurial development. The collective impact of these organizations is evident in the substantial investments and the number of companies they have supported, indicating a vibrant and growing entrepreneurial landscape in South East Asia. The availability of these support structures is critical for fostering innovation and helping startups navigate the challenges of early-stage growth, ultimately contributing to the region's economic dynamism.

These entities have collectively invested over $601 billion across 31,427 funding rounds in more than 9,400 companies. In the five years leading up to May 2025, these funds participated in 5,594 seed-stage rounds (totaling $11.7 billion), 4,289 early-stage rounds ($83 billion), and 1,859 late-stage rounds ($255 billion).

Table 1: Incubators and Accelerators in Key South East Asian Countries (May 2025 unless stated)

The discrepancy between the sum of the listed countries and the total reported for South East Asia suggests that some incubators and accelerators are located in other parts of the region not explicitly detailed or that different reporting periods and methodologies account for variations. The presence of these organizations is a key indicator of the maturity and dynamism of the startup ecosystem in each respective country.

4.1.1 Singapore

Singapore stands out as a dominant force in the South East Asian entrepreneurial landscape, hosting a remarkable 322 to 323 incubators and accelerators as of May 2025. The Startup Genome Ecosystem Report 2025 also notes Singapore hosts over 220 incubators and accelerators. This figure represents more than half of the total 588 such entities reported for the entire South East Asian region by Tracxn, underscoring Singapore's pivotal role as a hub for startup development and innovation. The sheer volume of these support organizations indicates a highly developed ecosystem designed to foster entrepreneurship from ideation to scale.

These incubators and accelerators provide a wide array of services, including seed funding, mentorship from experienced entrepreneurs and industry experts, office space, and access to extensive networks of investors and corporate partners. The concentration of these resources in Singapore makes it an attractive destination for both local and international startups looking to establish and grow their presence in the region. The government's proactive stance in promoting innovation and entrepreneurship further bolsters this ecosystem, creating a conducive environment for high-growth potential ventures.

The significant number of incubators and accelerators in Singapore reflects its strategic position as a gateway to Asia and its well-established infrastructure, both physical and regulatory. Many of these programs are affiliated with universities, government agencies, or private corporations, each bringing unique strengths and specializations. For instance, some may focus on deep tech, fintech, or biotech, aligning with Singapore's economic priorities. The success of these entities is often measured by the number of startups they graduate, the amount of follow-on funding these startups secure, and their overall contribution to the economy. The continuous growth and evolution of Singapore's incubator and accelerator landscape suggest a sustained commitment to nurturing the next generation of innovative companies, solidifying its status as a leading startup hub not just in South East Asia, but globally. The collaborative nature of these programs, often involving partnerships with international accelerators and investors, further enhances their value proposition to startups. Startups in Singapore can leverage Enterprise Singapore's Global Innovation Alliance network and Overseas Centres, which often work in conjunction with these incubators and accelerators, to expand into new markets and collaborate on research and development internationally.

4.1.2 Malaysia

Malaysia's entrepreneurial ecosystem is supported by a notable presence of 62 incubators and accelerators, as reported in May 2025. This figure positions Malaysia as a significant player in fostering startup growth within the South East Asian region. These organizations are instrumental in providing early-stage companies with the necessary resources, guidance, and networks to navigate the complexities of starting and scaling a business. The Malaysian government, through initiatives like the MyDIGITAL blueprint, actively promotes digital innovation and aims to transform Malaysia into a high-value digital economy. This national strategy likely contributes to the development and support of incubators and accelerators, which serve as crucial infrastructure for achieving these ambitions.

The focus of these entities often aligns with national economic goals, such as promoting technology adoption, fostering innovation in key sectors, and creating high-skilled jobs. These entities have collectively invested more than $133 billion across 2,127 funding rounds, supporting over 530 companies. In the five years preceding May 2025, these funds participated in 221 seed-stage rounds (totaling $361 million), 289 early-stage rounds ($7.42 billion), and 179 late-stage rounds ($78.9 billion).

The distribution of these 62 incubators and accelerators is likely concentrated in major urban centers like Kuala Lumpur, which hosts 35, followed by Petaling Jaya with 7. These hubs provide a fertile ground for startups, offering access to talent, capital, and a supportive regulatory environment. The services offered by Malaysian incubators and accelerators typically include mentorship programs, access to co-working spaces, seed funding, and connections to angel investors and venture capital firms. Furthermore, many of these programs are designed to help startups tap into both domestic and international markets. The presence of global technology giants in cities like Kuala Lumpur also contributes to a thriving ecosystem, potentially offering partnerships and collaboration opportunities for startups emerging from these programs. The leading startup incubator in Malaysia, based on the number of startups supported, is MAD Incubator, which has supported 26 startups. The continuous development of this support infrastructure is vital for Malaysia to realize its potential as a leading digital economy in the region.

4.1.3 Indonesia

Indonesia, a burgeoning powerhouse in the South East Asian startup scene, hosts at least 80 incubators and accelerators, with a significant concentration of at least 45 in its capital, Jakarta, as of May 2025. Tracxn data from July 2025 also reported 161 active accelerators and incubators investing in startups with headquarters or offices in Indonesia. Jakarta itself is described as a "bustling hive of innovation" with over 10,000 startups and substantial venture capital investment, reaching $6 billion in 2023. This vibrant environment necessitates a strong support system for early-stage ventures, a role largely filled by these incubators and accelerators.

These organizations are crucial for nurturing the vast number of startups emerging in the country, particularly in sectors like ride-hailing, fintech, and healthtech, which have seen significant growth. The presence of globally recognized unicorns like Gojek and Tokopedia, which originated in Jakarta, has catalyzed a technological culture and demonstrated the high growth potential within the Indonesian market. Jakarta hosts about 53% of the country's incubators and accelerators, with other cities like Bandung (13%), Surabaya (6%), Bali (5%), and Yogyakarta (3%) also hosting a share.

Beyond Jakarta, other cities like Bandung are also emerging as creative technology hubs, home to over 1,500 startups and supported by incubators such as Skystar Ventures, which helped Bandung startups raise $120 million collectively in 2023. This indicates that the entrepreneurial support infrastructure is not limited to the capital but is spreading to other regions, fueled by local talent and university ecosystems. Indonesian incubators and accelerators provide a range of services, from mentorship and funding access to market entry support, catering to the diverse needs of its young and rapidly innovating startup community. The sheer scale of Indonesia's population, with over 10 million in Jakarta alone, creates a massive domestic market, pushing startups to innovate rapidly to solve complex challenges. The growth in the number and impact of these support organizations is a testament to Indonesia's dynamic and rapidly evolving entrepreneurial landscape.

4.1.4 Thailand

Thailand's entrepreneurial ecosystem is increasingly vibrant, supported by 40 incubators and accelerators as of May 2025. This infrastructure plays a vital role in nurturing the country's growing number of startups, particularly in Bangkok, which is evolving into a significant technology hotspot. The startup count in Bangkok increased by 50% from 2021 to 2024, surpassing 2,500 companies. Key sectors benefiting from this support include fintech, with players like TrueMoney and SCB 10X driving transaction volumes exceeding $12 billion in 2023, and healthtech, where startups focusing on telemedicine and wellness apps are gaining significant traction, a trend accelerated by the pandemic.

The presence of incubators and accelerators is crucial for providing these emerging companies with the mentorship, resources, and networks needed to scale their operations and compete effectively. These entities have made significant investments, totaling over $142 billion across 5,317 funding rounds in more than 1,500 companies. In the five years leading up to May 2025, these funds participated in 949 seed-stage rounds ($2.02 billion), 793 early-stage rounds ($14.2 billion), and 250 late-stage rounds ($77.8 billion).

The Thai government and private sector have been actively promoting entrepreneurship and innovation, recognizing their importance for economic diversification and growth. Incubators and accelerators in Thailand often focus on areas where the country has competitive advantages or emerging strengths, such as tourism-related tech, agritech, and creative industries, in addition to fintech and healthtech. These programs typically offer a combination of workspace, seed funding, expert mentorship, and access to investor networks. The supportive ecosystem in Bangkok, as noted by local founders, allows for rapid experimentation, which is particularly crucial for innovation in sectors like healthcare. Bangkok is the primary hub, hosting 27 of these 40 accelerators and incubators. The leading startup incubator in Thailand is Inspire Ventures, which has supported 9 startups. As Thailand continues to develop its digital economy, the role of these 40 incubators and accelerators will become even more critical in fostering a new generation of successful startups and contributing to the country's technological advancement.

4.1.5 Vietnam

Vietnam's startup ecosystem is experiencing rapid growth, supported by 61 incubators and accelerators as of May 2025. An OECD report citing 2022 data mentioned 197 such entities in Vietnam by 2022, including 84 incubators and 35 accelerators. This network of support organizations is crucial for fostering innovation and entrepreneurship in a country that is increasingly recognized for its dynamic tech scene. Ho Chi Minh City, in particular, has seen its technological ecosystem explode over the past five years, now hosting over 3,000 tech startups with a combined valuation exceeding $10 billion. The city's young, digitally savvy population is a key driver of innovation, especially in burgeoning sectors like fintech, e-commerce, and artificial intelligence.

Incubators and accelerators in Vietnam play a pivotal role in channeling this energy and talent, providing the necessary guidance, resources, and access to capital that early-stage startups require to thrive. These organizations have collectively invested over $160 billion across 9,411 funding rounds in more than 3,200 companies. Over the past five years, these funds have been particularly active in the early stages of startup development, participating in 1,596 seed-stage rounds, which amounted to $2.63 billion in investment, and 931 early-stage rounds, totaling $18.4 billion. They also contributed to 455 late-stage rounds, injecting $63.4 billion into more mature ventures.

The Vietnamese government has also been actively promoting a supportive environment for startups, recognizing their potential to contribute to economic growth and technological advancement. The 61 incubators and accelerators are spread across key cities, with Ho Chi Minh City hosting 34 and Hanoi hosting 14. These organizations offer a variety of programs tailored to different stages of startup development, from pre-seed ideation to acceleration for growth-stage companies. Services typically include mentorship from local and international experts, co-working spaces, legal and administrative support, and, critically, connections to angel investors and venture capital firms. The leading startup incubator in Vietnam is Antler, which has supported an impressive 1,292 startups. The Vietnam Innovative Startups Accelerator (VISA), founded in 2016, is a notable example, with a portfolio of 39 companies and investments spanning various sectors including Enterprise Applications and Consumer goods. The focus on talent density, as highlighted in Ho Chi Minh City, is a significant asset that these support structures help to leverage. As Vietnam continues its trajectory as a rising dragon in the tech world, the role of its incubators and accelerators will be instrumental in shaping the success of its startup community.

4.1.6 Philippines

The Philippines has been actively developing its startup ecosystem, with a notable number of incubators and accelerators playing a crucial role. According to the Startup Genome's Ecosystem Report 2025, as of 2024, the Philippines was home to approximately 65 incubators and accelerators. Tracxn data as of May 2025 indicates the Philippines hosts 38 accelerators and incubators. This figure is part of a broader effort to position the country as a pivotal player in the Southeast Asian tech landscape. The report highlights that the Philippines demonstrates consistent performance in advancing innovation and digital transformation.

The Department of Trade and Industry (DTI) is a key member supporting enterprise development, ensuring the country's competitiveness and future-readiness by nurturing entrepreneurs and cultivating tech-driven solutions. The government, through co-implementing agencies DTI, the Department of Science and Technology (DOST), and the Department of Information and Communications Technology (DICT), is intensifying efforts under the Startup Act's 2030 Vision. This vision includes ambitious targets such as establishing 50 new Technology Business Incubators (TBIs) and achieving 90% sustainability among existing TBIs. These initiatives aim to create a robust and supportive environment for Filipino entrepreneurs, further catalyzing the growth of the startup ecosystem.

The 38 entities reported by Tracxn have invested more than $57.8 billion across 1,769 funding rounds in over 460 companies. In the five years prior to May 2025, these funds participated in 288 seed-stage rounds ($712 million), 238 early-stage rounds ($5.26 billion), and 167 late-stage rounds ($17.9 billion).

The presence of these incubators and accelerators, alongside approximately 1,200 startups, 55 venture capitalists, and 210 coworking spaces as of 2024, indicates a maturing support structure for early-stage ventures in the Philippines. Manila, in particular, has thrived despite global venture capital headwinds, reaching a total of $2.4 billion in VC funding and an exit value of $258 million between 2020 and 2024. The main hubs for these organizations are Makati, hosting 11, and Manila, with 6. Inspire Ventures is identified as the leading startup incubator in the Philippines, having supported 9 startups.

The ecosystem is proactively catalyzing growth and attracting more domestic and foreign investments through the establishment of startup hubs and the hosting of startup conferences, such as the annual Philippine Startup Week. The government's commitment, as outlined in the Startup Act, to establish 50 new TBIs suggests a significant planned expansion of incubation capacity, which will be critical in achieving other targets like doubling the number of Filipino startups and funded startups, raising $10 billion in investments, and reaching unicorn status for four Filipino startups by 2030. This strategic focus on building physical and programmatic infrastructure for startups underscores the importance placed on innovation-led economic development.

4.2 Angel Networks

The angel investment landscape in South East Asia, while still developing compared to more mature markets, shows active participation in funding early-stage startups. As of May 2025, the region is home to 38 angel networks. Tracxn reported in October 2024 that South East Asia has 37 angel networks with a combined portfolio of 961 companies. These networks are crucial for providing seed capital and mentorship to entrepreneurs, often filling the gap between personal funding and institutional venture capital. The presence of these dedicated angel networks indicates a growing recognition of the importance of early-stage risk capital in fostering a vibrant startup ecosystem across SEA.

These networks typically comprise high-net-worth individuals, successful entrepreneurs, and industry experts who not only provide financial backing but also strategic guidance and access to their professional networks. These networks have collectively invested over $39.9 billion across 4,773 funding rounds, supporting more than 1,000 companies. In the five years leading up to May 2025, these angel groups participated in 1,034 seed-stage rounds (totaling $1.8 billion), 700 early-stage rounds ($8.53 billion), and 178 late-stage rounds ($11.6 billion). The distribution of these angel networks is likely concentrated in major startup hubs within the region, such as Singapore, Jakarta, and Bangkok, but their influence extends to supporting innovation in emerging entrepreneurial scenes as well. The growth in the number and activity of angel networks is a positive sign for the continued development of the startup ecosystem in South East Asia.

4.2.1 Singapore

Singapore plays a significant role in the angel investment landscape of South East Asia. The Sasakawa Peace Foundation's 2025 report identifies the Business Angel Network (South East Asia) Ltd (BANSEA) as a founding member of the ASEAN Angel Alliance (AAA) from Singapore. Tracxn also lists Singapore Angel Network as one of the top angel networks in the region. As of May 2025, Singapore hosts 22 angel networks. These networks have been instrumental in channeling substantial capital into the startup ecosystem, with investments exceeding $36.5 billion across 4,107 funding rounds, benefiting over 880 companies.

In the five years prior to the report, these Singapore-based angel networks participated in 902 seed-stage rounds (totaling $1.5 billion), 610 early-stage rounds ($7.8 billion), and 161 late-stage rounds ($10.5 billion). This number, combined with Singapore's status as a financial hub and its dense concentration of high-net-worth individuals and experienced entrepreneurs, suggests a robust angel investment scene. These networks are crucial for providing seed capital, mentorship, and access to networks for early-stage startups, complementing the extensive incubator and accelerator infrastructure present in the city-state. The active participation of Singaporean angel groups in regional alliances like the AAA further underscores their importance in the broader South East Asian ecosystem.

4.2.2 Indonesia

Indonesia's angel investment landscape is growing, supported by networks that cater to its burgeoning startup ecosystem. The Sasakawa Peace Foundation's 2025 report highlights Angel Investment Network Indonesia (ANGIN) as a key player and a founding member of the ASEAN Angel Alliance (AAA) from Indonesia. Tracxn also lists ANGIN among the top angel networks in South East Asia. As of July 2025, Tracxn reported that there are 10 active angel networks investing in startups with headquarters or offices in Indonesia. These networks include well-known entities such as BANSEA, XA Network, and ANGIN.

The presence of these 10 networks indicates a developing angel investment landscape within the country. The Sasakawa Peace Foundation's "Country Profiles of Angel Investment Networks in Southeast Asia" also identifies ANGIN, Angel EQ/ALTIRA, and Angel ID as active AINs in Indonesia, providing further context to the ecosystem. ANGIN, for instance, established in 2014 (as ANGIN Women's Fund), boasts over 100 individual and institutional investors and operates with a manager-led model. These networks are vital for Indonesian startups, often providing the first external capital and valuable mentorship that can help entrepreneurs navigate the early challenges of building their businesses. The growth in the number and activity of these angel networks is a positive sign for the continued development of Indonesia's vibrant startup scene.

4.2.3 Other SEA Countries

The angel investment landscape in other South East Asian countries is at various stages of development, with several active networks identified. The Sasakawa Peace Foundation's 2025 report provides insights into these countries:

Malaysia: The Malaysian Business Angel Network (MBAN) is a founding member of the ASEAN Angel Alliance (AAA). Other identified AINs in Malaysia include Nexea Angels and BizAngel. As of 2018, Malaysia reportedly had the largest angel investor community in the region with 225 High-Net-Worth Individuals (HNWIs), some of whom are MBAN members.

Myanmar: Yangon Angels is a founding member of the AAA. The report also notes that Myanmar is in the "Growing" stage for angel investment, with at least one active angel network and more than two investments reported per year.

Philippines: 1000 Angels Business Management & Consultancy is a founding member of the AAA. The Manila Angel Investors Network (MAIN), founded in 2016, is also listed by Tracxn as an active network in the Philippines, investing in sectors like drone technology and fintech. It was noted as the only formal AIN actively operating and the largest committed private investor network in the country at the time of an earlier Sasakawa report, having grown from five to about 70 members and channeled over USD 1 million into six start-ups within 18 months of its operation.

Thailand: The Bangkok Venture Club (Bangkok VC), established in 2014, is a founding member of the AAA and has over 600 members. Shift Ventures (1000x Club) is another active angel network based in Bangkok. Thailand is classified as "Growing" in terms of market maturity for angel investment.

Vietnam: HATCH! Ventures is a founding member of the AAA. The Vietnam Angel Network, established in 2018 in Ho Chi Minh City, is also noted and described as "government-led." Vietnam is in the "Growing" stage.

Cambodia: The Cambodia Investors Corporation Plc (CIC) is a founding member of the AAA. Cambodia is classified as "Emerging," with at least one active angel network but a lower frequency of reported investments. Corco Angel, established in 2017 with 10 individual investors, is another network.

Laos and Brunei: These countries are in the "Infancy" stage, with no formally identified angel networks and limited government policies or inclusion in early-stage capital markets for angel investment.

This diverse landscape indicates that while countries like Singapore, Malaysia, and Indonesia have more established angel networks, others are still in the process of developing this crucial part of their entrepreneurial ecosystems. The Mekong Business Initiative (MBI), a joint effort by the Asian Development Bank and the Australian Government, also works to improve access to finance and support innovation in emerging ASEAN countries like Cambodia, Laos, Myanmar, and Vietnam.

4.3 Venture Capital (VC) Firms

The venture capital landscape in South East Asia is substantial and actively fueling the growth of its startup ecosystem. As of May 2025, the region is home to 1,798 Venture Capital Funds. These funds have collectively invested more than $2.55 trillion across 75,780 funding rounds in over 21,300 companies. This significant capital deployment underscores the maturity and dynamism of the VC sector in the region. Over the past five years, these funds have participated in 8,989 seed-stage rounds (totaling $25 billion), 10,009 early-stage rounds ($244 billion), and 5,255 late-stage rounds ($718 billion), indicating a robust investment pipeline from inception to growth and maturity.

The continuous flow of capital is critical for startups to scale their operations, develop innovative products, and expand into new markets, thereby driving economic growth and technological advancement across South East Asia. In the first half of 2025 (until June 2025), startups in South East Asia raised $3.14 billion across 136 equity funding rounds, a 32.83% rise in funding compared to the same period in 2024. The region is home to 50 unicorns, and a total of 17,708 investors have participated in 11,705 funding rounds.

The landscape of Venture Capital in Southeast Asia is characterized by a mix of global and regional players, each bringing unique expertise and investment strategies. Among the prominent VC firms actively shaping the ecosystem are Openspace Ventures, Golden Gate Ventures, Jungle Ventures, Monk's Hill Ventures, Vertex Ventures SEA & India, and Cocoon Capital. Openspace Ventures focuses on growth-stage startups (Pre-Series A to Series B) and is industry-agnostic, though it shows a preference for finance, healthcare, and SaaS. Its portfolio includes notable names like Gojek, Biofourmis, and FinAccel. Golden Gate Ventures, with offices in Singapore, Indonesia, and Vietnam, targets early-stage startups (Pre-seed to Series A) and has invested in over 70 companies, including unicorns like Carousell and Ninja Van.

Jungle Ventures, one of Singapore's largest independent VC firms, invests in early to growth-stage companies, with a focus on digital brands, SME tech adoption platforms, and disruptive technologies. Their portfolio features companies like Kredivo and Moglix. Monk's Hill Ventures concentrates on early to growth-stage tech investments (pre-seed to Series A) in Southeast Asia, having supported over 50 startups since its inception in 2014, including Ninja Van and Horangi. Vertex Ventures SEA & India, part of the Vertex Global Network, invests from Seed to Series B, with a portfolio that includes Grab and Nium. Cocoon Capital, based in Singapore, specializes in early-stage enterprise tech companies (Pre-seed to Series A) with a focus on B2B SaaS, fintech, health tech, and deep tech.

Other key players mentioned in the region include Antler, East Ventures, Insignia Ventures Partners, Kadan Capital, M Venture Partners, Peak XV Partners (formerly Sequoia Capital India & SEA), and Saison Capital. Peak XV Partners, for example, invests from Pre-Seed to Series B with ticket sizes ranging from $500k to $50m USD and has a significant operational team to support founders.

4.3.1 Singapore

Singapore stands as the preeminent hub for venture capital in South East Asia, hosting an impressive 1,226 Venture Capital Funds as of May 2025. The Startup Genome Ecosystem Report 2025 also highlights that Singapore hosts over 510 VC firms. This figure represents a dominant share of the region's total of 1,798 VC firms, highlighting Singapore's critical role as the "capital of capital" for startups in South East Asia. The city-state's robust regulatory framework, political stability, strong intellectual property protection, and strategic location as a gateway to Asian markets make it an attractive base for VC firms.

In 2023, Singaporean startups secured a record $7 billion in VC funding, further emphasizing the concentration of investment activity in the country. The presence of a large number of VC firms provides Singaporean startups, as well as those from neighboring countries looking to expand, with extensive access to diverse sources of funding, from early-stage seed capital to late-stage growth equity. Firms like Jungle Ventures, Golden Gate Ventures, Wavemaker Partners, Monk's Hill Ventures, and Antler are noted as active in Singapore. Additionally, Cocoon Capital is identified as a Singapore-based venture capital firm investing in early-stage enterprise tech companies across Southeast Asia. Vertex Ventures SEA & India, another leading venture capital firm, is also prominent in the Singaporean ecosystem.

The types of VC firms in Singapore are varied, including global funds with a regional presence, government-linked investment corporations like EDBI (founded in 1991, with a portfolio of 243 companies and investments in sectors like Enterprise Applications and Life Sciences), corporate venture arms, and specialized local funds. This diversity ensures that startups across different sectors and stages of development can find suitable investment partners. The Singaporean government actively fosters this environment through initiatives like SGInnovate and Enterprise Singapore, which support deep tech sectors such as AI, quantum computing, and biotech, often in collaboration with private VC firms. The high density of VC firms in Singapore not only fuels local innovation but also reinforces its position as a leading financial and innovation hub in the broader Asian region, attracting talent and investment from around the world.

4.3.2 Indonesia

Indonesia, with its vast market potential and rapidly growing digital economy, has become a significant destination for venture capital in South East Asia. As of May 2025, Jakarta, the capital city, hosts 156 Venture Capital Funds. Tracxn reported in July 2025 that there are 131 active investors who have deployed over $514 million into startups with headquarters or offices in Indonesia, among which 61 are specifically categorized as Venture Capital (VC) investors. This number positions Jakarta as the second-largest hub for VC firms in the region, after Singapore, reflecting the immense opportunities investors see in the Indonesian market.

In 2023, VC investments in Jakarta-based startups alone reached $6 billion, underscoring the scale of capital flowing into the country. Sectors such as ride-hailing, fintech, and healthtech have been particularly attractive to investors, with homegrown giants like Gojek and Tokopedia (now GoTo Group) demonstrating the potential for building large, successful technology companies in Indonesia. The country's large population, increasing internet penetration, and a young, tech-savvy demographic are key drivers for this investment interest.

Notable active VC firms in Indonesia include East Ventures, Alpha JWC Ventures, Intudo Ventures, AC Ventures, and Init 6. A Shizune report from May 2025 also lists the "Top 30 Big Data VC Funds in Indonesia," including Quest Ventures, SPH Media Fund, and Vickers Venture Partners. The 156 VC firms in Jakarta provide crucial funding and support to the thousands of startups operating in Indonesia. These firms range from local Indonesian funds to regional and international VCs that have established a presence in the country to tap into its growth. The investment focus often aligns with Indonesia's unique market characteristics and consumer needs, leading to innovations tailored to the local context. Beyond Jakarta, other emerging tech hubs in Indonesia, such as Bandung, are also beginning to attract venture capital, indicating a broadening of investment activity across the archipelago. The continued growth of the VC ecosystem in Indonesia is vital for sustaining the momentum of its startup scene and for enabling more entrepreneurs to build scalable businesses that can address both local and regional challenges.

4.3.3 Other SEA Countries

While Singapore and Indonesia host the largest concentrations of Venture Capital Funds in South East Asia, with 1,226 and 156 respectively, the remaining 416 VC firms (1798 total - 1226 Singapore - 156 Jakarta) are distributed across other countries in the region. These countries, including Malaysia, Thailand, Vietnam, the Philippines, and potentially emerging markets like Cambodia and Myanmar, are also seeing growing venture capital activity as their startup ecosystems mature.

For instance, Kuala Lumpur, Malaysia, attracted $2 billion in tech investments in 2023, focusing on AI, blockchain, and IoT startups. Bangkok, Thailand, and Manila, Philippines, also reported significant startup investments of $1.2 billion and $1.2 billion respectively in 2023, indicating active VC participation in these markets as well. In the Philippines, Tracxn data from May 2025 indicates the country hosts 74 Venture Capital Funds. These funds have collectively invested more than $120 billion across 3,979 funding rounds, supporting over 1,000 companies. The Startup Genome's Ecosystem Report 2025 indicated that as of 2024, there were approximately 55 venture capitalists operating in the Philippines.

The distribution of these VC firms across the rest of South East Asia signifies a broadening of investment interest beyond the traditional hubs. Investors are increasingly looking at opportunities in diverse sectors such as fintech, e-commerce, edtech, healthtech, and agritech, which are relevant to the specific economic and social contexts of these countries. In Vietnam, active VC firms include Do Ventures, VinaCapital Ventures, Ascend Vietnam Ventures, 500, and Monk's Hill Ventures. In Malaysia, key players include 500 Global, Vynn Capital, Cradle Fund, and Artem Ventures. Thailand also has a developing VC scene, with firms such as 500 TukTuks, Krungsri Finnovate, A2D Ventures, and AddVentures. In Indonesia, VC firms like Alpha JWC Ventures and Insignia Venture Partners are particularly active.

Wavemaker Partners has invested in over 170 startups in Southeast Asia since its founding in 2003. Gobi Partners is a leading Pan-Asian venture capital firm with a focus on underrepresented markets. The growth of these VC ecosystems is often supported by government initiatives aimed at fostering innovation and improving the ease of doing business. As these markets continue to develop, the availability of local and regional VC funding will be crucial for nurturing homegrown talent and enabling startups to scale without solely relying on international investors based in major hubs.

4.4 Universities with Entrepreneurship Programmes

4.4.1 Singapore

Singapore's commitment to fostering entrepreneurship is evident in its world-class universities and their strong emphasis on innovation and talent development. The Startup Genome Ecosystem Report 2025 notes that top universities and institutes in Singapore actively partner with leading firms such as Micron Technology, OCBC Bank, and SIA Engineering to develop tech talent in emerging fields. While the report doesn't provide a specific count of universities with entrepreneurship programs, it highlights that Singapore is ranked second by the IMD World Talent Ranking as a top destination for global talent, with over 40% of the workforce holding a university degree. This highly educated workforce is a direct output of Singapore's robust higher education system, which increasingly incorporates entrepreneurship education.

Initiatives like the ONEPass and EntrePass further enable top talent, entrepreneurs, and investors to work and start businesses in Singapore, creating a synergistic relationship between academia and the entrepreneurial ecosystem. The focus on developing talent in AI, Big Data, and Analytics, including partnerships with global tech giants like Google, Amazon Web Services, and NVIDIA, and the establishment of 26 AI Centers of Excellence (CoE), often in collaboration with academic institutions, further underscores the integration of entrepreneurial skill development within the higher education landscape. The National University of Singapore (NUS) offers a Master of Arts (Arts and Cultural Entrepreneurship), emphasizing experiential learning and industry engagement.

4.4.2 Thailand

Thailand is increasingly recognizing the importance of entrepreneurship education, with universities in the country beginning to offer specialized programs. Bangkok University International, for example, offers a Bachelor of Business Administration (Entrepreneurship) program. This program is notable for being the only institution in Southeast Asia that collaborates with Babson College in the United States, a globally renowned institution for entrepreneurship education. This partnership allows Bangkok University International to utilize Babson's curriculum and concepts in entrepreneurial education.

Furthermore, the university has established partnerships with 34 other universities worldwide as academic and entrepreneurship allies, ensuring that students gain knowledge and experiences from real-world business experts. The teaching approach is comprehensive, covering topics related to products, services, and start-ups, and aims to provide students with valuable insights from industry professionals. This international collaboration and practical focus are designed to equip students with the skills needed to succeed in the entrepreneurial world.

In addition to its business administration program with an entrepreneurship focus, Bangkok University International, in collaboration with King Mongkut's Institute of Technology Ladkrabang (KMITL), offers a Bachelor of Engineering Program in AI Engineering and Entrepreneurship. This joint degree program is designed to integrate entrepreneurial incubation with AI engineering and entrepreneurship education. The objective is to cultivate AI Entrepreneurial Leaders who are equipped to meet the demands of the business world, fostering a fusion of STEM (Science, Technology, Engineering, and Mathematics) with an entrepreneurial spirit and creativity (STEMEC). This interdisciplinary approach, combining technical AI engineering skills with entrepreneurial acumen, reflects a forward-thinking strategy to prepare graduates for emerging technological and economic landscapes. Such programs are crucial for developing a talent pipeline that can drive innovation and create new ventures in high-growth sectors like artificial intelligence. The emphasis on both theoretical knowledge and practical incubation support within these university programs signals a commitment to nurturing a new generation of entrepreneurs in Thailand.

4.4.3 Indonesia

Indonesia is also seeing growth in entrepreneurship education, with programs designed to cater to the digital business landscape and leverage local contexts. StudyInBali, for instance, offers a Bali Digital Business & Entrepreneurship Program. This program is structured to provide students with a comprehensive understanding of the digital business environment while immersing them in Bali's rich cultural, social, and economic context. Over a period of 15 weeks, students explore key aspects of digital business, including marketing strategies, e-commerce, artificial intelligence, and data analytics.

A distinctive feature of this program is its emphasis on cultural competence and language skills, with dedicated modules on Bahasa Indonesia and Indonesian business culture. This approach not only equips students with technical business skills but also prepares them to operate effectively within the specific cultural and economic milieu of Indonesia, which is crucial for entrepreneurial success in the region. The program's focus on practical digital business applications and its integration with the local environment make it a relevant offering for aspiring entrepreneurs looking to tap into Indonesia's dynamic market.

While specific nationwide counts of universities with entrepreneurship programs in Indonesia are not detailed in the provided information, the examples like the Bali Digital Business & Entrepreneurship Program indicate a trend towards specialized, context-aware entrepreneurial education. Bandung, a city in Indonesia, is highlighted as an emerging creative technology hub, partly fueled by its university ecosystem which produces thousands of technology graduates annually. This suggests that universities in cities like Bandung are contributing to the talent pool that supports the startup scene. The presence of startup incubators like Skystar Ventures in Bandung, which has helped local startups raise significant funding, further points to the synergy between academic institutions and the entrepreneurial ecosystem. As Indonesia's startup scene continues to grow, with Jakarta being a major powerhouse, the demand for and development of university-level entrepreneurship programs are likely to increase, focusing on areas like digital business, fintech, and creative technologies.

4.4.4 Other SEA Countries

Singapore stands out in Southeast Asia for its strong emphasis on innovation and entrepreneurship, reflected in its university programs. The National University of Singapore (NUS) offers a Master of Arts (Arts and Cultural Entrepreneurship). This program is situated within the Communications and New Media department, which is described as the only department in Southeast Asia offering a multidisciplinary approach combining media studies, interactive media design, cultural studies, and communication management with a focus on New Media. The program emphasizes experiential learning through competitions, exhibitions, service-based projects collaborating with external clients, internships, student exchanges, and interactions with industry practitioners. This practical and industry-engaged approach is designed to equip students with the skills to navigate and innovate within the arts and cultural sectors, which are increasingly intersecting with technology and entrepreneurship.

Singapore's broader strategy to become a Smart Nation and a quantum hub involves significant government investment in research and development, including S$250 million over the last 15 years into the Centre for Quantum Technologies (CQT) hosted at NUS, focusing on basic research and translation to devices. This commitment to cutting-edge research and talent development within universities creates a fertile ground for entrepreneurial ventures.

While the provided information for other specific SEA countries regarding university entrepreneurship programs is limited, the general trend across the region points towards an increasing integration of entrepreneurship education within higher education institutions. The focus often aligns with national economic development goals and the specific strengths or emerging sectors of each country. For example, as countries like Malaysia, Thailand, Vietnam, and the Philippines continue to develop their digital economies and startup ecosystems, universities are likely to expand their offerings in areas such as digital business, fintech, AI, and creative industries. The collaboration between Bangkok University International and Babson College in Thailand serves as an example of how regional institutions are seeking global best practices to enhance their entrepreneurship curricula. As Southeast Asia's internet economy is projected to reach $500 billion by 2030 and with over 70% of the region's population under 40, the role of universities in nurturing entrepreneurial talent will become increasingly critical for sustained innovation and economic growth.

4.5 Government-Sponsored Tech Hubs

4.5.1 Singapore

Singapore has strategically positioned itself as a leading innovation and technology hub in Southeast Asia, backed by strong government support and clear strategic visions. The city-state's government innovation agencies, such as SGInnovate and Enterprise Singapore, play a crucial role in supporting deep tech sectors, including Artificial Intelligence (AI), quantum computing, and biotechnology. This support often manifests in the form of funding, infrastructure, and regulatory clarity, creating a conducive environment for startups and research institutions.

A significant recent development is Singapore's National Quantum Strategy, launched in May 2024, which aims to nurture a local quantum ecosystem and build sovereign quantum capabilities. This strategy is backed by substantial funding from Singapore's national Research, Innovation, and Enterprise 2025 (RIE2025) five-year plan, with a S$300 million top-up from a S$25 billion budget allocated by the National Research Foundation (NRF) in 2020. The National Quantum Office (NQO) oversees this strategy, which includes launching grant calls focused on critical components and technologies in quantum communications, security, processors, computation, simulation, sensing, and metrology.

Enterprise Singapore's Global Innovation Alliance network and Overseas Centres help startups expand into new markets and collaborate on R&D internationally. In the AI sector, Digital Industry Singapore has secured 26 AI Centers of Excellence (CoE), providing startups with acceleration platforms and resources for research and development, such as NVIDIA's Centre for AI with the Singapore Institute of Technology (SIT). Furthermore, Geneo, a S$785 million, 180,600 sqm Life Sciences hub at Singapore Science Park, became operationally ready in 2025.

Singapore's approach often involves positioning itself as a "living lab" and a pilot ground to test emerging technologies, inviting global talent with funds to do so, and ensuring that programs are application- and result-driven to realize societal and economic value. The Centre for Quantum Technologies (CQT) at the National University of Singapore (NUS) is a key component of this ecosystem, having received approximately S$250 million over the last 15 years for basic research and technology translation. The government's broader "Smart Nation" initiative further underscores its commitment to leveraging technology for national development. In 2023, Singapore attracted a record $7 billion in VC funding and is home to over 9,000 startups, solidifying its position as the region's capital of capital. The collaborative model between government, industry, and academia is a cornerstone of Singapore's success in fostering a vibrant innovation ecosystem and establishing itself as a global tech hub.

4.5.2 Malaysia

Malaysia is actively fostering its technology ecosystem through government-backed initiatives, with Kuala Lumpur emerging as a significant digital innovation hub. The city's MyDIGITAL blueprint is a key strategic plan aiming to transform Malaysia into a $30 billion digital economy by 2030. This ambitious goal is supported by various government efforts to create a conducive environment for tech startups and attract investment. In 2023, Kuala Lumpur attracted $2 billion in tech investments, with a focus on startups in cutting-edge fields such as Artificial Intelligence (AI), blockchain, and the Internet of Things (IoT).

The presence of global technology giants like Microsoft, IBM, and Google's cloud operations in the city further contributes to a thriving ecosystem by providing infrastructure, talent, and collaboration opportunities. These companies often partner with local entities and startups, enhancing the overall technological capabilities of the region. The Malaysian government's support extends to nurturing specific sectors, such as fintech. Startups like BigPay, which processed over $3 billion in transactions in the year prior to the report (likely 2022 or early 2023), are examples of successful ventures emerging from this supportive environment.

The combination of world-class infrastructure and an eager talent pool makes Kuala Lumpur an attractive location for tech growth. The government's commitment is also reflected in initiatives like the National Digital Identity System and significant investments in startup initiatives, including an RM1 billion investment mentioned in the context of Malaysia's thriving tech startup scene in 2025. These efforts aim to create 5,000 startups by 2025, contributing 25.5% to the GDP, showcasing the strategic importance placed on the tech sector for national economic development. The ecosystem already included over 17,400 startups as of late 2023/early 2025, indicating a substantial existing base that government initiatives aim to further expand and strengthen. While specific counts of government-sponsored tech hubs are not detailed, the MyDIGITAL blueprint and significant investment inflows suggest a structured approach involving various programs and potentially physical hubs or innovation centers.

4.5.3 Indonesia

Indonesia's capital, Jakarta, has established itself as a major startup powerhouse in Southeast Asia, with significant government and private sector support contributing to its vibrant technological culture. The city is home to more than 10,000 startups, many of which have attracted investment from prominent global investors like Sequoia Capital and SoftBank. In 2023, venture capital investments in Jakarta-based startups reached $6 billion. Key sectors such as ride-hailing, fintech, and healthtech have been particularly attractive to investors, with homegrown unicorns like Gojek and Tokopedia (which merged to form GoTo Group) demonstrating the potential for building large, successful technology companies in Indonesia.

Jakarta's vast population, exceeding 10 million people, creates one of the largest urban markets in the region, thereby fueling a strong demand for diverse digital solutions and services. This large domestic market provides a fertile ground for startups to test, refine, and scale their innovations. The government's role, alongside private investment, has been crucial in creating an environment where startups can thrive, innovate rapidly, and address complex challenges inherent in a large and diverse metropolitan area.

Beyond Jakarta, Bandung is another emerging tech hub in Indonesia, focusing on creative technology, gaming, and digital education. The city's university ecosystem and incubators like Skystar Ventures play a key role in nurturing the startup environment. Skystar Ventures has helped local startups raise significant funding, demonstrating the effectiveness of targeted support in emerging tech centers. The presence of these secondary hubs indicates that Indonesia's tech ecosystem is not solely concentrated in Jakarta but is spreading to other regions, creating a more distributed innovation landscape.

4.5.4 Thailand

Thailand, particularly Bangkok, is witnessing a rapid evolution into a technology hotspot, with government support playing a crucial role in this transformation. According to recent reports, Bangkok's startup count increased by 50% from 2021 to 2024, crossing 2,500 companies. The fintech and healthtech sectors are leading this growth, with companies like TrueMoney and SCB 10X (the venture arm of Siam Commercial Bank) driving significant transaction volumes and innovation in financial services.

While specific counts of government-sponsored tech hubs are not explicitly detailed, Bangkok's ecosystem supports rapid experimentation, which is crucial for innovation, particularly in healthcare. This supportive environment often involves government policies and potentially dedicated innovation zones or hubs. The focus on specific sectors like fintech and healthtech suggests that government initiatives may be targeted towards fostering growth in these areas, possibly through the establishment of specialized tech hubs or innovation districts to concentrate talent and resources.

The Thai government and private sector have been actively promoting entrepreneurship and innovation, recognizing their importance for economic diversification and growth. The presence of organizations like the Bangkok Venture Club, which includes government agencies among its members, indicates a level of government engagement in the angel investment and startup support landscape. This collaborative approach between public and private sectors creates a conducive environment for startup growth and technology development.

4.5.5 Philippines

The Philippines government is actively working to cultivate a robust startup ecosystem, with comprehensive plans that include the establishment of numerous technology business incubators (TBIs), which can be considered a form of government-sponsored tech hub. The Philippines' Innovative Startup Act's 2030 Vision includes specific targets for the Department of Trade and Industry (DTI), Department of Science and Technology (DOST), and Department of Information and Communications Technology (DICT) to establish 50 new Technology Business Incubators (TBIs).

This ambitious initiative is part of a broader strategy to achieve 90% sustainability among TBIs, double the number of Filipino startups and funded startups, raise US$10 billion in investments, and reach unicorn status for four Filipino startups. These TBIs are designed to nurture entrepreneurs and cultivate tech-driven solutions, providing crucial support and resources including mentorship, funding access, and networking opportunities.

The Manila ecosystem is already home to approximately 1,200 startups and 65 incubators and accelerators, some of which are likely government-supported or affiliated. The explicit target of establishing 50 new TBIs signifies a strong governmental push to create a widespread network of tech hubs across the country. Manila is leveraging its strong position as a Business Process Outsourcing (BPO) leader to evolve into a broader technological ecosystem, with government and private sector efforts contributing to this transformation.

Startup investments in Manila reached $1.2 billion in 2023, with fintech, e-commerce, and edtech being key sectors. This investment activity, combined with the government's structured approach to establishing tech infrastructure, positions the Philippines as an emerging player in the Southeast Asian startup ecosystem. The focus on creating sustainable, long-term support structures rather than short-term initiatives demonstrates a strategic commitment to building a thriving entrepreneurial environment.

4.5.6 Vietnam

Vietnam, with cities like Ho Chi Minh City emerging as significant tech hubs, benefits from a young, tech-savvy population and increasing government attention to fostering innovation. Ho Chi Minh City has seen its technological ecosystem explode over the past five years, now hosting over 3,000 tech startups with a combined valuation exceeding $10 billion. The city's young, digitally savvy population is a key driver of innovation, especially in burgeoning sectors like fintech, e-commerce, and artificial intelligence.

While specific counts of government-sponsored tech hubs in Vietnam are not explicitly detailed in available reports, the general trend in Southeast Asia points towards increased government involvement in building innovation infrastructure. The Vietnamese government has been actively promoting a supportive environment for startups, recognizing their potential to contribute to economic growth and technological advancement. This support manifests through various initiatives aimed at creating conducive regulatory environments, providing funding opportunities, and establishing physical infrastructure for innovation.

The Vietnam Angel Network, established in 2018 in Ho Chi Minh City, operates under a "government-led" model, indicating direct government involvement in fostering early-stage investment networks. This approach demonstrates the government's recognition that angel investment networks are crucial components of tech hubs and startup ecosystems. The emphasis on talent density as a key factor for Ho Chi Minh City's success suggests that educational institutions and government initiatives aimed at skill development and creating conducive environments for tech companies are likely in place or expanding.

Given Vietnam's growing startup scene and its focus on digital transformation, it is evident that government-sponsored or supported tech hubs exist or are being planned to further stimulate growth, attract investment, and develop local talent in key technological areas. The country's strategic position and its commitment to becoming a major player in the regional tech ecosystem indicate that more structured government support for tech hubs is likely to emerge in the coming years.

5. Sources

Note: This article is based on the comprehensive dataset provided in "Entrepreneurial Ecosystem: A Quantitative Overview of the UK, US, and South East Asia (2024-2025 Data)" which includes data from various sources including Tracxn, government reports, industry studies, and academic publications. Specific citations and references would typically be included in a complete academic or professional publication.