I think, in time, Singapore will produce superstar startups. Singaporeans are highly educated and skilled, deadly combination. The only thing stopping Singaporeans from choosing a startup path vs a MNC career is choice.

I'm a Singaporean entrepreneur living in Silicon Valley. I was raised and educated in Singapore. Most Singaporeans want 3 things: a private condo, a car (super expensive in sg) and a maid/housekeeper. And these are the things that stop one from taking risks because a startup salary (or lack thereof) will never be able to fund the above 3 things. There's nothing wrong wanting the above, I think they are like badge of honor in Asia, but they are definitely show stoppers from being an entrepreneur.

I had a high salary before my startup but I chose to walk away to work on something I'm passionate about (http://lovewithfood.com). I'm in my 30s, coding day and night and earn $0 salary. Most of my friends in Singapore think I'm nuts for leaving a very 'cushiony' lifestyle and I only have one question for them "Do you work to live, or do you live to work?"