He was so successful, at such a young age – one million dollars
system that encourages a level playing field free of corruption and
earned by age 20 – that you might think that Joel Neoh is a born
cronyism makes entrepreneurs and investors “super comfortable.”
entrepreneur. In fact, he was an inquisitive child and he admits that he “must have annoyed people” as he constantly challenged conventional wisdom about the way the world works. Luckily, technology was upending the status quo all around him. Neoh earned a huge paycheck when he sold his popular retailing website to a global competitor. He then jumped right back into the risktaking pool with a business that sells customers subscription access to thousands of fitness centers. He soon dominated the market. Now, at age 32, Neoh is taking on the role of mentor, supplying capital and advice to entrepreneurs who remind him of
Is Neoh talking about Silicon Valley in the United States, or perhaps the high tech community in greater London? No, he’s talking about Singapore. The smallest country in the top tier of our Entrepreneurship rankings, Singapore is recognized as a powerhouse of tech expertise, innovation, and entrepreneurial spirit. Long the number one country for “doing business,” according to the World Bank Group, this country of five million is one of the only Asian countries in the top ten (World Bank Doing Business Index). Our decision makers and highly-informed respondents rank
himself in younger days.
Singapore ahead of Australia, France, South Korea and China.
At first glance, Joel Neoh’s rocketing journey to the heights of
All of the leaders in our Entrepreneurship category score highly
success might make a case for the importance of an individual’s intelligence, temperament, and innate abilities. These factors all contributed to his success. However, Neoh credits, in great measure, the business environment where he operates. In his home country “there is ample financing,” and a stable regulatory
in a range of traits that span labor skills, capital formation, legal stability and education. At the top, Germany, despite being manufacturing versus start-up led, is perceived for “innovative” thinking across its culture while having infrastructure and a solid legal system. Of course, the 2015 scandal at Volkswagen, where executives ordered the manipulation of pollution controls, dented
The recent Volkswagen scandal shocked the German people and the officials in my country. The government expressed its dismay and shock and disappointment in the intent behind it. We are concerned that there be total transparency. There’s a government investigation and a criminal investigation. Volkwagen has pledged full cooperation with authorities here. While the impact is huge on VW over time, the company is very strong and they will survive it and learn from it.” - Peter Wittig, German Ambassador to the United States
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