Earlier today, LinkedIn released a list of top companies–with startups having their own list–where professionals want to work globally, based on the unique data on the platform. These lists were separated based on the countries that these startups operate in; startups were shortlisted based on factors such as employee growth, jobseeker interest, member engagement within the company and its employees, and the startups’ ability to attract talent from the flagship LinkedIn Top Companies list.

In Southeast Asia, the platform published a list of top startups in Singapore and Indonesia–two of the leading startup hubs in the region.

The differences between these two startup ecosystems could not be more obvious.

In the case of Singapore, the fintech sector dominates the list with eight out of the 10 startups working in the fintech or fintech-related businesses. Meanwhile, in Indonesia, there is a great variety of companies that have made it to the list, from aquaculture to e-commerce.

So, what does it tell us about the state of these startups ecosystems today?

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Two different directions

If there is one thing that we can conclude from these two list about top startups in Singapore and Indonesia, is that these two countries are heading towards different directions. Because of this, they provide different kinds of opportunities for both founders and investors.

The dominance of fintech sector in the top startup list comes out as no surprise with the country being known as a hotbed for fintech innovation. There are many reasons why Singapore is that way. According to Tenity in a blog post, it involves having a “well-established banking system, strong legal and regulatory frameworks, and a talented pool of financial professionals.”

There is a strong focus and clear direction on what a startup can achieve here.

This means that, if your goal is to build a strong presence and a sustainable business, a market with clear advantage like Singapore might be where you should be at.

Meanwhile, Indonesia is more of a jack-of-all-trades.

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I see the variety of the top startups in the list as a reflection of the different problems available in the market for startup founders and investors to tackle–and the opportunities it provide. As a representation of the unique geographies of Indonesia, these companies catered their products and services to the different segments of the Indonesian society.

Does this mean it is impossible to build a sustainable business in Indonesia?

There may not be a quick answer to this. Different verticals may have its own unique challenges and opportunities–and there is definitely room for everyone in Indonesia. But if there is one strength that we can attribute to the Indonesian market is that it provides plenty of space for founders and investors to explore and experiment. If you have bold ideas, and you would like to see if it can actually take off, Indonesia might be the one for you. But if you already know what is working, and need a solid support system to get your idea to take off, Singapore might be the better option.

In the end, choosing the right market to grow your company is all about understanding yourself and what you want to achieve–and see which market might accommodate that best. Because the beauty of the SEA startup ecosystem is the diversity of it.

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Image Credit: RunwayML

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