Premier Hub

Premier Hub was modeled after Impact Hub, Singapore… Why Singapore? In 1968 Singapore was classified as an underdeveloped country with a GDP per capita of less than US $320. Today, it is one of the world’s fastest-growing economies. Its GDP per capita has risen to an incredible US $60,000. History has shown that the secret of Singapore’s drastic and continuing growth is industrialization.

Upon independence in 1965, more than two-thirds of its population was living in slums and squatter settlements on the city’s fringe. The territory was sandwiched between two large and unfriendly states in Malaysia and Indonesia. It lacked natural resources, sanitation, proper infrastructure, and adequate water supply. In order to stimulate development, they sought international assistance, but their plea went unanswered, leaving Singapore to fend for itself. The withdrawal of the British further aggravated the unemployment situation. The most feasible solution to Singapore’s economic and unemployment woes was to embark on a comprehensive program of industrialization.

Before long, Singapore became an ideal place to manufacture out of. By 1972, one-quarter of Singapore’s manufacturing firms were either foreign-owned or joint-venture companies, and both the U.S. and Japan were major investors. As foreign investment poured in, Singapore began focusing on developing its human resources, in addition to its infrastructure. The country set up many technical schools and paid international corporations to train their unskilled workers in information technology, petrochemicals, and electronics. Which is what innovation hubs do today.

Today, the country is said to have transformed completely.

Today, Singapore is an ultra industrialized society and entrepôt trade continues to play a central role in its economy. Today, the Port of Singapore is now the world’s busiest transshipment port, surpassing Hong Kong and Rotterdam. Despite its small size, Singapore is now the fifteenth largest trading partner of the United States. The country has established strong trade agreements with several countries in South America, Europe, and Asia, as well. With a total land area of just 433 square miles and a small labor force of 3 million people, Singapore is able to produce a GDP that exceeds $300 billion dollars annually, higher than three-quarters of the world. Life expectancy is at an average of 83.75 years, making it the third highest globally. The corruption minimal and so is the crime (It is said that a good economy reduces corruption). It is considered to be one of the best places to live on earth.

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