March 12, 2026

In an era where innovation drives economic growth, the startup ecosystem has emerged as a beacon of entrepreneurial spirit and technological advancement. As cities like Singapore position themselves as global hubs for fintech and tech startups, understanding the financial dynamics within this sector becomes crucial. Previous research has often focused on the economic viability of startups or the role of venture capital. However, there remains a significant gap in exploring how founders perceive and navigate the complex landscape of money in their ventures. 

In ‘The new monies of the startup world: Future-focused tech ventures as experiments in personal worth’ (Journal of the Royal Anthropological Institute, 2023), Associate Professor Emily H.C. Chua (NUS Sociology and Anthropology) investigates how founders in Singapore’s startup sector conceptualise two types of money: the devalued ‘salaried money’ and the aspirational ‘startup world money’. Through ethnographic research involving eight founders, Chua reveals that these entrepreneurs often view ‘salaried income’ as a relic of the past, while ‘startup money’ represents a future filled with potential and opportunity. This dichotomy not only influences their business strategies but also shapes their identities in a society that increasingly values innovation and risk-taking. 

In her exploration of how the founders’ commitment to their ventures intertwines with their social and moral identities, Chua found that the pursuit of ‘startup money’ often leads to a precarious balancing act, where financial instability threatens not only their economic futures but also their perceived social value. This sheds light on the psychological and emotional dimensions of entrepreneurship, suggesting that the stakes are not merely financial but deeply personal, as founders grapple with their self-worth in the face of failure and uncertainty. 

As startup money, and scalable and investible tech startups become increasingly idealised across diverse contexts, individuals may be fuelled to take larger risks. However, these risky ventures can have profound impacts on their identities and social standings, making it crucial to understand the novel forms of uncertainty and ambivalence that can arise from managing multiple types of money—ranging from cryptocurrencies to public and private sector grants.  

While Singapore continues to cultivate a vibrant ecosystem of startups and cutting-edge technology, many emerging entrepreneurs face notoriously poor odds of success. Ultimately, further ethnographic studies can illuminate how entrepreneurial challenges reshape the moral and social fabric of entrepreneurial life, allowing us to empathise and better support founders striving to both advance innovation and live meaningful lives in an uncertain economic climate. 

Read the article here.