Let's start by comparing costs of buying a laptop. Even after accounting for currency exchange rate and import taxes, buying a laptop in Singapore still costs about S$400-S$600 more than buying it online and delivering it from another country.
Furthermore, as property prices in Singapore are sky high, you just can't compete on an equal footing. A warehouse or office space (per square foot) in China or USA cost just a fraction of that in Singapore. They can profit on prices we can't even break even on. Not to mention technology levels and actual human talent.
Startup grants also seem to be basically just an equity grab. Coffeebean and Starbucks have contributed more towards ease of conducting business than the self righteous, all powerful, "holier-than-thou" government.