Singapore land size is small, rental is too expensive and businesses are heavily regulated, not forgetting the competition.
Under such an environment, it's very difficult for any entrepreneurs to survive and thrive.
Unlike the 60s to the 90s with explosive growth, the SME landscape in SG has already reached a plateau with stagnant growth, eventually major corporations will thrive and dominate which is what is happening now. Worst part is, once a SME reaches a certain size, they will either be bought over or pwned by TH's GLCs (Sembcorp, ST Engineering, SingTel etc.), rinse and repeat LOL.