Singapore tech startups seeking to increase into Australia now can faucet a brand new six-month acceleration scheme geared toward serving to them achieve this.
Enterprise Singapore teamed up with Australian startup incubator Haymarket HQ to launch the Singapore-Australia Accelerator in Sydney. It’s the first to be launched between the 2 markets below the World Innovation Alliance, which is an initiative collectively managed by authorities businesses Enterprise Singapore and Singapore Financial Growth Board. The programme presently runs in 17 international cities, with the goal to attach Singapore corporations with native companions within the respective markets.
Beneath the Singapore-Australia Accelerator, Singapore tech startups in sectors reminiscent of sensible cities, Web3, fintech, sustainability, deep tech, and agritech can be provided steering on establishing store Down Beneath.
Ten startups can be chosen to affix the primary cohort. Spanning six months, the programme includes digital and in-person actions throughout which individuals will attend masterclasses, workshops, networking occasions, and business briefings customised to their necessities.
Startups every will work alongside a mentor with related business information to craft an growth technique and nurture enterprise connections. In addition they will be part of a commerce delegation to Australia, commencing in Sydney, the place they are going to be capable to faucet six months price of co-working credit offered by Haymarket HQ, and acquire firsthand expertise working inside Australia’s enterprise ecosystem.
“We see Australia as a fast-moving, rising market that Singaporean companies ought to maintain their eyes on,” stated Joseph Zhang, Enterprise Singapore’s director of Northeast Asia and Oceania. He added that tapping Haymarket HQ’s expertise operating enterprise accelerators that had helped tech corporations increase into new markets would open up market alternatives throughout the area for individuals below the brand new accelerator programme.
Haymarket HQ CEO Duco van Breemen famous: “Studying a couple of new market, constructing an area community, and attaining product-market match prices money and time. The World Innovation Alliance Singapore-Australia Market Accelerator is designed to fast-track and de-risk this course of via mentorship, focused introductions, and tried-and-tested frameworks which have supported a whole lot of corporations throughout Asia-Pacific.”
Each nations lately have inked agreements to companion up throughout numerous areas, together with a green economy pact to ascertain “widespread guidelines and requirements” that drive commerce and environmental sustainability. Pipped as the primary such international commerce pact, it encompasses numerous initiatives together with cross-border clear vitality commerce and digital commerce platforms.
The 2 markets additionally wish to drive their collaboration in fintech and help one another’s native ecosystem, together with plans to ascertain a framework for joint innovation initiatives.
The Singapore-Australia Digital Economy Agreement was signed in 2020 overlaying a number of areas of cooperation, together with cross-border knowledge move, digital funds, and synthetic intelligence.
Some 2,700 tech startups in 2022 accessed funding, incubation, and mentorship via Enterprise Singapore’s Startup SG schemes in addition to aide from companions. Final yr additionally noticed the growth of World Innovation Alliance into Seoul and Abu Dhabi, in accordance with Enterprise Singapore. Sweden was added to the roster as effectively in 2022, alongside France.
Throughout the board, the overall variety of Singapore companies that took on globalisation initiatives climbed 25% to 2,000 final yr, 900 of which did so for the primary time. Southeast Asia nonetheless was the highest vacation spot market, with others looking for worldwide growth within the US, Europe, Latin America, Center East, and Africa.