Singapore tech startups trying to develop 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 underneath the International Innovation Alliance, which is an initiative collectively managed by authorities businesses Enterprise Singapore and Singapore Financial Growth Board. The programme at present runs in 17 world cities, with the purpose to attach Singapore firms with native companions within the respective markets.
Below the Singapore-Australia Accelerator, Singapore tech startups in sectors resembling good cities, Web3, fintech, sustainability, deep tech, and agritech will likely be provided steerage on establishing store Down Below.
Ten startups will likely be chosen to hitch the primary cohort. Spanning six months, the programme contains digital and in-person actions throughout which individuals will attend masterclasses, workshops, networking occasions, and trade briefings customised to their necessities.
Startups every will work alongside a mentor with related trade information to craft an growth technique and nurture enterprise connections. Additionally they will be part of a commerce delegation to Australia, commencing in Sydney, the place they may be capable of faucet six months value of co-working credit supplied by Haymarket HQ, and achieve firsthand expertise working inside Australia’s enterprise ecosystem.
“We see Australia as a fast-moving, rising market that Singaporean companies ought to hold 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 firms develop into new markets would open up market alternatives throughout the area for individuals underneath the brand new accelerator programme.
Haymarket HQ CEO Duco van Breemen famous: “Studying a few new market, constructing a neighborhood community, and attaining product-market match prices money and time. The International Innovation Alliance Singapore-Australia Market Accelerator is designed to fast-track and de-risk this course of by means of mentorship, focused introductions, and tried-and-tested frameworks which have supported lots of of firms throughout Asia-Pacific.”
Each international locations lately have inked agreements to associate up throughout varied areas, together with a green economy pact to determine “widespread guidelines and requirements” that drive commerce and environmental sustainability. Pipped as the primary such world commerce pact, it encompasses varied initiatives together with cross-border clear power commerce and digital commerce platforms.
The 2 markets additionally want to drive their collaboration in fintech and assist one another’s native ecosystem, together with plans to determine a framework for joint innovation tasks.
The Singapore-Australia Digital Economy Agreement was signed in 2020 overlaying a number of areas of cooperation, together with cross-border information stream, digital funds, and synthetic intelligence.
Some 2,700 tech startups in 2022 accessed funding, incubation, and mentorship by means of Enterprise Singapore’s Startup SG schemes in addition to aide from companions. Final 12 months additionally noticed the growth of International Innovation Alliance into Seoul and Abu Dhabi, in keeping with Enterprise Singapore. Sweden was added to the roster as effectively in 2022, alongside France.
Throughout the board, the full variety of Singapore companies that took on globalisation initiatives climbed 25% to 2,000 final 12 months, 900 of which did so for the primary time. Southeast Asia nonetheless was the highest vacation spot market, with others searching for worldwide growth within the US, Europe, Latin America, Center East, and Africa.
