Enterprise SG joins hands with 500 Startups to boost startups
Government agency Enterprise Singapore (Enterprise SG) has announced a partnership with Silicon Valley-based accelerator-cum-investor 500 Startups to run Global Launch, a Global Innovation Alliance (GIA) acceleration programme.
The two-way partnership will support and facilitate the growth of innovative tech startups into Singapore and San Francisco, through market immersion, mentorship and access to relevant networks.
GIA is a network of Singapore and overseas partners in major innovation hubs and key demand markets, with a focus on technology and innovation. It is a joint initiative between Enterprise SG and the Economic Development Board. 500 Startups is the latest partner to the network.
Peter Ong, Chairman of Enterprise SG, said: “With 500 Startups as our GIA partner, our Singapore-based startups will be able to leverage their extensive networks to gain in-roads into the Silicon Valley ecosystem and seek new partnerships and investors. We also welcome US-based startups to use Singapore’s established ecosystem as a springboard into the growing Southeast Asia region.”
“The two-way flow of exchange will strengthen Singapore’s position as a global-Asia node for technology, innovation and enterprise,” he added.
The Global Launch programme in San Francisco offered by 500 Startups is designed to support Singapore-based startups in establishing a presence in San Francisco. Up to 20 startups will be selected to be part of this 16-week programme comprising a week-long series of workshops that will help them develop and finetune their market strategy for the US.
This is followed by a two-week intensive boot camp in San Francisco, where they will receive individualised coaching on sales, marketing and pitching. During the last stage, startups will benefit from the numerous networking and business pitching opportunities, so that participating startups can make the right connections required to succeed in the market.
It will culminate in an Open House where they can showcase their idea to investors.
The first cohort is expected to commence in November 2019.
As part of the partnership, 500 Startups will provide service offerings such as guidance on business development and striking the right partnership; briefings on business and technology trends; marketing support to the startup ecosystem partners; and mentorship and training. These would be tailored to the needs of individual participating Singapore startups, as well as others looking to enter the United States market but may not be part of the Global Launch.
Conversely, 500 Startups will run a dedicated programme to support global startups who want to establish a presence in Singapore as a launchpad to expand into Asia. The programme will comprise a local segment with workshops on doing business in the region; curated mentor matchmaking; and targeted business facilitation to bring the startups together with industry professionals, local MNCs, and corporates for potential collaboration, co-development of solutions and test- bedding opportunities here and in the region.
This programme will take place in Singapore and is expected to commence in January 2020 with about ten startups.
Vishal Harnal, Partner at 500 Startups, said: “This programme is part of 500’s mission to increase connections between startup ecosystems globally. ASEAN is one of the most exciting and fastest growing regions for startups, and Singapore is in the centre of it. Given 500’s familiarity with the ASEAN market through the extensive work of 500 Durians, we welcome the opportunity to build a stronger bridge between Singapore and San Francisco. Through our partnership with Enterprise Singapore, we hope to empower ambitious startups to access markets in the US, Asia and beyond.”