Singapore tech startups seeking to broaden into Australia now can faucet a brand new six-month acceleration scheme aimed 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 presently runs in 17 international cities, with the intention to attach Singapore firms with native companions within the respective markets.

Beneath the Singapore-Australia Accelerator, Singapore tech startups in sectors similar to sensible cities, Web3, fintech, sustainability, deep tech, and agritech will probably be provided steerage on organising store Down Beneath. 

Ten startups will probably be chosen to affix the primary cohort. Spanning six months, the programme contains 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 enlargement technique and nurture enterprise connections. In addition they will be a part of a commerce delegation to Australia, commencing in Sydney, the place they may be capable of 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 firms broaden 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 an area 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 way of mentorship, focused introductions, and tried-and-tested frameworks which have supported a whole lot of firms throughout Asia-Pacific.”

Each nations in recent times have inked agreements to companion up throughout varied areas, together with a inexperienced economic system pact to ascertain “frequent guidelines and requirements” that drive commerce and environmental sustainability. Pipped as the primary such international 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 help one another’s native ecosystem, together with plans to ascertain a framework for joint innovation tasks. 

The Singapore-Australia Digital Financial system Settlement was signed in 2020 overlaying a number of areas of cooperation, together with cross-border knowledge stream, digital funds, and synthetic intelligence.

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