Singaporean tech startups looking to expand into Australia can now tap a new six-month accelerator plan aimed at helping them do so.
Enterprise Singapore has partnered with Australian startup incubator Haymarket HQ to launch the Singapore-Australia Accelerator in Sydney. It is the first product to be launched between two markets under the Global Innovation Alliance, an initiative jointly managed by government agencies Enterprise Singapore and the Singapore Economic Development Board. The program is currently active in 17 cities globally, with the aim of connecting Singapore companies with local partners in their respective markets.
Under the Singapore-Australia Accelerator Program, Singaporean tech startups in areas such as smart cities, Web3, financial technology, Sustainabilitydeep tech and agritech will be provided with instructions for setting up a Down Under store.
Ten startups will be selected to join the first group. Lasting six months, the program includes virtual and in-person activities in which participants will attend advanced classes, seminars, networking events, and customized industry briefings according to their request.
Each startup will work alongside a mentor with relevant industry knowledge to build an expansion strategy and nurture business connections. They will also join a trade mission to Australia, starting in Sydney, where they will be able to tap into six months’ worth of co-working credits offered by Haymarket HQ and gain first-hand experience operating in Australia. operating in the Australian business ecosystem.
“We see Australia as a growing and fast-growing market that Singapore businesses should keep an eye on,” said Joseph Zhang, Director of Enterprise Singapore for Northeast Asia and Oceania. He added that tapping into Haymarket HQ’s experience running business accelerators has helped tech companies expand into new markets that will open up market opportunities across the region for those involved. under the new accelerator program.
Haymarket HQ CEO Duco van Breemen noted: “Learning about new markets, building a local network and achieving the right product for the market takes time and money. A market accelerator. Singapore-Australia’s Global Innovation Alliance is designed to fast-track and de-risk this process through mentoring, goal-setting and tried-and-tested frameworks that have supported hundreds of companies. companies across Asia-Pacific.”
Both countries have in recent years signed cooperation agreements in various fields, including a green economic pact to establish “common rules and standards” that promote trade and environmental sustainability. Billed as the first such global trade agreement, it includes a variety of initiatives including cross-border clean energy trade and a digital trading platform.
Two markets are also looking to boost their cooperation in fintech and support each other’s local ecosystems, including plans to establish a framework for joint innovation projects.
The Singapore-Australia Digital Economy Agreement was signed in 2020 covering several areas of cooperation, including cross-border data flows, digital payments and artificial intelligence.
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