Singapore unveils acceleration programme for startups eyeing Sweden & More News Here

Singapore startups and know-how small and midsize companies (SMBs) now have a pathway to faucet alternatives within the Nordic area by way of an acceleration programme to Sweden. They could have entry to assets equivalent to teaching on enterprise laws and networking classes with potential buyers. 

The Global Innovation Alliance (GIA) acceleration programme was unveiled Thursday by Enterprise Singapore, which stated the launch marked the primary time the scheme had been launched within the Nordic area. The Stockholm iteration can be run by Swedish digital accelerator Epicenter, with help from authorities companies Business Sweden and Vinnova. 

Jointly owned by the Swedish state and Swedish enterprise sector, Business Sweden goals to assist worldwide firms entry the native market in addition to help Swedish companies of their growth. Vinnova oversees state funding for analysis and improvement (R&D). 

The pilot programme in Stockholm was the primary GIA acceleration scheme this yr and would offer Singapore startups and know-how SMBs a better approach to entry alternatives in abroad markets in addition to facilitate bilateral collaboration in innovation. It would additional complement present GIA initiatives throughout the globe, stated Enterprise Singapore. 

The authorities company stated it labored with native GIA companions to run the acceleration programmes in 15 cities, together with Bangalore, London, Berlin, and San Francisco. It famous that the variety of firms taking part within the programmes doubled final yr over 2020. 

The eight-weeks hybrid programme for GIA Stockholm would embody actions equivalent to on-line teaching classes on Sweden’s enterprise laws and tradition and market entry methods. 

Singapore startups and know-how SMBs additionally would be capable of take part in enterprise matching classes in Stockholm and meet with potential companions for collaborative alternatives, equivalent to buyers, analysis institutes, and fellow startups. This would allow the Singapore firms to testbed and scale their services to different Nordic international locations by way of Sweden, stated Enterprise Singapore. 

Apart from the GIA Stockholm programme, Singapore and Swedish firms additionally might be concerned in joint R&D initiatives throughout the Eureka Network, to which each international locations have been related. 

Set up in 1985, Eureka is an intergovernmental community that helps R&D and innovation initiatives involving trade gamers, analysis centres, and universities throughout all know-how sectors. 

Enterprise Singapore’s chairman Peter Ong stated on the launch in Stockholm: “As small, innovation-driven economies, Singapore and Sweden have much in common and we are very much like-minded. The Nordics are at the forefront of innovation, tech, and sustainability. The region has the highest number of unicorns per capita after Silicon Valley. Sweden itself is consistently ranked as a global innovation leader. 

“Singapore, alternatively, is on the coronary heart of a thriving Southeast Asia’s startup ecosystem,” Ong said. “In 2021, Singapore-based tech startups raised near $11 billion, nearly triple the $4 billion raised in 2020. Of the 21 unicorns that have been fashioned in Southeast Asia in 2021, 11 are based mostly in Singapore.”

The GIA Stockholm pilot programme would enable Singapore companies to connect with the innovation and technology communities in the Nordics, and drive their access into the region for business growth. He aded that Swedish companies and investors also were encouraged to partner with and invest in Singapore’s startup ecosystem.

Business Sweden CEO Jan Larsson said: “Singapore has for a while been a pure springboard for Swedish entrepreneurs to enter Southeast Asia. It’s now nice to see how we are able to reverse the cooperation by nurturing our ecosystem with impactful concepts from Singapore, utilizing Stockholm and the Epicenter crew as a scaleup manufacturing unit with our international unicorns and multinationals.”

Ong said: “As borders reopen and international economies recuperate, it’s well timed for Singapore firms to renew progress actions, strengthen innovation collaboration with worldwide companions, and increase abroad. Europe has a mature innovation ecosystem that Singapore firms can leverage to co-develop new options. Sweden, which has produced a few of the prime tech unicorns together with Spotify and Klarna, gives tech and innovation alternatives for Singapore firms in areas equivalent to sustainability, healthtech, video games, and good cities.”

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