Enterprise Singapore and Haymarket HQ have partnered to launch a six-month acceleration scheme that aims to support local tech startups to expand into the Australian market, mainly targeting the Web3, FinTech, and DeepTech sectors.
Singaporean technology-focused startups have shown immense potential over the past few years. The ecosystem continues to prosper, opening up new growth, development, and expansion opportunities across the Asia Pacific region and beyond. Enterprise Singapore announced its partnership with Australian startup incubator and coworking hub, Haymarket HQ, launching a new acceleration scheme in Sydney. This comes as the first of such collaboration between the two markets, which will be operated under the Global Innovation Alliance‘s Singapore-Australia Market Accelerator (SAMA).
The initiative is managed jointly by both government agencies, including Enterprise Singapore and the Singapore Economic Development Board, and is currently operating in over 17 global cities. It was established to help local emerging startups and fast-growing companies connect with regional partners in the respective markets.
With the new SAMA scheme, Singaporean tech startups are offered the necessary support and guidance on expanding the scale of trade and setting up their businesses in the Australian market. The programme is targeted towards growth-stage companies in high-potential sectors, including smart cities, Web3, FinTech, sustainability, DeepTech, and AgriTech.
Haymarket HQ’s CEO, Duco van Breemen, said, “Learning about a new market, building a local network, and achieving product-market fit costs time and money. The Global Innovation Alliance Singapore-Australia Market Accelerator is designed to fast-track and de-risk this process through mentorship, targeted introductions, and tried-and-tested frameworks that have supported hundreds of companies across Asia-Pacific.”
The programme will select ten startups to participate in its first cohort, which will run for six months. It comprises virtual and in-person training, the startup founders will take part in various masterclasses, workshops, and networking events, as well as industry insight assessments, customised to their unique development conditions and needs.
Working alongside industry-leaders and skilled mentors who will support the participating parties in acquiring relevant market knowledge and expertise to equip them with developing an effective strategic expansion plan and mature their connections. Additionally, it will offer them firsthand experience of Australia’s business ecosystem.
Joseph Zhang, the director of Northeast Asia and Oceania at Enterprise Singapore, remarked that by tapping into Haymarket HQ’s market expertise and experience they aspire to enable tech companies further expand their reach into new markets, while opening up future growth opportunities across the region.
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