Australian startups in Singapore will soon receive better support to innovate and grow their business from the newly launched Landing Pad at BASH (Build Amazing Startups Here).
The Landing Pad will provide Australian startups with co-working workspaces for up to 90 days, as well as access to mentors, investors and customers, training, and networking events.
Australian Minister for Foreign Affairs, Julie Bishop, said that since Singapore houses more than 3,500 multinational companies, the Landing Pad will offer startups a gateway to more than 600 million consumers across Southeast Asia.
"The new Landing Pad will bring together startups, research institutions, multinational corporations and leading technology players to promote innovation, research and development. The programme is designed to assist Australian entrepreneurs bring their ideas to market and build successful enterprises. The initiative assists Australian startups in cutting edge industries, including services, to build new export market opportunities," she added.
This is the latest initiative under the Comprehensive Strategic Partnership between Australia and Singapore, which was signed in 2015. "The Landing Pad initiative will strengthen Australia's already close bilateral ties with Singapore, and deliver meaningful outcomes for business in both countries," Bishop commented.
The Singapore Landing Pad is one of the landing pads Australia is establishing globally as part of its National Innovation and Science Agenda. Other landing pads are located in San Francisco, Tel Aviv, Shanghai and Berlin.
Bishop said that Singapore was chosen given its "dynamic venture capital (VC) and investment community, and its reputation as one of Asia's leading research and development centres."
According to the Singapore Venture Capital and Private Equity Association, Singapore-based private equity (PE) and VC fund managers invested more than US$9 billion in 2015.
Furthermore, the Singapore government is heavily supporting startups by providing a range of innovation funding programmes. These include the US$1 billion Technopreneurship Investment Fund, which offers up to US$2 million per startup, attracting entrepreneurs from across the Asia Pacific region and other parts of the world.
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