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Start-ups and venture capitalists welcome networking session
Sixty Singapore start-ups recently had a taste of what it was like to sell their business plans and ideas rapidfire style. Each entrepreneur had just 60 seconds to make his pitch to 50 venture capitalists (VCs).
The novel event, held at Phase Z.Ro, was the inaugural Elevator Pitch, organised by EDB and the Singapore Venture Capital Association (SVCA) to provide start-ups and entrepreneurs with an efficient forum to raise funds.
The start-ups came from a wide range of industries including biomedical sciences, infocomms and media, manufacturing, logistics, IT and professional services. The VCs included local and international VC firms, business angels and corporate ventures.
Both start-ups and VCs welcomed the event as a forum to converge, connect and collaborate. Start-ups found it useful as a first step to fundraising. Mr Tan Liuh Yih, Managing Director of software firm, Cusdex, said: "It was an opportunity for us to create awareness about what we do."
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Mr Lee Sao Wei, an investment manager with Vertex Management, said he found the session "interesting" and would be following up with some of the start-ups. Mr Henrik Jeberg, another venture capitalist, noted that such events were common in the US and added: "It is great to see the entrepreneurial spirit being nurtured like this in Singapore."
Mr Chua Taik Him, Assistant Managing Director EDB, observed: "The multiplier effect of such market exchange and networking will generate tremendous opportunities for partnership and growth." |
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