Singapore startups get a boost with EnterpriseSG’s new Global Innovation Alliance node in New York

Singapore startups hoping to expand in the US can now tap the Global Innovation Alliance (GIA) node, which has been extended to New York City, Enterprise Singapore (EnterpriseSG) said on Wednesday (11 Oct 2023).

Launched by Deputy Prime Minister and Finance Minister Lawrence Wong, the new GIA adds to the existing one in San Francisco’s Bay Area, and is part of a network that operates in 18 cities globally.

So far, the agency has helped close to 500 Singapore companies access market opportunities and scale globally.

The new GIA node offers coast-to-coast support for Singapore tech startups looking for innovation partners, funding, or to scale their businesses, said EnterpriseSG chief executive Lee Chuan Teck.

With the launch, EnterpriseSG said it is partnering Weve Acceleration to run an acceleration programme in 10-week spans. This involves mentorship and coaching sessions, followed by a two-week in-market immersion programme for companies to connect with industry partners.

For a start, the new GIA will support nine Singapore startups in innovation collaboration and in seeking business partners to co-develop, test-bed and commercialise their solutions in the US, EnterpriseSG said.

One of the startups is SunGreenH2, which is working on producing low-cost green carbon at scale. It is hoping to connect with talent and investors in the US to build its presence there, chief executive Tulika Raj told The Business Times.

She said that a number of the large electrolyser original equipment manufacturers the company hopes to supply are accessible from the East Coast.

At the launch, Wong said the new GIA will spur collaboration between New York City and Singapore and bring the two startup ecosystems together.

He added that the American city and Singapore already enjoy very close people-to-people connections, and their financial centres work closely together.

“All this provides a firm foundation upon which we can deepen our linkages, and expand the economic possibilities open to us,” said Wong.

He added that Singapore has seen fruits from its investments in startups, research and innovation. Last year, tech startups based in the city-state raised close to US$11 billion (S$15.11 billion) – more than 40 per cent above what they had raised in 2019.

This amount also accounted for about two-thirds of the deal value across Southeast Asia, making Singapore a tech and startup hub for the entire region, he said.

Meanwhile, EnterpriseSG noted that New York City’s startup ecosystem has consistently been ranked among the top globally. It is valued at close to US$147 billion (S$202.01 billion) and is home to more than 25,000 tech startups, as well as a diverse pool of tech talent.

EnterpriseSG said it has seen more Singapore companies break into the US, leveraging New York City’s extensive innovation network in recent years.

New York was the second stop of Wong’s working visit to the US from October 5 to 15, with his rest stop being Arizona. He will next visit Washington, DC, to meet with various US cabinet secretaries and senior government officials from the Biden administration.

In New York, Wong also attended the GIC Investment Forum on Oct 9 – the first in-person edition since the Covid-19 pandemic. The minister took over as GIC deputy chairman on October 1.
 

Source: The Business Times ©️ SPH Media Limited. Permission required for reproduction.