Internationalisation can be both a major risk and growth opportunity for startups. Singapore understands that and is committed to encourage entrepreneurship and innovation through a combination of support levers, including a network of ecosystem partners, progressive regulatory frameworks and enabling financial tools.

We have round up three types of programmes that offer support to startups to land on their feet, develop their businesses and scale innovative technologies rapidly.

1) Incubators and accelerators offer expertise, funding and networks

As a global hub for innovation, Singapore has built a vibrant ecosystem featuring global R&D labs for leading Fortune 500 companies, as well as over 150 venture capital funds, incubators and accelerators.

SGInnovate, Singapore’s primary investment arm for Deep Tech, has invested over S$50 million (US$37.6 million) in more than 80 companies hailing from Singapore, the United States and Europe. Not only does SGInnovate invests in the next generation of Deep Tech companies, it works closely with its portfolio companies on go-to-market, product development, fund raising and business development.

SGInnovate counts companies such as Blaize, an AI computing platforms company headquartered in the United States and Biofourmis among their portfolio.

Does Biofourmis sound familiar to you? That’s because Biofourmis has been making waves with their contributions to the fight against COVID-19. Taking therapeutic wearables to the next level, AI-powered Biovitals Sentinel looks like a smart watch, but works as a stealth COVID-19 tracker. This remote therapeutic platform detects symptoms in COVID-19 patients using real-time data analytics. Already deployed in Hong Kong, Biofourmis is engaging governmental agencies and partners in the region to scale and apply its technology. Watch the video below for innovations that were born to tackle COVID-19, including Biofourmis’.

 

Another noteworthy acceleration programme is the Global Innovation Alliance (GIA) Acceleration programme, which supports startups scaling up in Asia through Singapore as a springboard. The GIA is a network of major innovation hubs and key demand markets, and it catalyses cross-border collaboration. Currently it has 15 city links, including Singapore, Thailand, Indonesia, China, Japan and United States, and this network will grow to reach more than 25 cities by 2025.

For the full list of incubators and accelerators in Singapore, check out this list.

 

2) Co-investment programmes and grants for breakthrough technology

Various Singapore government agencies offer grants and programmes for tech startups to encourage innovation and scale their breakthrough technology. Here are four to note:

 

3) Talent programmes to ensure a steady pipeline of tech talent

Amidst surging global demand and intense competition for top tech talent, Singapore is committed to helping companies access and train the talent they need.

For companies that seek to recruit highly-skilled tech talent internationally, the Tech@SG Programme provides certainty and speed. The Tech@SG Programme will provide eligible companies with company-level endorsement to reduce the risk of rejections by the Ministry of Manpower (MOM) for Employment Pass (EP) applications. The EP allows foreign professionals, managers and executives to work in Singapore.

Companies which wish to grow their pool of tech talent can consider tapping on programmes that would support companies in hiring and training fresh and mid-level professionals to take on tech roles. Companies that participate in the Company-Led Training and Career Conversion Programmes will receive support for the employee’s salary and training course fees. Through structured training and on-the-job training, the newly minted tech talent would be able to take on roles in areas such as 5G, IOT, software engineering and data analytics.

Besides supportive programmes, Singapore also offers tech companies a bustling and rapidly evolving tech ecosystem. Tech companies from around the world, such as Zoom, SAP, ByteDance have established regional management and innovation capabilities in Singapore. Read more to find out what makes Singapore an emerging bright spot for tech companies.

 

Note: As the qualifying criteria, benefits and scheme mechanisms may be too lengthy to be fully captured in this article and may change from time to time, please refer to the website of the agency or organization managing the grant or programme for the most up-to-date and complete details.