Singapore signs new partnerships to help startups break into China
Mon 2 Oct 2017
Singaporean government agency International Enterprise Singapore (IE) has signed two new Memoranda of Understanding (MoUs) with tech partners in China to help local startups tap into the Chinese market and the country’s resources for innovation.
The agreements will see accelerator AIRmaker, Nanyang Technological University’s enterprise branch NTUitive, and leading Chinese media platform 36Kr, work with IE Singapore to provide support for young tech companies in understanding the Chinese market, test-bedding products, and partnering with Chinese firms to roll out solutions.
AIRmaker, co-owned by Ascendas-Singbridge, SG Innovate, Shenzhen POE Runyang Group and Beijing SOE CMEC, is an accelerator with a focus on Internet of Things (IoT), healthcare and artificial intelligence (AI). It plans to coordinate and conduct market access projects to connect Singaporean deep learning and digital health startups to the Chinese ecosystem.
The accelerator will also provide resources such as co-working spaces, network contacts, support and training to help the companies’ growth and expansion plans in Beijing and in other cities in China.
The first stage of the programme will work with eight to ten startups on AI solutions. NTUitive will be directly involved in the collaboration, integrating its research innovations to help the new businesses.
Media platform 36Kr, which lists over 82,000 startups and has helped more than 2,000 startups raise venture funding, will work with IE Singapore to provide opportunities to connect with industry mentors, investors and partners.
‘China has always been a market of interest to our Singapore companies, not only because of its sheer size, but because of the innovativeness and entrepreneurial spirit of the domestic market,’ commented Yew Sung Pei, assistant CEO of IE Singapore.
‘Through our partnerships with AIRmaker, NTUitive and 36Kr, we hope to ease market access for our tech companies, connect them to the right networks and partners to learn from bigger players. This will eventually grow a stronger pool of Singapore tech companies and build our local tech sector,’ he added.