Singaporean tech firms have offered a fast track scheme to expand into Australia

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Singaporean tech startups looking to expand into Australia can now take advantage of a new six-month accelerator program aimed at helping them do so.

Enterprise Singapore has partnered with Australian startup incubator Haymarket HQ to launch the Singapore-Australia accelerator in Sydney. It is the first to be launched between the two markets under the Global Innovation Alliance, an initiative jointly managed by the government agencies Enterprise Singapore and the Singapore Economic Development Board. The program currently takes place in 17 global cities, with the aim of connecting Singaporean businesses with local partners in their respective markets.

As part of the Singapore-Australia accelerator, Singaporean tech startups in sectors such as smart cities, Web3, fintech, sustainability, deep tech and agritech will be offered guidance on setting up stores Down Under.

Ten startups will be chosen to join the first cohort. Over six months, the program includes virtual and in-person activities during which participants will participate in masterclasses, workshops, networking events and industry briefings tailored to their needs.

Each startup will work alongside a mentor with relevant industry knowledge to create an expansion strategy and cultivate business connections. They will also join a commercial delegation to Australia, starting in Sydney, where they will be able to take advantage of six months of co-working credits provided by Haymarket HQ and gain first-hand experience working within the Australian business ecosystem.

“We see Australia as a fast-growing and fast-growing market that Singaporean companies should keep an eye on,” said Joseph Zhang, Enterprise Singapore’s director of Northeast Asia and Oceania. He added that leveraging Haymarket HQ’s experience running business accelerators that have helped technology companies expand into new markets would open market opportunities across the region for participants in the new accelerator program.

Haymarket HQ CEO Duco van Breemen noted, “Learning about a new market, building a local network and achieving product-to-market fit costs time and money. The Global Innovation Alliance Singapore-Australia Market Accelerator is designed to accelerate and de-risk this process through mentorship, targeted introductions, and proven frameworks that have supported hundreds of companies across Asia-Pacific.”

Both countries have signed agreements in recent years to work together in various areas, including a green economy pact to establish “common rules and standards” that guide trade and environmental sustainability. Considered the first global trade pact of its kind, it includes various initiatives including cross-border trade in clean energy and digital trading platforms.

The two markets are also looking to drive their fintech collaboration and support each other in the local ecosystem, including plans to establish a framework for joint innovation projects.

The Singapore-Australia Digital Economy Agreement was signed in 2020 and covers several areas of cooperation, including cross-border data flow, digital payments and artificial intelligence.

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