IDA arm inks 4 partnerships to grow start-ups

A programme that helps grow technology start-ups in Singapore has groomed 65 companies in its first year, accounting for more than a quarter of the 230 start-ups nurtured by similar initiatives here.

Start-ups here will now have even more opportunities to reach their goals, with four new partnerships signed yesterday between Infocomm Investments (IIPL) and major corporations here and abroad. IIPL is the investment arm of the Infocomm Development Authority of Singapore.

The partnerships were signed with local corporations Ascendas-Singbridge and Singapore Power, and overseas corporations IBM and Runyang Group, as well as the Dubai Silicon Oasis Authority, owned by the Dubai government.

The tie-ups coincided with the first-anniversary celebrations of the Build Amazing Start-ups Here (Bash) programme, an initiative of IIPL based at JTC Launchpad @ One-North.

At the event, Minister for Communications and Information Yaacob Ibrahim commended the achievements of Bash in the past year.

"I am inspired by the number of experienced mentors and venture capitalists who return to contribute their valuable time, expertise and connections to mentor start-ups."

Dr Yaacob added that IIPL will work closely with the industry to expand its efforts to sectors such as health technology and clean energy. More partnerships with industry and venture capitalists here and abroad are in the pipeline, said IDA.

Bash, which offers mentorship, education and networking opportunities, has hosted more than 3,000 Singapore-based start-ups.

Chief marketing officer Rena Koh of Fashory, a local fashion start-up, said: "This is a place where you bump into investors day in and day out, and can bounce off ideas really quickly. It can't be a better place."

A version of this article appeared in the print edition of The Straits Times on February 26, 2016, with the headline 'IDA arm inks 4 partnerships to grow start-ups'. Print Edition | Subscribe