New centre to help home-grown start-ups expand overseas

Aerial view of the JTC Launchpad @ one-north where the centre will be located.
Aerial view of the JTC Launchpad @ one-north where the centre will be located. PHOTO: JTC

A centre to help local start-ups access overseas markets and help global entrepreneurs find investment and business opportunities here was launched yesterday.

The Action Community for Entrepreneurship's International Centre (ACEIC) will help start-ups expand overseas by providing resources, advice and access to new networks and markets through leveraging global in-market partners such as incubators and investors.

Global start-ups and multipliers can also use the ACEIC's co-working space and local connections to find investment, technology and business opportunities with partners in Singapore.

The centre is located at the heart of Singapore's start-up ecosystem at JTC LaunchPad@one-north.

It was launched by the Action Community for Entrepreneurship or ACE, which began in 2003 as a private sector-led movement for entrepreneurs by entrepreneurs.

With government support, ACE helps aspiring entrepreneurs start up by building a vibrant community and connecting them to resources, people and knowledge.

  • 1,700

    Number of tech start-ups here in 2003.

    4,300

    Current number of tech start-ups.

ACEIC's launch also saw the signing of a memorandum of understanding between ACE and KPMG to support and drive co-innovation between start-ups and enterprises across the region. They will work together to set up a regional hub centred in Singapore to provide a space for enterprises and start-ups, and catalyse more opportunities for collaboration, especially in deep technologies.

Speaking at the launch, Dr Koh Poh Koon, Senior Minister of State for Trade and Industry, and National Development, said: "The increasing vibrancy of our ecosystem has also captured interest from international investors and entrepreneurs to leverage on Singapore as an Asian scale-up location and entry point into markets in the region.

"The establishment of the ACEIC is therefore timely, to enhance global connections for our entrepreneurs and provide a platform for start-ups to expand into regional markets."

Dr Koh noted that from just 1,700 tech start-ups in 2003, Singapore is now home to more than 4,300.

It has also seen an eight-fold increase in venture capital activity over the past five years. Last year alone, a record high of US$3.5 billion (S$4.8 billion) in venture capital was invested in Singapore start-ups.

A version of this article appeared in the print edition of The Straits Times on September 07, 2017, with the headline 'New centre to help home-grown start-ups expand overseas'. Print Edition | Subscribe