EnterpriseSG scheme to help S’pore start-ups woo major Swedish firms as customers from 2025

SINGAPORE – Start-ups here with European ambitions will get to link up with major Swedish firms seeking innovative solutions to their challenges, under a new acceleration programme by Enterprise Singapore (EnterpriseSG).

The trade agency launched the Stockholm node of its Global Innovation Alliance (GIA) at the Singapore-Sweden Royal Business Forum on Nov 20.

The Swedish capital is the 24th location in the GIA network, where EnterpriseSG works with partners to provide acceleration programmes for Singapore businesses that wish to expand abroad.

The agency will work with Stockholm-based digital start-up accelerator Epicenter to launch the acceleration programme there in the first quarter of 2025.

The programme will facilitate market access for up to 24 Singapore-based tech start-ups, with support from Swedish government agencies Business Sweden and Vinnova.

“Participating Singapore start-ups will work with Epicenter to assess market potential, validate product-market fit and explore new use cases for test-bedding,” EnterpriseSG said.

“Those shortlisted by the corporate partners will go on to trial and potentially implement their solutions with them.”

Speaking at the forum, Deputy Prime Minister Gan Kim Yong cited the new node as an example of Singapore’s efforts to help entrepreneurs here tap Sweden’s strong start-up ecosystem through knowledge sharing, networking and market access.

Mr Gan, who is also Minister for Trade and Industry, noted that EnterpriseSG has supported more than 600 start-ups in their internationalisation efforts, adding that firms have expressed interest to fast-track their entry into the Nordic market through opportunities in Sweden.

The Stockholm node is GIA’s first in the Nordics.

“Amidst a more troubled global economic climate, it is even more important for us to find new ways to expand our bilateral cooperation,” Mr Gan said, highlighting the digital economy, green economy and innovation as areas with further partnership opportunities.

He added: “At a time of rising protectionism globally, it is even more valuable and important that our countries find new ways to achieve inclusive and sustainable growth, so that we can demonstrate the benefit that trade and investment can bring to our economies, our businesses and our peoples.”

The Stockholm node’s launch follows a 2022 pilot that comprised online coaching sessions and networking meetings.

Under the new programme, Swedish companies can sign up to share opportunities for cross-border business collaborations with Singapore-based start-ups.

Swedish dairy giant Arla Foods and fashion and lifestyle retailer H&M have already come on board. Arla Foods is particularly interested in ingredient innovation, while H&M is focused on supply chain sustainability.

The forum, which was held at The Fullerton Hotel, saw a rapt audience tuning in to a far-ranging panel discussion featuring Temasek chief executive Dilhan Pillay and Mr Marcus Wallenberg, chairman of Swedish bank SEB and the first non-resident to be appointed to Temasek’s board in 2008.

Topics they touched on included the role of investors in reducing carbon emissions, opportunities in artificial intelligence and the green transition, as well as revitalising Singapore bourses.

Two agreements signed between the Singapore and Swedish governments on Nov 19 were also unveiled at the forum.

Singapore’s Land Transport Authority and the Swedish Transport Administration signed a memorandum of understanding (MOU) to establish cooperation, with both sides pledging to exchange information, as well as review and discuss global land transport issues.

The MOU also covers a mutual exchange of staff or experts for projects, studies or training, to spur sustainable, data-driven transport solutions and road safety.

Separately, Singapore’s Energy Market Authority (EMA) and Sweden’s Ministry of Climate and Enterprise are set to enhance collaboration on regional energy interconnectivity and the development of clean energy technologies.

“The partnership will contribute to ongoing efforts to realise the Asean Power Grid and support greater opportunities for multilateral and multi-directional electricity trading across the region,” EMA said.

A third MOU on healthcare innovation cooperation was signed on Nov 20 at a healthcare symposium organised under the forum between Singapore’s Ministry of Health and Sweden’s Ministry of Health and Social Affairs.

Under this agreement, the National University Health System here and Sweden’s Sahlgrenska University Hospital have formed a strategic partnership with technology partners AstraZeneca, Ericsson and Business Sweden to launch the Global Health Innovation Network.

A separate MOU was signed between these partners at the symposium, which Minister for Health Ong Ye Kung attended.

Three other MOUs – on airport development, the green transition in aviation and enhancing safety of air traffic management between corporate players – were signed at the forum.

Singapore’s Defence Science and Technology Agency also expanded an existing MOU with Swedish defence firm Saab signed in 2023 to include collaboration on underwater technology for maritime security.

Speaking at the forum as guest of honour, Sweden’s King Carl XVI Gustaf said the well-established trade and business ties between the Scandinavian nation and the Republic provide a clear foundation for both countries to build on.

“Sweden aims to be a trusted and long-term partner to Singapore in areas like energy transition, sustainable transportation, life sciences and defence.”

The King was on the second day of his three-day state visit to Singapore, which was capped off with a gala reception he hosted at The Fullerton Bay Hotel, where Clifford Pier once welcomed new arrivals here.

“In this building, central to Singapore’s maritime history, it is easy to imagine the busy scenes of the past traders, travellers from Sweden and all over the world, passing through this gateway,” he said, harking back to the history of the event space.

“Both Singapore and Sweden share a rich maritime heritage helping (to) build our prosperity and strength,” he noted, proposing a toast to President Tharman Shanmugaratnam and Singapore.

President Tharman, in his speech, thanked the King for inviting him to the reception, and added that the Clifford Pier location was well chosen as Swedes were present in Singapore from the Republic’s beginnings in trade.

He also said many people worldwide are envious of and look up to Sweden, which has achieved as a small nation what many others aspire to achieve, citing iconic athletes who beat the odds and companies that lead the way in sustainability.