MOU inked to boost business for start-ups in Austria and Singapore

The Action Community for Entrepreneurship (ACE) has inked a memorandum of understanding (MOU) with Advantage Austria and the Global Incubator Network (GIN) to promote international business opportunities for start-ups in Singapore and Austria.

Under the agreement, the parties will organise events and workshops for start-ups, to raise awareness of Austria as a launchpad to the European market and of Singapore as a launchpad to the Asian market.

The initiative also aims to foster greater investor networks between the two countries and increase market access.

ACE is a private organisation for local and international start-ups looking to expand their business overseas. It also partners government agencies such as Enterprise Singapore and JTC to help start-ups co-innovate and become more competitive.

Advantage Austria is the official Austrian foreign trade promotion organisation while GIN is a flagship programme, initiated by the Austrian government, to link the start-up ecosystem there with peers in Asia.

ACE chairman Mark Hon said: "The signing of the MOU marks the start of a close cooperation to help ACE, Advantage Austria and GIN gain knowledge and insights on the start-up ecosystems of Singapore and Austria for start-ups to thrive in.

"Through this mutually beneficial partnership, we aim to strengthen the investor and entrepreneur networks of both countries, which will hopefully act as the start-up ecosystems' launchpads for the Asian and the European markets."

A version of this article appeared in the print edition of The Straits Times on August 31, 2018, with the headline 'MOU inked to boost business for start-ups in Austria and S'pore'. Print Edition | Subscribe