Australia has officially launched a Landing Pad for its startups in the Southeast Asian city-state of Singapore.
BEAM20 Mar, 2017
This article was first published on DealStreetAsia
Australia has officially launched a Landing Pad for its startups in the Southeast Asian city-state of Singapore. The Landing Pad was establish through the joint efforts of the Australian Trade & Investment Commission and SGInnovate.
Located at BASH, a startup complex located in Singapore’s startup district, the launch of this facility follows Singapore and Australia deepening their ties through a Comprehensive Strategic Partnership (CSP) in 2015, that has seen both countries work on various joint initiatives.
In a speech at the opening of the Landing Pad , S Iswaran, the city-state’s Minister for Trade & Industry commented: “Australia and Singapore enjoy strong and longstanding bilateral ties; we have common interests and shared perspectives on a wide range of international issues; and we work closely together as like-minded partners on various multilateral platforms. Besides being strong trading partners, we are also major investors in each other’s markets.”
Through the Landing Pad, Australian entrepreneurs will have access to a network of contacts in Singapore and the ASEAN, as well as in-market business development, investment, and mentorship opportunities.
According to Iswaran, the two countries have been collaborating in science, technology and innovation, where the two share complimentary strengths. “Singapore offers a strong value proposition as a global partner for Australian startups,” he added.
The Landing Pad offers Australian startup ventures and their founders the chance to “traverse geographical and cultural boundaries, fostering an open mindset that enables collaborations and partnerships for innovation.”
Claiming that Singapore’s startup ecosystem has grown from 22,000 in 2003 to 48,000 in 2015, while the number of high-tech startups increased from 2800 to about 4800 over the same time period, Iswaran cited the example of medical technology startup Invitrocue, which helps pharmaceutical companies determine which vaccines, products, or devices are safe for humans before actual clinical testing commences. It listed on the Australian Securities Exchange (ASX) in January 2016.
The Landing Pad is also likely to serve a key role for Singapore, which is seeking to establish a Global Innovation Alliance, through which Singapore companies and institutions can connect and build networks with overseas partners in major innovation hubs and key demand markets.