Australia has launched a startup incubator in Singapore, offering entrepreneurs the chance of a 90-day residency at a prestigious government-supported facility in one of the world’s leading business hubs. The project is the fifth of its kind to be initiated by Australia, with Landing Pads in Shanghai, San Francisco, Tel Aviv and Berlin already offering a base for Australian small businesses to expand overseas. The SGInnovate accelerator, where the hub is based, has increased rates of funding success from 10% to up to 87% among its startups
Results & Impact
Businesses benefit from an accelerator that has increased rates of funding success from 10% to up to 87% among its startups. Currently 4 organisations have been supported at the Singapore hub, with 10 to be awarded in next stage
Australian Government Trade Commission, SGInnovate, BASH (Build Amazing Startups Here)
Australia has created a 90-day residency in Singapore, available to promising startups ready to bring their product to a global market. The Landing Pad initiative is the last of five set up by the Australian government in various locations around the world. The Australian Trade Commission gives guidance on growing a customer base, introductions to local agencies, advice on accessing funding and entry into key decision making networks
Cost & Value
A global budget of AU$11 million (US$8.5 million) over 5 years
Launched in 2015
Australia and Singapore have launched a partnership to give Australian entrepreneurs the chance to launch business on a global scale.
The Landing Pad, a partnership with SGInnovate in Singapore, offers promising startups a 90 day residency at BASH (Build Amazing Startups Here), a prestigious incubator financed by the Singapore government, as originally reported by GovInsider. The hub supports new business from the stage of an idea through to acceleration and expansion.
So far, four startups are signed up to the residency in Singapore, including Hipflask, the producer of an app for finding information about gigs, and employee testing provider Ebilities. In the next phase of the project the number of participating organisations will increase to 10.
The residency is the last installment of Australia’s Landing Pad programme, a global initiative created with the aim of establishing new Australian enterprises in landmark locations all over the world. The $11 million project, a cornerstone of Australia’s National Innovation and Science Agenda, has already set up Landing Pad residencies in Shanghai, San Francisco, Tel Aviv and Berlin, locations chosen for their status at the heart of the global technology boom.
Each hub hopes to boost market-ready businesses to bring their products to a global audience. Entrepreneurs will be offered a 90-day residency, in coworking spaces at the heart of a country’s innovation community, complemented with advice and assistance from the Australian Government Trade Commission that will include guidance on growing a customer base, introductions to local agencies, advice on accessing funding and entry into key decision making networks.
The architects of the program say Singapore offers unique opportunities for Australian businesses. Its location means it’s an ideal base for expansion into Asia, and its government has committed to supporting innovation through funding and support. Last year, Singapore and Australia signed a Memorandum of Understanding in which they pledged to work together on science, technology and innovation, each committing $25 million to joint initiatives over five years.
The Australian investment hopes to offer opportunities to entrepreneurs in Singapore, too. Attracting more startups to the country, organisers at SGInnovate hope, will lead to further opportunities at BASH and across the city state. Already, the incubator has proved it’s able to make a big impact on startups associated with it – they’ve reported a success rate of 62%-87% in raising funds during the six months they graduated from an accelerator, a dramatic increase from a previous rate of just 10%.