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.
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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.
Number of tech start-ups here in 2003.
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.