SINGAPORE (Mar 17): Ride hailing app Grab is partnering with the Infocomm Media Development Authority (IMDA) to pilot a 14-week accelerator programme for Singapore-based start-ups that are looking to venture overseas.
The pilot of the accelerator programme, dubbed Grab Ventures Ignite (GVI), will focus on high potential start-ups with an aspiration to launch in the Vietnamese market.
It will run alongside a similar GVI programme in Vietnam, to enable start-ups from both countries to exchange ideas and learn from one another.
The Singapore start-ups will also be able to gain a better understanding of Vietnam’s culture and business context, as well as build strategic and ecosystem networks with Vietnamese investors and corporate partners.
Grab and IMDA will evaluate the Singapore start-ups based on a range of criteria, including core team strength, existing standing in the Singapore market, potential fit with the Vietnamese market, and readiness to expand.
Two start-ups will be selected for the full GVI accelerator programme, which will include professional training, mentorship, and the opportunity to pitch and raise further funding during Demo Day at the end of the programme.
Another three start-ups will receive the opportunity to join in a 3-day bootcamp jointly hosted by Grab, IMDA PIXEL and Digital Industry Singapore (DISG).
All five selected Singapore-based participants will also be eligible to receive cloud credits of up to US$100,000 ($142,000) each.
