SINGAPORE (July 8): Enterprise Singapore (ESG) and the Korea Institute of Startup and Entrepreneurship Development (KISED) will be working closely on startup activities that will use the newly-launched K-Startup Centre (KSC) in Singapore to facilitate collaboration between Singapore and Korea.
The KSC, which is the first Korean startup centre in Southeast Asia, was officially launched on Wednesday by South Korea’s Ministry of SMEs and Startups (MSS), for Korean startups to drive their internationalisation plans from Singapore.
Supported by ESG, the KSC will also plug into Singapore’s and the region’s startup and innovation ecosystem.
The Singapore KSC is expected to host its first batch of startups for an eight-week incubation programme that focuses on fintech and cybersecurity in October 2020. The programme will be hosted by NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS).
Participating startups in Singapore will benefit from the exchange, as they receive insights into the startup and innovation landscape, and regional markets. Participants will get opportunities to meet regional startup ecosystem players from investors to potential clients, finetune their product positioning and go-to-market strategy, as well as making the right connections to succeed in Southeast Asia.
“Singapore’s startup ecosystem will benefit from the dynamic innovation and technology expertise that Korean startups and SMEs are renowned for. The KSC would also be able to plug Singapore SMEs and startups to other entrepreneurs within its network across borders to deepen collaborations with global players,” says Tan Soon Kim, Assistant CEO of Enterprise Singapore.
“Korean startups are using the pandemic as an opportunity to expand new business models and digital solutions domestically and they are now setting their sights to scale abroad. Korea’s New Southern Policy has been focused on generating opportunities for its businesses in ASEAN,” says Joy Moon, programme manager at KISED.
“With Singapore’s connectivity, pro-business environment and renowned startup ecosystem, the Singapore KSC and incubation programme will accelerate Korean startups’ efforts to springboard into Asia,” she adds.
“Apart from helping startups to explore business opportunities, providing mentorship and access to investors, we hope that Korean startups and companies will also benefit from our pool of NUS resources – our technologies, talents and global networks,” says Freddy Boey, deputy president of innovation and enterprise at NUS.
