Singapore start-ups can get leg up in US market with new springboard

EnterpriseSG scheme’s NYC platform aims to help firms expand, find funding, partners

- Bhagyashree Garekar

NEW YORK - Singapore companies have a new buddy in New York to help them find a footing in the American market.

On Tuesday, Deputy Prime Minister and Minister for Finance Lawrence Wong launched Enterprise Singapore's (EnterpriseSG) new Global Innovation Alliance node, which aims to help local companies find the right mix of investors, business partners and market strategies to succeed in the US.

This platform will not only support the expansion plans start-ups might have, but it is also critical for Singapore to continue to make a good living as the world enters a more turbulent phase, he said in a short speech following the launch in New York City.

There are limits to how much a start-up can grow in a small domestic market of just 5.9 million people, Mr Wong said.

"That is why Singapore-based start-ups have to venture abroad, and there is no better place to go to than here," he added, pointing to the large economy and the deep bench of talent, expertise and capital that makes New York City a magnet for start-ups from around the world.

The city's start-up ecosystem, home to more than 25,000 tech ventures, is valued at close to US$147 billion (S$200 billion).

The New York City node is EnterpriseSG's second in the United States, after the first one was launched in San Francisco in 2019.

There are 17 others across the world in cities such as Abu Dhabi, Berlin, London, Mumbai and Shanghai.

"It will help spur collaboration between New York City and Singapore, and bring our two start-up ecosystems closer together," Mr Wong said, noting that New York City and Singapore already enjoy close people-to-people connections.

"All this provides a firm foundation upon which we can deepen our linkages and expand the economic possibilities open to us," he added, describing such initiatives as critical for Singapore's continued prosperity.