What do San Francisco, Tel Aviv, Shanghai and Berlin have in common? These are the cities that the Australian Government has chosen as a launch pad for its AU$11 million startup landing pad initiative. Singapore, as announced this week, is the latest and final addition to this club.
This initiative, that was inaugurated in December 2015, attempts at helping Australian technology companies to venture out into these booming markets and make their presence felt.
The Memorandum of Understanding (MoU) that was signed between the Governments of Australia and Singapore is bound to enable better collaboration and exchange between them. Singapore intends on investing 25 million Singaporean Dollars over the span of five years for this purpose that will also be matched by Governmental and Non-Governmental sources in Australia.
According to Australia’s current Prime Minister Malcolm Turnbull, “I feel positive and more inspired by what we are doing now as a nation in terms of innovation. But we have a long way to go and I think countries like Singapore can’t be ignored when we are looking at policy and how to create these ecosystems.”
This joint venture is centered on promoting scientific projects that are not just cutting edge and innovative but also positively impact both countries and the overall development of the Asia-Pacific region. Many organizations like CSIRO and Singapore’s A*STAR (Agency for Science, Technology and Research) will mutually benefit from such an alliance.
The launching pad in Singapore will empower entrepreneurs to develop a more global approach by connecting them to entrepreneur and capital networks and industry value chains. Six Australian companies, aided by Sydney-based Gemstar Technology, have already begun looking for opportunities for growth in the country, that has over the years spent approximately AU$ 7.2 billion to become South East Asia’s Silicon Valley. These entrepreneurs will be provided adequate access to the “expertise, innovation and marketing networks of local partners” .
This news comes at a time when Singapore’s startup scene is making revolutionary strides in the business world. As is evident from Biotechin.asia’s regular coverage of these young companies, innovation has become a vital component of most successful ventures.
These innovations, especially in the field of healthcare and technology, not only result in booming economies but also attract foreign partnerships that are both financial as well as scientific in nature.
The Australian Government seems to have high hopes from this union. “I look forward to seeing the tangible outcomes”, says Minister of Innovation Chris Pyne.
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