Shanghai-founded accelerator XNode has partnered with Enterprise Singapore to launch the first China-Singapore innovation launchpad in Shanghai, the company said in an official statement.
Enterprise Singapore was formed by the Singapore government to support the city-state’s companies’ development, upgrade capabilities, innovations, transformations, and internationalization.
The zero-equity program will commence in October 2019. It will take Singapore tech startups to Shanghai for two months and provide help in establishing, testing, and commercializing their solutions, or even facilitate partnerships or joint ventures with entities in China.
Through the program, Singaporean startups and companies will gain access to the Chinese market, including potential investors, partners, customers, and talent resources. There is also a possibility for them to seek funding on the last day of the program.
From November onward, XNode and Enterprise Singapore will co-invest resources to help Chinese companies enter the Singapore market.
Shanghai was chosen instead of traditional hotbeds like Beijing and Shenzhen because of its international community and expat entrepreneur population, which serves as the bridge between China and the outside world, according to founder and CEO of XNode, Wei Zhou.
The China-Singapore Innovation Launchpad Acceleration Program focuses on startups in fintech, medtech, smart manufacturing, IoT, edtech, cleantech, urban solutions, retailtech, and other business-to-business sectors.
Enterprise Singapore has been active in putting Singapore on the global map in terms of tech innovations. Besides this innovation launchpad, it has also partnered up with the Monetary Authority of Singapore to launch a matchmaking initiative for startups and potential investors.
It also collaborated with Singapore’s Economic Development Board to pilot [email protected], a targeted tech program for companies based in Singapore. One of the selling points is to help these companies hire foreign talents.