The Straits Times
India’s startup ecosystem is not only one of the largest in the world today, but it is also taking position of leadership in the world. Ahead of the three-day visit to Singapore Prime Minister Narendra Modi, Enterprise Singapore (ESG) and The Indus Entrepreneurs (TiE) Singapore have signed an MoU to support startup ecosystems in both Singapore and India.
Through the MoU, ET has reported that Singapore-based startups will be able to gain an entry into India’s vibrant startup ecosystem and form partnerships to co-innovate with startups here, according to a media statement released by ESG.
The MoU will create an incubation programme to foster collaboration between Singaporean and Indian startups and enable them to jointly organise events, workshops, and sessions with market-based mentors.
The MoU with TiE Singapore kickstarts the Singapore India Incubation Programme by Startup SG1, led by ESG. TiE is one of the largest global entrepreneurship organisations of Indian-origin that started in Silicon Valley and boasts strong funding muscles and deep pockets. The MoU has the support of Trade Associations and Chambers and other startup partners.
As a part of the initiative, TiE Singapore is coming up with a startup mission programme in July that will enable 10 Singapore startups to meet with Indian startups, corporates, mentors, and investors to partner and co-innovate solutions in fintech, e-services, and deep tech.
The Singapore-India partnership is good news for startups as the foreign country’s ecosystem is already thriving. Singapore ranks in the top 10 best startup hubs globally and has one of the highest recruitment and employment rankings in startup companies. Considering India’s aggressive strides towards fostering its own startup ecosystem, both the countries will hugely benefit from each other’s shared experiences.