Not only does Singapore consistently rank as one of the easiest places to do business, according to the World Bank Ease Of Doing Business Report, but also as one of the most innovative countries in the world. The number of accelerator programs in Singapore is growing steadily to keep up with this innovation and the pace of business in Singapore. Many internationally known accelerators are flocking to Singapore, bringing their already successful accelerator programs.
An accelerator program can propel a startup forward at rapid speed, however, most programs are intense, time-consuming, and competitive. This means it is imperative to do your due diligence when deciding whether or not to participate in a program and when choosing the best program for your company. Many people mistakenly believe accelerators and incubators are the same. The biggest difference between accelerators and incubators is that accelerators aim to accelerate an existing business, whereas, incubators aim to turn innovative ideas into a business. Thus, accelerators generally focus on scaling a business while incubators focus on innovation.
Accelerators are basically ‘training schools’ for growing startups. Accelerators offer startups capital and guidance in exchange for ownership in the company. The contribution and ownership stake differ among accelerators. Accelerator programs are generally 3-4 month programs that help startups run and expand their business, often with the ultimate goal of completing a funding round at the end of the program. Accelerator programs focus on training, which includes workshops and mentorships with industry experts. The culmination of most accelerator programs is “demo day,” an event where each startup showcases its business through a pitch. Many accelerator programs focus on a specific industry or product/service type.
Incubators tend to be less structured than accelerators and often take a much larger share of ownership. Incubator generally bring in outside management teams to manage an idea that was developed internally. Incubators are sponsored or run by VC firms, government entities, and even corporations. Like accelerators, incubators tends to focus on a specific industry or product/service type. Below are some of our top picks for accelerators and incubators in Singapore.
InspirAsia, founded in Singapore, is funded by its parent company, Life.SREDA. They focus on Fintech and offer free office space at Launchpad, the hottest startup area of Singapore. In addition to free office space, they offer mentoring from Life.SREDA VC experts and mentors, inspiration tours to the world’s leading companies, and mention in the global annual research report of the Fintech industry, which is read around the world.
Joyful Frog Digital Innovation (JFDI) is a Singapore based incubator program that focuses on scaleable, repeatable, profitable businesses based in Asia. JFDI uses the Techstars model of startup acceleration, adapted for the Asian market.
muru-D, founded in Australia, is an international corporate-backed accelerator. muru-D focuses on web and mobile, smart energy, and digital health companies. muru-D aims to help companies expand globally. As part of the 6-month program, they offer strong C-Suite networks within the MNC community, a network of partnerships with other accelerators around the world, and access to world-class advisers and supporting businesses from their global network.
Rockstart was founded in the Netherlands but has programs in Amsterdam and Singapore. Rockstart focuses on smart energy, digital health, and web and mobile. Rockstart aims to prepare startups for international scaling. Many alumni companies, such as Greylock Partner and Notion Capital, are funded by prominent VCs following the program.
SPH Plug and Play looks for media and technology companies in the earliest stages of their business. SPH Plug and Play, founded in Singapore, is run by SPH, Singapore Press Holdings, one of the largest SGX-listed media companies in the country. They focus on advertising, e-commerce, marketplaces, mobile, and news and content distribution to public relations. In 2015, only eight internet startups were chosen from a pool of 280 applications from around the world.
Startupbootcamp Singapore focuses on fintech. Startupbootcamp was founded in London, and has over 1,000 carefully selected mentors who personally mentor each team, with profiles ranging from MD of DBS to senior members from Intesa Sanpaolo and PwC. The program offers up to SGD25,000 in cash per team to cover living expenses during the program, more than €450K+ in exclusive partner deals from leading technology providers such as Google, and continued post-program support after the 3-month program.
Unframed has an accelerator program that focuses on social impact companies. Unframed also offers bootcamps, workshops, and courses for entrepreneurs. The accelerator is a 4-month intensive program that ultimately aims to help social impact companies raise money.
Although participation in an accelerator program is not right for every company, it is a great way to accelerate your business, and particularly for global expansion. Globig participated in an accelerator program last year after careful consideration. To learn more about Globig’s decision to participate in an accelerator program, read our COO Ann Stewart Zachwieja’s article, The Startup Dilemma: Do We Have Time To Accelerate? MergeLane is a Yes. If you are considering participating in an accelerator program, we highly recommend that you do your due diligence. Companies who have gone through accelerator programs can be a great resource and are often willing to share their experiences. If you are consider a particular program, ask for references from their past participants.
Related Articles and Content You Might Like
Ways To Do Business In Singapore
A Quick Guide To Etiquette In Singapore
Globig’s Singapore Marketplace includes vetted experts who can help with your global expansion into Singapore and Asia.
Additional Resource:
Tech in Asia: List of Accelerators in Singapore
About Globig
If you have international offices with employees and business teams focused on international markets, the Globig platform is a must for saving valuable time and money, and for managing risk.
