Startup MoU signed ahead of PM Modi's visit to Singapore

Singapore startups can now gain faster entry to India's vibrant startup ecosystem to form partnerships and co-innovate with Indian startups after a state-owned enterprise here has signed a Memorandum of Understanding with one of the largest global entrepreneurship organisations of Indian-origin.

The MoU between Enterprise Singapore (ESG) and The Indus Entrepreneurs (TiE) Singapore was signed yesterday, a day before Prime Minister Narendra Modi's arrival in the country on a three-day visit.

The MoU kick-starts an incubation programme that aims to foster collaboration between Singapore and Indian start-ups through jointly organised networking events, workshops and sessions with in-market mentors.

Singapore startups can now gain faster entry to India's vibrant startup ecosystem to form partnerships and co-innovate with Indian startups, said ESG in a statement yesterday.

The MOU with TiE Singapore, one of the largest global entrepreneurship organisations of Indian-origin which began in Silicon Valley and boast of strong funding muscles and deep pockets, kickstarts the "Singapore India Incubation Programme" by Startup SG1, led by Enterprise Singapore, with the support of Trade Associations and Chambers and startup partners.

As a start, TiE Singapore will be running a startup mission in July with 10 Singapore startups to meet with Indian startups, corporates, mentors and investors to partner and co-innovate solutions in fintech, e-services and deeptech.

With a network of 11,000 members globally, India currently constitutes one third of TiE's global membership. TiE was formed by Silicon Valley-based Indian technologists.

Tan Soon Kim, Assistant Chief Executive Officer of Enterprise Singapore, said, "India is an up-and-coming hotspot for global startups and businesses. The growth of India's startup landscape has been remarkable."
Puneet Pushkarna, Chairman of TiE, said, "The strategic collaboration between TiE and Enterprise Singapore would strengthen the bridge between India and Singapore's startup ecosystem, which today are amongst the most vibrant in the world."