The second Cambridge Connection trade mission will be hosted next month by Taylor Vinters, the international law firm in collaboration with UK Trade and Investment (UKTI) and Infocomm Development Authority of Singapore (IDA). AsiaBiz Services, a company formation consultancy anticipates that this event will solidify the business ties between Singapore and UK to draw more technology entrepreneurs from the UK to set up in Singapore.
Organised by the leading business organisation Cambridge Capital Group, the Cambridge Connection trade mission is a networking forum that presents a platform for technology entrepreneurs and investors from UK and Singapore to jointly explore the various business opportunities, forge partnerships and seek investments. Set to be attended by over a hundred business leaders from Singapore’s tech community, the Cambridge Connection is a three-day trade mission. The event is slated to take place from June 16th to 18th and aims to offer UK’s tech companies valuable insights and access into Singapore’s market, and vice versa.
“Last year’s Cambridge Connection trade mission enabled tech companies from UK tech clusters such as Oxford, Cambridge and London to discover new investments, suppliers, and ink distribution agreements in Singapore. This year’s Cambridge Connection trade mission is expected to continue in the same vein of promoting networking, investments and synergistic collaborations between technopreneurs”, said Mr. James Nuben, Head of Taxation at AsiaBiz Services.
One of the investment opportunities that will be shared during the trade mission will be the National Research Foundation (NRF)’s Early Stage Venture Fund (ESVF) scheme. This innovative scheme does not only encourage early stage investments by co-investing S$10 million in up-and-coming tech businesses, but also entails other venture capital funds to co-invest on a 1:1 matching basis to spur early-stage, locally incorporated high tech startups to flourish.
HungryGoWhere and YFind Technology are some examples of such early stage tech companies that have propelled to success after obtaining funding through the ESVF. HungryGoWhere is a locally founded restaurant review online portal that had gone on to become a wild success in Hong Kong, Malaysia, Vietnam, Cambodia and Australia before being acquired for S$12 million. YFind Technologies on the other hand is an indoor-positioning tech company that was also acquired by a Silicon Valley-based, NASDAQ listed company.
ESVF is not the only way the Republic has paired up with the private sector to boost tech startups to succeed in Singapore. Various public agencies such as SPRING Singapore, Economic Development Board (EDB) and the Agency for Science, Technology and Research (A*STAR) have partnered with various venture capital companies and business angels to catalyse tech startups with the much needed capital and support to develop.
Since 2008, NRF’s Technology Incubation Scheme and SPRING Singapore’s Incubator Development Programme have worked with over 20 incubators and accelerators to assist in the growth of more than 500 startups in Singapore. Particularly, the Technology Enterprise Commercialisation Scheme of SPRING Singapore has nurtured over 150 high-tech business ideas from conceptualisation stage to developing a prototype with over $50 million of funding.
“It is inarguable that Singapore will be seen enormously attractive to tech startups from the UK. With all the various schemes present in the country to boost tech startups, there is little to doubt on Singapore’s draw to attract UK’s tech startups to incorporate in Singapore”, affirmed Mr. James Nuben.