Singapore Startup Company 71 SG on Tuesday unveiled a programme know as Startup Development & Learning Programme (SDL) to help local startups enter China markets. With this program (SDL), the company wishes to offer startups overseas market access, market intelligence, networking and funding opportunities. 71 SG, in a statement yesterday said, they wish to help startups understand the new market swiftly by connecting them to potential customers, partners and investors.
Backed by International Enterprise Singapore, the program will mainly target digital professionals and entrepreneurs interested in the fields of technology, business, and investments in China. It will culminate in a five-day technology and business workshop in Wuhan, China, to be held at the end of March next year. Eric Kng, Director, 71 SG, commented,
As a local start-up, we understand the difficulties of launching a company not only in Singapore but other markets as well. 71 SG aims to bridge the gap between local start-ups and investors, partners in China to open and widen opportunities for local small and medium-sized enterprises that are looking to branch out.
Some major highlights of the SDL program include :
- Understanding local laws, rules, and regulations by meeting representatives from different government bodies and institutions;
- Networking with MNCs and mentors that can help market and position products overseas;
- Creating new linking with angel and venture capital investors;
- Translation of services to take off any language barriers.
71 SG China headquarters is in Wuhan, where the Chinese government has been supporting the city and making efforts to make it more startup-friendly. Its gross domestic product (GDP) was more than $227.7 billion last year, marking an 8.8 per cent year-on- year growth. 71 SG concluded,
This makes it an ideal space for Singapore start-ups to establish a strong China presence.
In 2015, 71 SG co-organised its first pitch day in Wuhan, which helped six Singapore start-ups to enter the competition and interact with potential investors. The company plans to expand into the other cities in China, mainly Shanghai and Beijing, as well as Thailand in the coming year, it added.