What happened?
Singapore Week of Innovation & Technology (SWITCH) kicks off in Singapore from October 31 to November 2, 2023. It is organized by Enterprise Singapore and supported by the Prime Minister's Office and the National Research Foundation.
- Established in 2016, SWITCH is entering its 8th edition this year, with more than 200 global startups set up shop, 30 global pavilions, and a total of more than 15,000 attendees, a 50% increase from last year, demonstrating its significant influence in the international startup scene.
- SWITCH focuses on healthcare, smart cities, the Internet of Things, and sustainable solutions. The event brings together entrepreneurs, accelerators, and investors from the global startup ecosystem, and includes exhibitions, forums, and networking sessions to promote cross-discipline and cross-market collaboration.
- Singapore's industry, government, academia, and research institutes all participated enthusiastically, with the Enterprise Development Board of Singapore, Singapore's Agency for Science, Technology, and Research (A*STAR), Singapore Polytechnic, Singapore University of Technology and Design (STDU), and Nanyang Technological University (NTU) bringing entrepreneurial teams, and the participating countries including Canada, Australia, Spain, Brazil, Malaysia, Estonia, etc.
- SWITCH organized SLINGSHOT, an entrepreneurial competition focusing on deep tech applications, with nearly 4,700 applicant teams from 150 markets. Four Taiwan startups made it to the Top 50.
Is Singapore the entry point for Southeast Asia?
- Geopolitical influences, coupled with a growing young population, increased internet usage, and regulations favorable to entrepreneurship, have catapulted Southeast Asia onto the global investor map, with Forbes estimating that Southeast Asia's tech startup market capitalization will skyrocket from US$340 billion to US$1 trillion by 2025.
- In "The Global Startup Ecosystem Report 2023," published by US-based research organization Startup Genome, Singapore jumped from 18th to 8th in the global ranking of startup ecosystems, making it the second largest ecosystem in Asia after Beijing.
- Singapore's strengths include a well-developed network infrastructure, talent pool, policy support, nearly 4,900 startups, 247 incubators and gas pedals, 523 investors, and the headquarters of tech giants Sea Group and Grab. (Startup SG)
- It is worth noting that usually, a country only has one pavilion. However, Japan and Korea have brought more than two pavilions to SWITCH, showing their ambitions to enter Southeast Asia.
- In Japan, there are Sendai City, JETRO Fukuoka, Osaka, and Kitakyushu City; in Korea, there are K-STARTUP CENTER, NAVER Cloud, Korea Tourism Organization, Korea Institute of Content Industry Promotion, and Korea Institute of Startup & Entrepreneurship Development.
Will Singapore be Taiwan's ally in the world?
NDC led 27 Taiwan startups to SWITCH and set up the Taiwan Pavilion to share their services. At the same time, NDC organized the Taiwan Tech Solution Day to showcase Taiwan's innovative contributions to artificial intelligence and technology and visited ACE, an important startup community, for networking and a Taiwan Night dinner event.
Speech by NDC Deputy Minister Kao Shien-Quey at Taiwan Night
- The day before the SWITCH event, Startup Island TAIWAN, Startup Terrace, and the Taipei Business Association Singapore Youth Chapter (TBASJC) co-hosted the Taiwan-Star New Venture Summit, inviting veterans from the business associations and Singaporean venture capitalists to help Taiwan's new venture teams learn about the local culture of Singapore and to share their investment experiences.
Group photo of VIPs at the Taiwan-Singapore Startup Summit
- NDC Deputy Minister Kao Shien-Quey explained that the focus of this trip to Singapore was to link up with critical local contacts, and she not only received a friendly welcome from Singaporean officials but also succeeded in linking up with international VCs, Asian youth business people, and ACE, an essential startup community in Singapore.
- Ms. Kao added that she chose this time to visit because she sees Southeast Asia as becoming a critical investment destination under the global supply chain restructuring. There is bound to be a demand for digital and net-zero transformations, and Taiwan's deep technological heritage in innovation can provide the right solutions.
- Allen John Ku, Director of Startup Island Taiwan, shared that he felt Singapore's high interest in Taiwan at the exhibition. Enterprise Singapore and ACE welcomed the Taiwanese and recommended Taiwan's startups with resources to help them land on the ground. The well-known media e27 and international venture capitalists Monks Hill and Golden Gate also sent the representatives to Taiwan Night. The support is very high.
What is the future?
- SWITCH has already begun planning for next year's event, which is expected to be held on October 28-30, 2024, on the 1st floor of the Marina Bay Sands Hotel, and will be even bigger than this year's event, inviting more startups and incorporating various global trends.
- Ms. Kao mentioned that through the bilateral exchanges between Taiwan and Singapore, she hopes that in the future, Taiwan will have the opportunity to open up cooperation opportunities with Southeast Asian countries in terms of strategic roles, which will not only allow startups to go out but will also increase Taiwan's links with various parties in the international stage.
Southeast Asia is becoming a growing market in the Asia-Pacific region. Singapore, as the dominant player in the Southeast Asian innovation sector, is taking advantage of this trend and expects to play a co-prosperous role in the Asia-Pacific innovation circle. NDC has invested much money to lead Taiwan's startups to enter the SWITCH market. What are the goals and strategic plans? Read the in-depth Salon Talk Sunrise Medium at the SWITCH event.
