Rainmaking partners Enterprise Singapore on Global Innovation Alliance (“GIA”) acceleration programmes in Abu Dhabi, London and Seoul
- Partnership to bring fast growing startups and tech SMEs to scale across the thriving MENA region, burgeoning South Korean startup sector and London, Europe’s tech startup capital.
- These promising startups and tech SMEs can expect to access new customers, investors, partners and expand their businesses into new regions that have the demographics, opportunities and openness for scale and growth.
Singapore, Thursday, 27th October, 2022 – Rainmaking Innovation (“Rainmaking”) and Enterprise Singapore (“EnterpriseSG”) announced today that they have signed a partnership agreement to run the Global Innovation Alliance (“GIA”) acceleration programmes in Abu Dhabi, Seoul and London. These programmes will leverage Rainmaking’s deep industry connectivity, capability building and global footprint to help more Singapore-based startups and tech SMEs access market opportunities in these international markets. An initiative of the Singapore government, the GIA is a network of Singapore and overseas partners in major innovation hubs and key markets with a focus on technology and innovation.
The three markets represent immense potential for Singaporean and APAC startups to connect into vital pipelines and global startup ecosystems, opening up tremendous opportunities beyond domestic shores. The agreement signals Rainmaking and EnterpriseSG’s commitment to work together to support companies expanding into Abu Dhabi, Seoul and London via:
- Capability development
- Access to shared networks and industry expertise
- Access to funding opportunities
- Development of strategic partnerships and commercial relationships
Brian Lim, Head of the Rainmaking Expand Program said, “We are delighted to be appointed as EnterpriseSG’s partner for the Global Innovation Alliance network to manage acceleration programmes in three global markets. This partnership highlights the importance of pursuing collaborations with businesses, governments, investors, and startups to create a cohesive and thriving ecosystem. At Rainmaking, we are extremely proud of our entrepreneurial DNA and heritage and track record that has allowed us to successfully create unique programs such as this to work directly with promising startup founders and tech SMEs – navigating the terrain to find the right partners, pipeline and product-market fit to scale and grow into a new geography. We remain committed to driving value for our startups and the wider community to fulfil the growth aspirations of founders globally.”
Jonathan Lim, EnterpriseSG’s Director for Global Innovation Network, said, “We are happy to partner Rainmaking on the GIA acceleration programmes in Abu Dhabi, London and Seoul. The GIA network connects Singapore companies to global innovation ecosystems and supports them to identify business and collaboration opportunities. Launching the GIA programmes in these vibrant innovation nodes will give more options to Singapore companies across multiple sectors including Fintech, Mobility, AI, Healthcare, Smart City, and Advanced Manufacturing, to further bolster their growth and expansion beyond Singapore.”
In Abu Dhabi, Seoul and London, the GIA programmes will run for 12 weeks. Participants will get to build knowledge of the market business regulations and culture, as well as receive advice on market entry strategies, through a series of online workshops and coaching sessions conducted over eight weeks. They would then undergo a four-week in-market immersion programme to connect with potential customers and partners via customised business matching and run in-market commercial experiments to test the viability of their solutions.
Expected to commence in 2023, the programmes in Abu Dhabi, Seoul and London will each support at least 30 Singapore-based startups and tech SMEs to enter the market over the next two years. Interested parties can find out more at https://expand.rainmaking.io
Abu Dhabi has emerged as a leader in the startup incubation hub rankings in a few short years, attracting funds, top entrepreneurial talents and corporate partnerships. The announcement is in support of the objectives outlined in the UAE Centennial 2071 strategy to build a diversified knowledge economy, focusing on innovation, technology and entrepreneurship to position UAE as one of the best countries in the world in terms of quality of life and economic strength by 2071. UAE currently attracts 60% of all MENA venture capital funding and boasts a powerful network and opportunities for startups. Specifically, the tremendous potential of the Abu Dhabi node provides access to a growing population of close to 600 million across the MENA region.
Guided by Abu Dhabi’s Economic Vision 2030, the Ghadan 21 initiative (AED 50 billion accelerator programme) launched in 2018 aims to accelerate the emirates towards a knowledge-based economy by supporting industries such as FinTech, CleanTech, Urban Mobility, Transport and Logistics, Smart Building, IoT and Connectivity which have seen rapid growth in recent years.
Driving opportunities for Singaporean and regional startups to tap into the US$173.4 billion South Korean ecosystem. For Singaporean startups, the South Korean market presents exciting opportunities in leading spaces such as AI, Big Data, Life Sciences, Advanced Manufacturing and Robotics, as well as being a high-tech consumer market for startups interested in utilising the strong purchasing power and tech-savvy customer base there. The South Korean government is strongly committed to investing in its burgeoning startup ecosystem, with plans to invest US$12 billion over the next four years. South Korea is recognised as a powerhouse ‘new economy’ market with a global innovation hub. Their domestic startup sector is maturing quickly with more world-class startups and talent developing and entering into this market.
As the key startup and innovation hub of the UK, London’s startup ecosystem is by far the largest in Europe, with a total value of US$142.7 billion. London continues to rank as one of the world’s leading places to set-up and grow a tech startup, ranked highly for access to funding and a strong reputation as the tech and innovation capital of Europe. Its total unicorn count now stands at 75, making it the unicorn capital of Europe. Additionally, it is home to over 1,370 VC firms – more than any other European city. London’s strengths in high growth sectors such as FinTech, EdTech and ClimateTech open up tremendous opportunities for Singaporean and ASEAN startups looking to enter Europe.
About Rainmaking Innovation
Rainmaking was founded in 2007 in Copenhagen, Denmark and has since expanded its network to over 35 cities around the globe. Rainmaking’s purpose is to help individuals, companies and societies solve big challenges by unleashing the power of entrepreneurship through our unique services. The company has built, fostered and invested in over 1,000 technology startups to date, and its Startupbootcamp and Rainmaking Expand accelerator programs have helped startups scale and enter new markets while focusing on commercial outcomes. The Rainmaking Expand program enables access to customised support, in-market experts, access to networks and expert assistance on best practices for market entry regardless of their maturity or industrial sector.
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