Opportunities for start-ups
Big companies may have the option to acquire small and medium-sized enterprises to establish a presence in Europe, but Singapore start-ups also have avenues to enter the European market through Germany.
EnterpriseSG operates the Global Innovation Alliance program, which has networks in 21 cities worldwide, including Munich and Berlin.
Since 2019, the agency has provided support to over 500 Singapore tech companies through the program, benefiting more than 700 participants in expanding their businesses overseas.
On average, the number of Singaporean companies participating in the program in Europe has shown a compound annual growth rate of 43% from 2020 to 2022.
Germany, known as an innovation hub, presents opportunities for Singaporean firms in sectors such as med-tech, climate tech, smart city solutions, and Industry 4.0, as highlighted by Linda Nguyen Schindler, the director of the Artificial Intelligence Competence Centre at Start2 Group.
Start2 Group is EnterpriseSG’s partner for the global innovation alliance acceleration program in Munich and Berlin, facilitating collaborations between German and Singaporean start-ups for market entry.
One Singapore start-up that has benefited from the global program is TeleMedC, a company specializing in AI diagnostic technologies for early detection of eye issues to prevent blindness.
TeleMedC, founded in 2017, participated in the EnterpriseSG program in Germany in 2021 and established connections that enabled them to set up operations in Hamburg, securing a research grant to work with a local university hospital.
The founder and CEO of TeleMedC, Para Segaram, expressed confidence in expanding to other European markets after a successful venture in Germany.
Matthias Notz, CEO for global and Europe at Start2 Group, highlighted opportunities for German start-ups to partner with Singaporean counterparts, underscoring Singapore’s role as a launchpad for the Asian market and emphasizing the importance of international collaborations in the start-up ecosystem.
