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Taiwanese, Singaporean Startup Ecosystems Join Forces

Singapore/Taiwan

On March 20, 2024, the National Development Council’s Startup Island TAIWAN  and  Singapore’s Action Community for Entrepreneurship (ACE.SG) signed a Memorandum of Understanding (MoU).

The signing took place in the presence of witnesses from various community partners, including the Ministry of Economic Affairs’ Small and Medium Enterprises and Startup Administration, the National Science and Technology Council, Asia Silicon Valley Development Agency, Startup Terrace Linkou and Kaohsiung, Taiwan Tech Arena, and Business Next. officially launching bilateral cooperation in their startup ecosystems.

This agreement aims to foster relationships between key partners from both sides and provide essential resources for mutual soft landing.

Deputy Minister Kao Shin-Quey of the National Development Council was present for the signing ceremony and emphasized during her speech that Singapore ranks among top 10 in the global ecosystem, and often being the first choice for startups entering the ASEAN market.

She expressed the hope that through this MoU, both sides can further establish a mutually beneficial partnership to expand into third-party markets. In the ongoing effort to foster entrepreneurship in Taiwan, initiatives are underway to establish regular communication channels with Singapore, bolster resource networks, and deepen investment cooperation.

These efforts are aimed at providing a solid foundation for Taiwanese startups, enabling them to target the ASEAN market with Singapore as their base of operations. With Startup Island TAIWAN and ACE.SG playing pivotal roles in the ecosystem, this collaborative endeavor will not only help lower market entry barriers but also increase the success rate of entrepreneurial internationalization.

ACE.SG CEO Patrick Lim pointed out that over the past two years, in the “Taiwan-Singapore Startup Exchange Program” co-created by ACE.SG and Startup Terrace Kaohsiung, Taiwanese startups have achieved remarkable success in entering third-party markets such as Australia and Indonesia, initially through Singapore.

Now, both parties have initiated substantial discussions, progressively paving the way for Taiwanese and Singaporean startups to pursue additional business opportunities. It’s worth noting that the signing ceremony featured the use of the electronic signature brand DottedSign under Kdan Mobile, demonstrating the practical application of digital tools for paperless signing.

After the signing ceremony, the “Innovating the Future of Cities in SEAsia” forum commenced with guest speakers from JR East and DottedSign. They delved into One&Co’s strategy, a subsidiary of JR East, for connecting various communities within  Taiwan  and  Singapore’s ecosystems. Additionally, they explored the potential impact of eSignatures in Southeast Asia, infusing Japanese vitality and innovation into startups’ future expansions. 

Kelvin Sun, Vice President of WI Harper, a venture capital firm, moderated the panel after, which featured representatives from DottedSign, Cooby (a startup backed by Sequoia Capital), and GoodWhale. These participants offered valuable insights into market development in Southeast Asia.

Startup Island TAIWAN, the national symbol of Taiwan’s startup community, symbolizes a journey from a small island of startups to the global stage. It exemplifies the ambition and capabilities of Taiwan’s startup enterprises, showcasing their intent and ability to contribute to startup ecosystems worldwide.

Action Community for Entrepreneurship (ACE) is the trade association and national voice for the Singapore startup ecosystem, Working closely with industry and global partners, ACE aims to enhance the startup ecosystem in Singapore, promote youth entrepreneurship, and catalyze growth opportunities for startups.

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