SINGAPORE, Aug. 11, 2023 /PRNewswire/ -- Plug and Play, in partnership with Enterprise Singapore (EnterpriseSG), is excited to announce the launch of the Global Innovation Alliance (GIA) San Francisco Acceleration Programme, providing an excellent opportunity for Singapore startups to explore and expand their products in the dynamic tech hub of San Francisco and the US.
The GIA is an initiative of Enterprise Singapore, comprising a network of Singapore and overseas partners in major innovation hubs and key demand markets with a focus on technology and innovation[1]. The GIA San Francisco Acceleration Programme is organised by Plug and Play, a global innovation platform with a proven track record of fostering startup success.
The programme is set to begin this October and aims to empower Singapore-based early-stage tech companies with the resources and knowledge to thrive in one of the world's largest and most diverse markets.
San Francisco Bay Area - A World Leader in Innovation
A global leader in entrepreneurship and tech, San Francisco emerged as one of the 20 leading cities for startup growth, outpacing other cities such as Los Angeles and New York. Home to a staggering 7.5 million people, the city boasts one of the largest consumer markets in the world and ranks top in GDP growth at 4.8%; its thriving economy making it an attractive destination for startups. Some well-performing tech industries in San Francisco include social media, mobile apps, AI, big data, biotech and clean tech – setting the stage for tech startups to achieve new success in this exciting market.
Amidst the challenging times of the COVID-19 pandemic, the region continued to see an optimistic increase in over 100,000 new jobs between 2021 and 2022. San Francisco remains at the forefront of innovation and is attractive to startups due to its highly-educated demographic, accessibility to funding opportunities, and business-friendly policies that make it a highly-sought after destination for startup expansion. Some reasons for San Francisco to be an attractive hub for startups to grow include:
Access to Funding Opportunities
A significant influx of venture capital investments and deal flows in the region presents startups with the promising opportunity of raising funds and a highly favorable environment to further scale their companies. In 2022, the region witnessed an impressive $238.3 billion in venture capital investments and more than 15,800 deals. Such numbers reflect the continued interest from investors in funding startups and the promise of the startup ecosystem in San Francisco.
Beyond the sheer volume of investment, startups can also benefit from the attractive nature of the fundraising rounds, with seed rounds averaging $2.1 million, and median series A funding rounds standing at an impressive average of $14 million. With such robust financial support and access to capital, startups are better positioned to scale their companies and pursue their growth ambitions.
Skilled Talents
San Francisco's allure extends beyond its thriving economy, with its influx of skilled tech talents from all corners of the globe. The Bay Area has earned a reputation for attracting the brightest minds in the world, making it a hub of innovation and technological advancement. One major reason for this is the direct pipeline to tech and innovation roles, thanks to its proximity to prestigious educational institutions such as Stanford University, UC Berkeley, and UCSF, where talents often find themselves seamlessly transitioning into the region's dynamic tech ecosystem.
The demand for international talent is also on par with that of domestic talent. According to a California 100 Report on the Bay Area, the city also draws in professionals from around the world with highly-sought after expertise in engineering, computer science, and biotech, fostering further innovation and promoting diversity at large tech companies.
Innovation Culture
San Francisco also has a rich culture and history of innovators who have grown through trial and error. The presence of 7 leading tech companies, including the likes of Google and Apple, in San Francisco cements the city's reputation as a hotbed for innovation and technological advancements. The interaction between startups and established tech companies also plays a crucial role in the region's innovation culture. Startups often serve as a breeding ground for fresh ideas and agile experimentation, while established companies provide resources, mentorship, and market access to fuel growth. This symbiotic relationship fosters a cycle of innovation and continuous improvement, benefiting both the entrepreneurial ecosystem and the tech industry as a whole.
What to Expect from the GIA San Francisco Acceleration Programme
The GIA San Francisco Acceleration Programme offers three main pillars to support participating startups:
- Practical Training: Interactive workshops led by industry experts will cover essential topics such as understanding the business culture in San Francisco, navigating the investment and fundraising landscape, legal and finance considerations, and talent acquisition. These workshops will be accompanied by one-on-one discussions through office hours to provide personalized guidance.
- Targeted Mentorship: Each startup will be matched with a mentor who will provide tailored support across various aspects, including marketing, product development, partnership building, investment assistance, and pitch polishing.
- Business Development Opportunities: The programme will culminate with a 2-week in-market immersion in San Francisco featuring panel discussions, business meetings with startups, investors, and corporates, and a showcase during Plug and Play's Silicon Valley Summit. This summit will provide startups with an opportunity to pitch and showcase their solutions to a regional network of corporate partners, investors, and industry leaders.
Throughout the 6-week programme, startups will receive support and pitch polishing both virtually and in-person for each respective segment.
Innovation Partnership Between Enterprise Singapore & Plug and Play
The GIA San Francisco Acceleration Programme is designed to mitigate market expansion risks and accelerate startups' global business development. Early-stage tech startups looking to gain insights into the US market will benefit from the San Francisco programme's offerings, while startups with an existing presence in San Francisco can also tap into its resources to further scale their business.
"The United States presents immense opportunities as a market for business growth and San Francisco is a good starting point for Singapore companies and startups, in many areas of tech such as biotech, fintech, sustainability and digital economy," said Lim Seow Hui, Director for Americas, EnterpriseSG. "We are very heartened to partner Plug and Play to support tech startups in building connections and capabilities to grow their businesses as they expand into the United States."
Jupe Tan, Managing Partner at Plug and Play APAC, added, "We believe that the GIA San Francisco Acceleration Programme will be an exceptional opportunity for Singapore startups to tap into the innovation culture and networking opportunities in Silicon Valley. Through our tailored mentorship and business development support, we aim to empower startups to make valuable connections and accelerate their growth trajectory."
Batch 1 Launch
Interested startups can participate in the upcoming cohort of the GIA San Francisco Acceleration Programme by applying through this application form. Startups can also find out more about the programme on our website here.
About Plug and Play
Plug and Play is a global innovation platform headquartered in Silicon Valley, driving technological advancement through accelerator programmes, corporate innovation services, and an in-house VC. Since 2006, Plug and Play's presence has grown to 51 locations worldwide, supporting startups across diverse industries in Silicon Valley and beyond. With over 30,000 startups, 500 corporate partners, active investments from 200 leading Silicon Valley VCs, and over 700 networking events per year, the Plug and Play ecosystem has raised over $9 billion in funding, boasting successful portfolio exits including Danger, Dropbox, Lending Club, and PayPal.
Plug and Play launched its Asia-Pacific (APAC) headquarters in Singapore in 2010, expanding into Indonesia, the Philippines, and Thailand, multiplying innovation efforts through industry-specific accelerator programmes with investments in 50+ startups and collaborations with various governments and multinational corporations.
For more information, visit www.plugandplayapac.com.
[1] The GIA collaborates with in-market industry players to facilitate inbound and outbound programmes, connecting companies to overseas business and tech communities, and potential opportunities in 17 cities globally. |
