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What is an Accelerator or Incubator in Singapore?

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What is an Accelerator or Incubator in Singapore?

2021-01-29T09:17:40+08:00January 6, 2021|0 Comments

An accelerator is a business program that helps upcoming companies to develop and grow fast. It connects startups to mentors, investors, and other relevant business opportunities. On the other hand, an incubator is a business environment that provides business owners’ fast growth. It offers such things as workspace, mentorship, expertise, or even working capital that business owners can receive as loans.

Difference between an Accelerator and an Incubator

  • The primary difference between these two programs lies in their structure and how they operate. Accelerators concentrate on technology-based startups. On the other hand, incubators begin with companies or single entrepreneurs at nascent growth.
  • These programs offer services for 3-4 months. On the other hand, incubators have programs ranging between 1-5 years, on average, 24-36 months.
  • The resources provided by them include rapid testing and validation of ideas, mentorship and support from industry experts, and seed funding. Incubators provide resources like patient capital, office space & amenities, mentorship programs, networking, industry experts, and third-party finance.
  • Accelerators mostly invest 10-12 percent equity for funding provided. Incubators can be independent, sponsored, or run by VC firms, angel investors, and government entities.

Singapore as an Accelerator

Singapore has a wealth of expertise funding opportunities, and market access that is beneficial for every growing startup. Below are some accelerators:

Startupbootcamp Fintech Singapore

This is a 3-month accelerator program that focuses on providing funds, mentorship, and international networking of up to 10 selected startups.

InspirAsia

This is an accelerating program and co-working space customized for mature startups to aid them in scaling: expand the business into new markets , host international partnerships between teams. It also helps in creating product synergy to attract more customers.

Singapore Fintech Bay

This flexible Launchpad offers a dedicated fintech co-working space, with futuristic meeting rooms, acceleration programs, innovation labs, systematic activities, and educational opportunities. It 2 programs, namely the Fintech Talent Program and The Venture Acceleration Platform.

The FinLab

This accelerator operates programs focused on pushing innovative fintech and technology companies’ growth and catalyzing businesses’ digital transformation. The third cycle of this program concentres on facilitating SMEs on their digital transformation, including matching suitable and innovative fintech and technology solutions.

UNFRAMED

It is a noteworthy community of for-impact entrepreneurs that leverages its centre of learning and programs that ensure the entrepreneurs obtain the relevant skills. Its primary aim is to impact the general business society and to equip them with necessary business skills.

It currently runs two programs: the 3-week Boot Camp Program that turns business ideas and innovative initiative into a genuine business, and a 4-month Accelerator Program, which offers comprehensive support for early-stage social impact startups.

Start Path Global

This is MasterCard’s global program for innovative later-stage startups from all over the world, helping global startups to scale their businesses. It allows companies to gain MasterCard’s global ecosystem and break new markets through connections with MasterCard and its clients.

Entrepreneur First (EF)

EF focuses on IT, engineering, and computer science. The program searches for the best and supports its ambition. Unlike traditional accelerators, its services are differentiated into stages. The program helps entrepreneurs to locate business partners who can help them to operate on their business ideas.

AIRmaker

Powered by Ascendas-Swingbridge, AIRmaker provides IoT-focused international accelerator programs. It offers three programs: AIRmaker X, , AIRmaker, and AIRmaker +.

Grow Accelerator

It focuses on Agtech and Foodtech companies. Singapore’s first global agtech and food tech accelerator support early-stage startups and later-stage scale-ups, working in all areas of agtech and food tech and covering the whole value chain.

ICE71 Accelerate Program

It is a 10-weeks program that focuses on cybersecurity startups. It is the region’s first integrated cybersecurity entrepreneurial hub founded by Singtel Innv8.it supports and develops early and growth-stage cybersecurity entrepreneurs and startups from around the world. It aims to strengthen Singapore’s growing cybersecurity ecosystem by attracting and developing competencies and deep technologies to mitigate the rapidly increasing cybersecurity risks.

PIER71 Accelerate Program

This 5 to 8 weeks mentor-led program focuses on maritime startups. It provides access to an extensive network of industry mentors, domain experts, investors, and corporate partners. Each team is paired with an experienced mentor in building, nurturing, and supporting startups. Teams are exposed to weekly masterclasses adapted from the lean startup methodology, networking events, domain-knowledge sharing sessions, and pitching classes.

F10 Accelerator & Incubator

F10 Accelerator & Incubator is the leading collaboration space for fintech in Singapore and Switzerland, emphasizing innovation in the finance industry for a promising future. Its programs promote the successful growth of startups in the fintech, regtech, and insurtech industries. It also gives members of its board of corporate access to the latest ideas and prototypes.

Others

JFDI Asia, TAGPASS, Red Dot Ventures, SPH Plug, and Play, TechCube8, Found, Startup Autobahn Singapore, Shell IdealRefinery, among others.

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Singapore as an Incubator

Their primary role is to help nascent companies – by providing resources, access to industry mentors, interactions with other entrepreneurs, and, most importantly, patient capital to survive. Below are some incubators:

PayPal Incubator

It is a 9-month program that offers co-working space at PayPal’s Singapore Technology Centre. It also endeavors to nurture and support the creation of a new generation of technology companies.

BLOCK71 Singapore

It is a technology-focused ecosystem builder and global connector incubator for tech startups. It catalyzes and aggregates the startup community.

It is an initiative by NUS Enterprise that aims to help startups form collaborative and strategic partnerships with established corporates and government agencies.

Timbre +

This incubator has two units set aside for first-time food entrepreneurs to test out their culinary business idea. As part of its social mission to develop Singapore culinary talent, its rental fees and service charge for these units are at nominal rates.

Expara Co-working Space

This is an incubator for local and international startups from places like Finland, Norway, and the Czech Republic. It develops and teaches entrepreneurship, innovation, and venture finance through an experiential training program. It posts innovation challenges for entrepreneurs or corporations and public institutions in Southeast Asia.

NTUitive Collaborative Space

This incubator adopts an open-concept to facilitate bonding and creative synergies amongst the startups. It allows solo founders to attain their designated multi-functional cubicle, with access to the internet, business services, meeting rooms, and a fully stocked pantry.

Get2Volume incubator

They provide mentorship, operational, and execution capabilities to enable success for their portfolio companies. It is designed for innovative Singapore startups.

Others

Pollinate Incubator, Hangar by NUS Enterprise, LongHash Hatch – Global Blockchain Incubator, Innovation House Finland, and Innovate360 – Food Incubator.

Conclusion

The notable importance of accelerators and incubators is that they can play crucial roles in growing the number of sustainable businesses in a market where 90% of startups fail. They have the value proposition and viability to build sustainable business models.

Although Singapore has a wealth of incubators and accelerators for startups to tap into, getting one might be a challenge. Therefore, startups might face challenges that can hinder them from fully tapping into this pool. Some of the challenges faced include small vision & weak ideas, product development, growth hacking (how to get customers for a product), and difficulty getting risk capital. If you have a challenge linking with incubators or accelerators, then you have something to smile about as Paul Hype Page will fully get into your situation and connect you with one.

What is an accelerator or incubator in Singapore? FAQs

What are some of the examples of incubators that exist in Singapore?2021-01-06T09:47:14+08:00

Some types of incubators in Singapore are:

  • Timbre incubators
  • Expara Co-working space incubators serve both local and international start-ups.
  • Get2Volume incubators
  • PayPal Innovation Lab.
How does an incubator make profits?2021-01-06T09:46:02+08:00

An incubator is a non-profit organization that usually receives its grant, and it might sometimes resort to making money by charging rents for their resident companies or even offer loans to start-ups at lower interests.

How can I start my own incubator business in Singapore?2021-01-06T09:45:27+08:00

If you want to start an incubator centre then you need to follow these simple steps and procedure:

  • Assess the market
  • Identify the team to work with and their service providers
  • Arrange and put all the relevant resources together.
  • Draw out a calendar of activities.
What is the function of a business incubator in Singapore?2021-01-06T09:40:29+08:00

An incubator is an organization that is specifically used or designated to help start-up businesses to grow by providing them with mentorships, affordable workspace, expertise, and investors.

What is a start-up Incubator?2021-01-06T09:36:56+08:00

It is a collaborative program that aims at helping start-up companies in their infancy stages to grow and succeeds. They offer among others working space, mentorship, training, low-interest funds, etc

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