A new Enterprise Singapore (EnterpriseSG) Global Innovation Alliance (GIA) node in New York City (NYC), New York was launched by Deputy Prime Minister and Minister for Finance Lawrence Wong on Oct. 11, 2023.

This is the second EnterpriseSG GIA node in the U.S., with the first in San Francisco, California.

Wong also announced the launch in a Facebook post on the same day.

Providing start-ups with acceleration programme

In his post, Wong explained that many Singapore start-ups have to venture overseas due to Singapore's small domestic market.

Such ventures are supported by the GIA, which offers acceleration programmes to connect Singapore-based start-ups with potential investors and business partners across different cities.

At the newly-launched GIA node in NYC, EnterpriseSG will partner with WEVE Acceleration to run the GIA NYC acceleration programme over 10-week spans, the statutory board revealed in an Oct. 11 media release.

With more than twenty years of experience, WEVE Acceleration is an acceleration programme for international start-ups expanding to the U.S., according to its official website.

During the acceleration programme, participating companies will gain "a stronger understanding" of business regulations and cultures in NYC and build their go-to-market strategies through virtual one-on-one mentorships and group coaching sessions, said EnterpriseSG.

These sessions will be followed by a two-week in-market immersion programme where companies get to connect with industry partners and fellow start-ups to explore partnership opportunities and pitch to prospective clients and investors.

Leveraging NYC's dynamic start-up ecosystem

According to EnterpriseSG, NYC is home to more than 25,000 tech start-ups valued at close to US$147 billion (S$200.4 billion) and a diverse pool of tech talent.

Its dynamic start-up ecosystem has also been consistently ranked amongst the top in the global ranking.

In recent years, the statutory board has also seen more Singapore companies breaking into the U.S. by leveraging NYC's extensive innovation network.

These companies include tech start-up Smarten Spaces, which brought its solutions to address the global demand for workplace management, and digital health company Holmusk, which set up an office in the city in 2021 to drive its expansion into the U.S.

Second GIA node in the U.S.

Building on EnterpriseSG's existing GIA node in San Fransisco, the new node in NYC will allow the agency to provide coast-to-coast support for Singapore tech start-ups who are looking for innovation partners, funding, or to scale their business, said EnterpriseSG's chief executive officer Lee Chuan Teck.

The new node will also bring the number of cities covered under the GIA network to 18. Wong said:

"Singapore may be small, but we are also agile and nimble, and our entrepreneurial spirit runs strong. By working with partners and plugging into the global network, we can open up and seize many new opportunities!"

Since 2019, EnterpriseSG and its appointed partners have supported close to 500 Singapore companies to access market opportunities in key innovation hubs and scale globally, said the agency.

Companies who are interested in the GIA NYC acceleration programme can find out more here.

Top image via Lawrence Wong/Facebook