A delegation of startup representatives from Western Australia recently ventured to Singapore to better understand their ecosystem and find out how to create better access to Asian markets for Australian entrepreneurs.
Justin Strharsky and Zane Prickett of Unearthed Solutions were among those who attended meetings with Singaporean investment and venture capital funds, tech accelerators, tech co-working spaces, resource sector companies, universities and government agencies, which were predominantly set up by the state government’s trade and investment office.
WA Startup Community Leaders Visit Singapore
They were impressed to discover that Singapore has committed $19 billion over the next 5 years to nurture their developing startup ecosystem; no small feat for a young country with a population of only 5.53 million people.
This progressive city-state is coming into its own as one of the startup capitals of the world, by forging ahead and being early adopters of change. Singapore is uniquely positioned to succeed based on its geographic location as a gateway to Asian markets, with a well-established financial services industry, plus its innovative and agile culture.
“I believe Singapore’s strength lies in our interconnected ecosystem, and the ability to come together and to create innovative and useful solutions for the future. There are many disadvantages to being small, but being able to bring the ecosystem into one big tent is our strength and advantage. There is no other nation in the world better placed than Singapore to unify policy, technology and industry towards being a smart nation.”[1]
So, what can the Australian startup community learn from what is happening in Singapore? How can we best nurture the Australian ecosystem? What are we doing to create the best opportunities for entrepreneurs and how do we support them to take advantage of these?
In Australia we need to:
1. Think globally
It is important not to limit our outlook by excluding international opportunities. As an example, ninety per cent of one Singaporean fintech companies’ investment lay outside of Singapore, including one enterprise from Western Australia – Boundlss. And in turn, this startup raised significant funding after completing an accelerator program in Singapore.
2. Have a long term vision and clear direction
Australia needs to commit to an enduring plan to support our ecosystem if we are to truly become an innovation economy. Singapore excels at this: “the Government here is so progressive and entrepreneurial, and so excited about what they do (for startups). It’s unprecedented.”[2]
A national vision for innovation should focus on Australia’s competitive advantages, especially technology for the resources sector. An innovation ecosystem based on our strengths is our opportunity to lead, rather than follow. Australia can and should be the resources innovation hub of the world.
3. Nurture our local talent
Currently we are losing some of our brightest innovators and entrepreneurs to overseas markets. The talent in the pool is not lacking, but perhaps the opportunities are. It is crucial to maximise support in terms of infrastructure and investment if we are going to make it attractive for these startup professionals to stay in Australia.
4. Create ties with other startup hubs
There is no shortage of news items about the importance of paying attention to startup communities in Silicon Valley and Israel, however perhaps it would be advantageous to focus on Singapore as a more proximate hub that is in the same time zone. As Unearthed’s Justin Strharsky sees it, “we need to give credit to Singapore for what it is – a gateway to half the world’s population. We cannot afford to ignore them.”
5. Streamline our policies, research and development and commercialisation
Unearthed’s Zane Prickett found it particularly impressive how the Singaporean community connects research to startups. “They have a real understanding of how to fund using the research to inform future investments and commercialisation of startup companies. Australia could look to improve in this area.”
Unearthed is passionate about accelerating innovation in the resources sector. If we look to have a clear, long term, global outlook, which nurtures local talent and relationships with neighbouring startup hubs, with increased investment, infrastructure and streamlined policies, research and development and commercialisation, we could be the leading resources innovation hub of the world.
[1] Ms Yong Ying-I, Permanent Secretary, National Research and Development and Public Service Division, and former Chairman of the IDA Board.
[2] Mr. Tim Draper of DFJ Venture, which has backed Skype, Twitter, Tumblr and Baidu among others