NEW YORK – Singapore companies have a new buddy in New York to help them find a footing in the American market.

On Tuesday, Deputy Prime Minister and Minister for Finance Lawrence Wong launched Enterprise Singapore’s (EnterpriseSG) new Global Innovation Alliance node, which aims to help local companies find the right mix of investors, business partners and market strategies to succeed in the US.

This platform will not only support the expansion plans start-ups might have, but it is also critical for Singapore to continue to make a good living as the world enters a more turbulent phase, he said in a short speech following the launch in New York City.

There are limits to how much a start-up can grow in a small domestic market of just 5.9 million people, Mr Wong said.

“That is why Singapore-based start-ups have to venture abroad, and there is no better place to go to than here,” he added, pointing to the large economy and the deep bench of talent, expertise and capital that makes New York City a magnet for start-ups from around the world. 

The city’s start-up ecosystem, home to more than 25,000 tech ventures, is valued at close to US$147 billion (S$200 billion).

The New York City node is EnterpriseSG’s second in the United States, after the first one was launched in San Francisco in 2019.

There are 17 others across the world in cities such as Abu Dhabi, Berlin, London, Mumbai and Shanghai. 

“It will help spur collaboration between New York City and Singapore, and bring our two start-up ecosystems closer together,” Mr Wong said, noting that New York City and Singapore already enjoy close people-to-people connections.

“All this provides a firm foundation upon which we can deepen our linkages and expand the economic possibilities open to us,” he added, describing such initiatives as critical for Singapore’s continued prosperity.

“The era of benign globalisation is over because we are in a world of great power competition. It is going to be a more fragmented, uncertain and volatile world,” he said.

“In such an environment, some countries will want to retreat, focus on what they can do within their own boundaries. 

“We have no such option in Singapore. We are just a little red dot – we have no luxury of turning inwards. So, our only option is to redouble our efforts to connect better to the world. 

“And because we are small, we can be agile and nimble. We can move quickly to seize opportunities and continually look at ways in which we can add value to our partners and stakeholders. 

“Through platforms like the Global Innovation Alliance, and through stronger partnerships with different parties around the world, we can continue to make a good living for ourselves. 

“We can continue to survive and thrive, even in this new environment,” he said. 

Mr Wong, who is on a working visit to the US from last Thursday to Sunday, noted that Singapore’s bet on the innovation and start-up ecosystem was already paying off.

Singapore-based tech start-ups raised close to US$11 billion in 2022, more than 40 per cent above what they had raised in 2019, before the Covid-19 pandemic.

This made up almost two-thirds of deal value across South-east Asia.

“We are a tech and start-up ecosystem start-up hub – not just for Singapore, but for the entire region,” Mr Wong said.

EnterpriseSG’s chief executive Lee Chuan Teck, who was also in New York for the launch, said the US start-up environment was especially noteworthy in the healthcare, clean energy, digital technology and financial service sectors.

“The new Global Innovation Alliance node in New York City builds on our existing network in the Bay Area to offer coast-to-coast support for Singapore tech start-ups looking for innovation partners, funding or to scale their businesses,” he said. 

Since 2019, EnterpriseSG has supported close to 500 Singapore companies to expand into key innovation hubs, its media statement said. 

In New York, the node is partnered by Weve Acceleration, a private American company that guides international start-ups to expand in the US. 

“We are seeing some cool technologies and really good founder minds from Singapore,” its CEO Frances Simowitz told The Straits Times.

“What I really liked about the Singaporean founders is they start with a global mindset from Day 1. They know they need to go abroad to be successful. 

“I am also seeing some interesting deep tech coming out of Singapore, which is more than me-too solutions that you see in many other countries,” she said, referring to copycat solutions that are neither original nor innovative.

Among the nine start-up founders from Singapore attending the event in New York City was Mr Subramania Bhatt, 44, founder and CEO of China Trading Desk, which specialises in analysing data on travellers from China so that companies can make the right pitch to them.

His five-year-old company is hoping to interest American businesses in the insights it can offer about the more than 150 million Chinese tourists a year who spend lavishly while overseas. It counts Singapore Airlines, UOB and luxury brand powerhouse LVMH among its 50 clients.

“We have rich data, and our clients are able to track it to understand how these tourists behave when they travel, what they expect to spend money on and how,” he told ST.

He described the contacts and mentorship offered by EnterpriseSG’s new node as reassuring.

“This helps us get business introductions, refine our product and pitch, and get a step ahead, instead of coming in by ourselves trying to launch and find customers,” he said.

For Mr Lawrence Tang, the 48-year-old founder and director of Co+Nut+ink, the challenge will be to make his coconut ice cream stand out in a competitive US ice cream market.

His decade-old business, with six outlets in Singapore and one in Manila, calls itself more than an ice cream seller, drawing attention to how the frozen dessert supports fair trade and promotes a sustainable outdoors lifestyle.

“Ours is a niche market, and we know it will be tough. But we offer an authentic recipe – a healthier, 100 per cent vegan choice. We expect our values to resonate with US customers,” Mr Tang said. 

Apart from New York, Mr Tang said he is exploring how his brand will fit into Miami’s “beach lifestyle”. He also expects to launch it in Shanghai, Bali, Dubai and Sao Paulo in 2024.

Both Singapore businesses could use a leg up from the springboard in the US.

Mr Wong is now in Washington for the concluding leg of his visit. He will meet top officials and address the inaugural US-Singapore dialogue on critical and emerging technologies.