Tech start-ups from Israel in town to vie for investment opportunities
- POSTED: 10 Oct 2013 21:23
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Singapore's position as a regional investment hub received another boost this week, as a group of tech start-ups from Israel arrive to pitch for financing and build ties between the two innovation-minded countries.
SINGAPORE: Singapore's position as a regional investment hub received another boost this week, as a group of tech start-ups from Israel arrive to pitch for financing and build ties between the two innovation-minded countries.
The 12 tech start-ups are in Singapore this week to vie for investment opportunities and collaborations as part of the Innovation Exchange World Tour: Israel to Singapore project, and to access the rest of Asia.
This is even though Israel has the highest density of start-ups globally, and attracts more venture capital dollars per capita than any other country.
Tech giants Google, Intel, eBay, Microsoft and General Electric all have major innovation hubs in Israel.
UDay, the director and co-founder of Singapore-based angel investing and consulting platform Tenshi Peak Ventures, said: "It is very difficult for a foreign company to land straight away in Shanghai or India. But they find it very easy to land in Singapore, use our skill set, use our expertise of Asia, and grow from Singapore into Asia.
“Therefore they would bring their IP, they would bring their technologies, and then embed them into the Singapore ecosystem whereby we all benefit."
Laurence Rubin, chief executive officer of Correlor, said: "The largest amount of mobile data that's going to be expanding mobile use today is in Asia.
"It's not the largest market today, but it's expanding at the most rapid pace -- also, tremendous amount of innovation and so on, so it's a key part. If you're going to do global business, then Asia's one of the leaders today."
Attendees also said Singapore has the right elements to realise its ambition to become a regional start-up nation, with a supportive eco-system, access to capital and ability to attract global talent.
Suveen Sahib, co-founder of Teleport, said: "Can Singapore replicate Israel in Asia? The answer is yes, because it's got the eco-system, it's got the vibrance, it's got the access to capital, it's got access to the best talent in Asia and from Europe and other countries, it can invite talent from anywhere.
"It can actually become the catalyst for driving the start-up culture."