Why Singapore still needs startup accelerators

It was with sadness that I read that JFDI will be discontinuing their accelerator program. Rumours have been brewing in the community for months now, and while people may have downplayed their successes, no one can deny the impact that they’ve brought to the Singapore ecosystem.

Then came along the rumours of SPH Plug and Play reconsidering its decision to conduct a third cohort. (Disclaimer: I was a pro-bono core mentor of SPH Plug and Play for the first two cohorts).

 Can the Singapore ecosystem sustain accelerators?

This started to bring the whole business model of accelerators into question. Can the Singapore ecosystem sustain accelerators? In my last update, I noted 15 accelerators in my list and another aerospace accelerator, Starburst, has launched in Singapore. Mind you, there are even more to come, based on my sources.

But I digress. Before I start addressing the issue of sustainability, let us reflect on what the accelerators have done and how they have impacted the startup ecosystem in Singapore.

Accelerators have improved the ecosystem

1.  Accelerators justified the showcase location called BASH

Dr Alex Lin, Head of IIPL, is credited for establishing BASH and injecting a vibrancy in the ecosystem like never before. Spanning more than 25,000 square feet, I believe many in the community have been there attending talks, engaging with investors, startups, mentors and the like.

BASH was built with the vision of allowing multiple accelerators to conduct different cohorts of 100-day bootcamps. So without having multiple accelerators on board, it would have been very hard to justify the benefits of building something so large.

It is also the pride of Block 71, where I take my foreign delegates who are keen to come invest or set up shop in Singapore.

2.  Accelerators open connections to the MNCs

Accelerators teamed up with corporate giants like SPH, SP Power, Telstra, NTUC, IBM Watson, UOB, OCBC, DBS, AIA, KM, Ascendas-Singbridge and many more.

Previously, in 2011, when I mentored startups in Angels Gate (“AGA”) under the iJAM program, it was nearly impossible getting access to the banks to even consider talking business with startups. Now, Attores, a fintech startup and our AGA incubatee, is working well with UOB through UOB’s Finlab accelerator.

And I am sure there are more such stories of connections and collaborations with MNCs through the accelerators.

What else can be done to improve sustainability?

Closing thoughts