Taiwanese Startups Shine at SWITCH in Singapore with Support from the NDC, Setting Their Sights on the ASEAN Market

TAIPEI, Nov. 6, 2023 /PRNewswire/ -- Taiwan's National Development Council (NDC), in collaboration with the Taiwan Stock Exchange (TWSE) and the Ministry of Economic Affairs' Startup Terrace facilitated the journey of 27 promising startups to Singapore. Led by Shien-Quey Kao, Deputy Minister of NDC, this delegation visited Singapore from October 31st to November 2nd , participating in SWITCH (Singapore Week of Innovation and Technology), a prestigious event in the Asian startup landscape. Notably, they also established the Taiwan Pavilion at the event, marking a significant milestone. During the SWITCH's SLINGSHOT startup competition, four Taiwan startup teams stood out among over 4,700 global entries, making it to the top 50. These teams included AP PLASMA, Avalanche Computing, Cooby, and Taichimetal Material Technology. AP PLASMA even made it to the top 10, a remarkable achievement.

This marks the first time Taiwan has set up a Taiwan Pavilion with its national brand for startup, Startup Island TAIWAN at SWITCH. Under the themes of Digital Transformation Solutions, Enterprise Enabling Technologies, Social Impact Tech, it showcased the technological capabilities of 24 high-quality startups. This exhibition attracted interest from businesses and investment organizations from Singapore, Vietnam, the United States, Japan, South Korea, India, Australia, Saudi Arabia, and more. The potential for further collaboration has been enhanced.

During the SWITCH event, the NDC organized the "Taiwan Tech Solution Day in Singapore". Participating teams, including the "NEXT BIG" startups including FunNow, Gogolook, CyCraft, and Tron Future, shared the insights on innovative technologies such as AI and 5G and their contributions to a smarter future. This forum drew nearly a hundred participants, including investors, researchers, and media professionals from Singapore, Japan, the United States, Indonesia, Australia, and other countries, enhancing Taiwan's international visibility.

Another major focus of the delegation's visit to Singapore was to facilitate the linkage of startup resources and networking in the Southeast Asian market. Deputy Minister Kao led the team in meetings with strategically important investors, such as Golden Gate Ventures, which has been actively involved in Southeast Asian digital innovation and invested in unicorns like Gojek in Indonesia. The NDC also deepened its collaboration with Action Community for Entrepreneurship (ACE), a significant entrepreneurship community in Singapore. In 2022, ACE partnered with the Startup Terrace of Ministry of Economic Affairs to initiate the "Taiwan-Singapore Startup Exchange Program." This collaboration aims to continuously assist both Taiwanese and Singaporean startups in resource introduction and market expansion.

The delegation received support from Chen-Yuan Tung, Representative of Taipei Representative Office in Singapore and enthusiastic responses from the Taiwanese business organizations, including the World Taiwanese Chambers of Commerce, the Asia Taiwanese Chambers of Commerce, the Taipei Business Association In Singapore and their Junior Chapters (ASTCCJC and TBASJC). The local startups and investors shared crucial market insights and investment trends with the Taiwan delegation, creating a dense network for Taiwan's startup expansion into Southeast Asia.

The NDC highlighted that Singapore is a global hub for businesses, entrepreneurs, and investors and serves as a crucial gateway for countries looking to enter the ASEAN market. It's also one of the most active investment regions globally. The government is committed to establishing regular bilateral exchanges with Southeast Asia and offering systematic support to foster even closer ties in business and resource matchmaking for businesses on both sides.

Annex.

Taiwanese Teams Among the Top 50 in the deep tech startup pitching competition of SWITCH (SLINGSHOT)