Singapore, 11 February 2015 – Minister for Communications and Information, Dr Yaacob Ibrahim launched a new startup facility, BASH (Build Amazing Startups Here), at Block 79 JTC LaunchPad @ one-north.
Singapore, 11 February 2015 | For Immediate Release
Minister for Communications and Information, Dr Yaacob Ibrahim launched a new startup facility, BASH (Build Amazing Startups Here), at Block 79 JTC LaunchPad @ one-north.
“We have made great progress in having global partners such as the European accelerator Startupbootcamp set up a FinTech-focused operation here in Singapore. As part of Singapore’s journey to be a Smart Nation, we are also working on some really tough global challenges brought on by the inevitable trends of ageing population and urban density. That’s the purpose of having BASH, the go-to-place for tech builders, investors and innovators to do more great things together,” said Steve Leonard, Executive Deputy Chairman of IDA and Chairman of IIPL.
Spanning across more than 25,000 square feet on Level 3 of Block 79, IIPL will leverage the extensive space and provide all the necessary facilities including a prototyping lab, valuable mentorship and community networks to grow promising, innovation driven tech product startups from ideation, acceleration, incubation to expansion.
IIPL will curate local and global data challenges, helping young tech builders to tap on open data sets and develop big, scalable ideas that can tackle worldwide challenges. Multiple accelerator programmes run with strong community partners such as European leading financial technology accelerator Startupbootcamp FinTech can now take place to mentor and build a strong pipeline of quality Singapore-based tech startups.
Startup teams that have undergone acceleration can also be housed at a co-working and collaboration space in BASH to continue receiving guidance as they build business traction and market access. IIPL, which has established presence in London last October and most recently, Block 71 San Francisco, will also help the startup teams in their overseas expansion to these leading tech-innovation hubs.
At the launch, Minister announced that IIPL has signed a Memorandum of Understanding with media organisation Singapore Press Holdings (SPH) and Sunnyvale-headquartered global accelerator Plug and Play, with the intent to run a corporate accelerator programme that will build high growth, innovation driven Singapore-based digital media startups. The first run is targeted to commence by the middle of this year.
The success of Singaporean tech startup team, Glints, in closing a seed funding round from various key investors including Infocomm Investments was also shared by Minister at the event. Glints, a career discovery and development platform for youths founded by three 21-year-old Singaporeans, graduated from the Joyful Frog Digital Incubator, one of IIPL’s accelerator partners, in July last year. In a span of less than 7 months after graduation, it has successfully secured venture capital funding totalling S$475,000, led by early stage venture fund East Ventures. The founders will also be the first startup team to benefit from BASH, where they will continue building their product and business under the mentorship of IIPL and other partners.
Mr Alan Chan, Chief Executive Officer of SPH, said: "The media industry is undergoing many changes today. It also presents opportunities for young entrepreneurs to contribute their ideas and create an impact in the industry. We are delighted to work with IIPL and Plug and Play on an accelerator programme to discover and support outstanding start-ups that will make a difference to our media scene. We have also invested in Glints through our SPH Media Fund, which would continue to fund promising early stage ventures."
In conjunction with the launch, IIPL held the finals of its Tyro.VC competition which aims to discover budding young investment associates, and in parallel good early stage young innovation driven tech startups through a first-of-its-kind reality show.
Members of Draper Fisher Jurvetson (DFJ) Global Network, led by U.S. venture capitalist Tim Draper, were also at BASH to interact with successful local tech startups such as HungryGoWhere and Zopim. Draper shared insights with the local tech community on early-stage venture capital investments.
IIPL’s accelerator partner, Startupbootcamp FinTech held a MentorFest to connect with other mentors in Singapore’s ecosystem and grow its community network for the first run of its accelerator programme in May this year.
These activities signalled BASH’s significant role in bringing together local and global like-minded entrepreneurs, investors and corporations to exchange knowledge and co-create innovations and deals, contributing to the growing energy and vibrancy of Singapore’s tech entrepreneurial ecosystem.
JOINTLY ISSUED BY INFOCOMM DEVELOPMENT AUTHORITY OF SINGAPORE AND INFOCOMM INVESTMENTS PTE LTD
About Infocomm Development Authority of Singapore
The mission of the Infocomm Development Authority of Singapore (IDA) is to develop information technology and telecommunications within Singapore with a view to serve citizens of all ages and companies of all sizes. IDA does this by actively supporting the growth of innovative technology companies and start-ups in Singapore, working with leading global IT companies as well as developing excellent information technology and telecommunications infrastructure, policies and capabilities for Singapore. For more news and information, visit www.ida.gov.sg or follow us on Twitter @IDA_SINGAPORE.
About Infocomm Investments Pte Ltd
Infocomm Investments builds and invests in Singapore and global infocomm technology start-ups. Managing more than S$200 million, we accelerate the development of start-ups in their formative phase, and invest further as they move forward with growth and expansion. Through our investments, partnerships with stakeholders across private and public sectors, and global reach, we play a central role in building a vibrant and sustainable ecosystem in Singapore for start-ups to flourish. We are a wholly-owned subsidiary of the Infocomm Development Authority of Singapore. For more information, please visit www.infocomminvestments.com or follow us on Twitter @iipl.