Applications Open for the Oracle Startup Cloud Accelerator
Oracle has been successfully driving its startup accelerator program since its launch in Bangalore, India in April 2016. The immense success and response from the startup community has led to the expansion of eight centers globally. Amongst the new centers are Tel Aviv, Paris, Singapore, Sao Paulo, Delhi-NCR, Mumbai and Bristol. The core belief of the program is to foster entrepreneurship through co-development and co-innovation. It's an R&D-led program that doesn't take equity but does nurture an ecosystem where our startups, customers and Oracle can co-innovate for the future—giving our startups a path to grow their business.
Singapore is a key market in Oracle's first phase of the program expansion. Silicon Valley might continue to be the star performer of startup ecosystem but the Singapore environment is burgeoning. Applications are open and interest has been strong. The first cohort will be launched in September with the top-5 tech startups selected for the program.
The factors that have lead to the success of Singapore's startup ecosystem are plentiful: governmental and regulatory support, growth opportunities, ease of starting a business, geographical advantage and the talent pool attracting more and more investors. Easy regulation has made the city a prime destination for startups, as opposed to its other Asian rivals. As per the 2017 Startup Genome report, Singapore`s 1600 - 2400 tech startups enjoy significant government subsidies; and also the country`s strategies are working to establish local tech startups as globally relevant companies.
The top three key factors that make Singapore a lucrative market for accelerators and incubators likewise are:
Global Connectedness: In the Asia Pacific region, Singapore`s startup ecosystem is on top with the highest global connectedness. Singapore taps into a worldwide circulation of ideas, knowledge, talent and capital. Through global networks and connections between entrepreneurs, startups can access global customers at a very early stage and develop globally leading products and business models. A well-connected ecosystem experiences fast growth.
Government Support/Initiatives: Singapore government recently launched a 13.2 billion R&D initiative and merged two tech oriented agencies into the unified GovTech, which oversees key regulatory frameworks and the delivery of digital services. At a more hands-on level, Singapore`s government also launched SGInnovate, a well resourced agency aimed at bringing key people and resources together to foster deep innovation and move the needle for startups that are trying to scale globally. The government not only provides support but also paves the way to encourage emergent entrepreneurs through various schemes and initiatives like cash grants, incubator schemes, equity-financing schemes, tax incentive schemes and more.
Talent: Singapore ranks #1 globally in the talent factor. Startups compete with large tech companies on quality hires, on factors like salary, quality and access. The experience level of Singaporean talent was found to be comparatively strong, with 80 percent of engineering and 74 percent of growth teams boasting at least two years of prior experience compared to the global average of 72 percent and 60 percent respectively.
Singapore has an extremely varied and highly developed support system for local entrepreneurs, which makes it a very lucrative market for corporate startup programs like the Oracle Startup Cloud Accelerator to tap the existing potential. Stay tuned as we will announce our first class for Singapore soon—no doubt to be a group of vibrant, innovative startups ready to make a big global impact.