Could you share more about your internationalisation programs and how they support tech businesses expanding globally?
Since 2013, JETRO has established a strong record of supporting Japanese startups in their global expansion. Our programs, including Global Startup Acceleration and X-Hub Tokyo Outbound, provide essential tools and resources for navigating international markets and discovering new business opportunities. By collaborating with top-tier international partners, we enable startups with diverse backgrounds to access new markets, secure funding, and establish strategic partnerships.
Thermalytica Inc., a cleantech startup, won the Grand Prize at SLINGSHOT 2023 after participating in X-Hub Tokyo Singapore Course in 2023. They have since established a Singapore subsidiary and are pursuing partnerships in Thailand and other regional markets.
Can you tell us about some of the startups you’re working with at the moment, and which ones you think could do well in Singapore?
JETRO supports a diverse range Japanese startup, and Singapore’s dynamic ecosystem serves as an ideal launchpad. We have over 50 startups here, including: AI Medical Service (AI-powered endoscopy), Asuene (carbon reporting), Credit Engine (lending & debt collection), Doog (AGV/AMR), Josys (SaaS management), Morus (silkworm-based proteins), Talendy (tech talent recruitment), Sagri (satellite & AI-powered farming), Sansan (contact management/CRM), Thermalytica (thermal insulation materials), Umitron (aquaculture data), and Wantedly (social recruiting). These are just some examples, but they illustrate the breadth of innovation coming from Japanese startups. We believe solutions in areas like AI, sustainability, healthcare, and smart city technologies have a particularly strong advantage in Singapore’s market.
Singapore is known for its strong innovation ecosystem. Have you seen that in action? Are there specific programmes, events, or partners you’d recommend to startups considering expansion into SG or looking to learn more about the tech community?
Absolutely. Singapore’s innovation ecosystem is demonstrably strong. We witness this through the success of over 50 Japanese startups we support here. The government’s proactive approach, via agencies like Enterprise Singapore, EDB, IMDA, A*STAR and SGInnovate etc. is key. For startups, we recommend exploring: SWITCH, SLINGSHOT, IMDA OIP, IMDA Accreditation, CHISEL Innomatch, SMU LKYGBPC, The Liveability Challenge by Temasek Foundation, alongside numerous private sector opportunities.
JETRO actively fosters collaboration, co-organizing the Japan-Singapore Fast Track Pitch with EDB and Enterprise Singapore, and launching the Japanese Corporates Technology Innovation Launchpad with IPI. These initiatives aim to connect Japanese companies with Singapore’s dynamic innovation.
When startups from your country enter the Singapore market, what are some of the most common challenges or support needs they face? What more can be done in Singapore to help ease their market entry and accelerate their success?
Foreign startups often face challenges with local market understanding and network building. They need support navigating regulatory differences and cultural nuances. Building a strong local team is another key hurdle, amplified by Singapore’s competitive salary landscape. JETRO often assists the Japanese startups with market entry strategies, connecting them with local partners and providing regulatory guidance. Language and cultural integration are key support needs.
To ease entry, Singapore could: streamline regulatory guidance; facilitate targeted networking; expand talent matching initiatives and increase awareness of available grant and funding opportunities specific to foreign startups.
Why should Singaporean startups explore your market as part of their own global expansion journey?
Japan provides fertile ground for innovation, and endless possibilities for business expansion. Being a much larger market than Singapore, there are many emerging market opportunities for collaborations not only in the main cities but also in the regional areas of Japan.
Although time consuming and much effort is required, the business relationship with Japanese companies stays strong and lasting once it is established. In its mission to achieve carbon neutrality by 2050, Japan is focusing on 14 key sectors, including energy, transportation, manufacturing, and household/office-related industries. For businesses entering the Japanese market, this is creating growth opportunities too good to miss.
