Could you share more about your internationalisation programs and how they support tech businesses expanding globally?
Established in 1972, NITP launched its startup incubation program in 2002. Since then, it has accepted nearly 500 incubator participants and successfully graduated over 160 startups. We provide a two-year core incubation program along with advanced and post-incubation services. Currently, 42 technology startups operate within NITP. Additionally, we administer international engineering certification exams to develop a specialized workforce in the sector.
Over the past two years, we have focused on increasing exports for startups, preparing industry infrastructure, and integrating tech businesses into the economy by establishing the legal framework for the Information Technology Business Support and Tax-Free Zone, also known as the Virtual Zone. This initiative provides tax and non-tax incentives for local and international startups to scale up. The law will take effect in 2026.
In 2024, we also hosted Start-Up Challenge Mongolia 2024, the largest national startup competition with a prize fund of 300 million MNT, further strengthening the startup ecosystem.
Can you share some success stories of startups you’ve helped enter the Singapore market? What factors contributed to their success?
In 2024, NITP represented Mongolia at SWITCH 2024, the largest tech event in Asia, alongside leading Mongolian startups. This event enabled our companies to expand their network beyond Asia, forming valuable partnerships.
As part of this effort, we collaborated with international partners and introduced E-Geree, the winner of Start-Up Challenge Mongolia-2024, to Slingshot, a global startup competition. Moving forward, we aim to connect Mongolian startups with Singapore and Southeast Asia, leveraging networking opportunities and knowledge-sharing from Singapore’s tech sector.
Are there specific programs, partnerships, or events that have proven particularly beneficial for startups from your country looking to understand and tap into Singapore’s business ecosystem?
NITP is planning to establish partnerships with key players in Singapore’s tech sector. For instance, we have initiated collaboration with Enterprise Singapore to promote Mongolian startups in Singapore while also introducing Singaporean tech companies to the Mongolian market.
We also explore cooperation with organizations such as ASME (Association of Small & Medium Enterprises) and ACE (Action Community for Entrepreneurship) to support small and medium-sized enterprises (SMEs) and women-led businesses. Through these collaborations, Mongolian tech entrepreneurs can participate in Singapore’s industry events, fostering deeper engagement with the ecosystem.
When startups approach you for guidance on expanding into Singapore, what’s typically their biggest priority—finding local partners, securing funding, or building brand awareness? And from your perspective, what more can be done in Singapore to make market entry smoother for startups?
For startups, securing investment and identifying the right market fit are constant challenges when expanding abroad. Additionally, building strong business networks is crucial for growth. We believe that Mongolian companies should actively engage with Singapore’s tech community to expand their reach and partnerships.
Some may wonder why we focus on Singapore. As a regional hub, Singapore provides the closest and most favorable market for Mongolian tech businesses. It offers a business-friendly environment and serves as a global innovation hub, making it an ideal target for technology-driven companies.
Why should Singaporean startups explore your market as part of their own global expansion journey?
Mongolia is actively improving its legal and regulatory environment to foster a business-friendly ecosystem. Additionally, for tech businesses, Mongolia offers an ideal sandbox environment with lower operational costs, making it a cost-effective launchpad for testing products and expanding into neighboring markets.
Given these advantages, we believe that Mongolia can serve as a strategic foundation for Singaporean companies looking to scale their businesses.
