ACTION COMMUNITY FOR ENTREPRENEURSHIP LEADS START-UPS TO SEEK OPPORTUNITIES IN CHINA



26 October 2012

MEDIA RELEASE: NR/31/12

 

ACTION COMMUNITY FOR ENTREPRENEURSHIP LEADS

START-UPS TO SEEK OPPORTUNITIES IN CHINA

 

1.    The Action Community for Entrepreneurship (ACE) has successfully set up the first incubation centre for start-ups in Beijing and is now leading the first batch of Singapore start-ups into China. This was announced by Mr Teo Ser Luck, Minister of State for Trade & Industry and ACE Chairman, who was the Guest-of-Honour at the inaugural ACE BlueSky Conference in Beijing today.

 

2.    The ACE Beijing incubation centre is located in Zhong Guan Cun (中关村), a technology hub widely- known as the ‘Silicon Valley’ of China.  The centre is set up in partnership with the National University of Singapore Enterprise (NUS Enterprise), Coway International and Houde Capital.  The centre will provide Singapore start-ups with workspace, shared services, business advice, mentoring, and access to networks. The start-ups will have the opportunity to work with their Chinese counterparts in a conducive environment where there is mutual exchange of ideas, contacts, and experiences.

 

3.    This is the latest initiative by the ACE Overseas Chapter Sub-committee since it launched the Beijing Overseas Chapter in June. A month later in July, ACE signed Letters of Intent with partners of Tsinghua University, Coway International and Houde Capital, to support Singapore start-ups with access to local resources such as networks, expertise and incubation.

 

4.    Mr Teo said, “ACE has been able to move so quickly to set up a support infrastructure for Singapore start-ups because of the continued support of our Chinese partners, which attests to the close collaboration between the Chinese and Singapore business communities.  The support of our Chinese and Singapore partners has been invaluable to helping start-ups navigate foreign business environments and access the in-market opportunities.  Now, with the ACE Beijing incubation centre officially set up, Singapore start-ups are in an even stronger position to tap the vast opportunities in China.”

 

5.    Mr James Tan, Chairperson of the ACE Overseas sub-committee and ACE Beijing Chapter, said, “We launched the ACE Beijing Chapter to provide a soft-landing platform for Singapore start-ups to sharpen their ideas and execution, so they can improve their chances of success. We will continue to build networks and platforms to bolster the support for start-ups, and welcome more Singapore entrepreneurs to consider making China their key market – if not the first one – for their business ventures.”

 

6.    The first batch of 14 Singapore start-ups which are now in Beijing includes award-winning start-up like HistoIndex, as well as Hopcab and Gcorelab. Hopcab founder Ms Kel Zhang, who visited the incubation centre in Zhong Guan Cun, said, “I’m excited to be part of this initiative. It’s a rare opportunity for a young start-up like Hopcab to be able to access a market as big as China so early on. Zhong Guan Cun is an ideal location to help us spring-board into other Chinese cities. More importantly, there’s a community of Singapore entrepreneurs here. I’m looking forward to the interaction not only with fellow Singaporeans but also with the Chinese start-ups here.”

 

7.    Mr Ray Kung, CEO of Gcorelab, which develops thermal management systems for electric vehicles, caught up with the ACE mentors based in Beijing while he was there. He said, “We have been planning to venture into China and are very happy that ACE introduced us to Josh, an Associate with Origo Partners a few months ago. Despite being based in Beijing, he was easily accessible and provided us with market intelligence and insight that even international consultants might have difficulty coming up with!  His advice and personal referrals have greatly accelerated our business development. Josh has helped us identify potential ‘land mines’, even before we officially start up in China.”

 

8.    The inaugural ACE BlueSky Conference in Beijing  was attended by over 200 participants comprising entrepreneurs, industry practitioners, investors, government representatives and supporting service providers.  Speakers at the conference included Douglas Foo of Sakae Holdings; Bennett Neo, Regional Director for Asia Pacific Breweries; China-based investors like Jui Tan, Partner of BlueRun Ventures; Wong Chee Yan, Investment Principal of Actis; as well as renowned academics like Professor Juan Jose Guemes, Chairman of International Centre for Entrepreneurship Management IE School of Business; and Professor Steven White of Tsinghua University.

 

9. The ACE Overseas Chapter sub-committee is one of the five sub-committees under ACE. The other sub-committees promote entrepreneurship and help aspiring Singapore entrepreneurs start their companies and grow them into sustainable businesses through funding, mentoring and networks. More information on the 14 start-ups and ACE are in Annexes 1 and 2.

 

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 About Action Community for Entrepreneurship

ACE is a social movement for entrepreneurs, by entrepreneurs. ACE helps aspiring entrepreneurs start up by building a vibrant community and connecting them to resources, people and knowledge. For more information, visit www.ace.sg.