Enterprise Singapore and XNode, an international entrepreneurial community that connects Chinese and overseas entrepreneurs, have signed a Memorandum of Understanding (MOU) since May 24 that will see the launch of China-Singapore Innovation Launchpad in Shanghai. The MOU was signed at the inaugural Singapore-Shanghai Comprehensive Cooperation Council.
Under the MoU, XNode will provide a series of customised programmes and activities to support Singapore startups’ expansion to China and give access to the Chinese market, including potential investors, partners, customers, talent resources – with the possibility to raise funding by investors on a demo day event in the last day of the programme.
XNode will kick off the first accelerator programme in Shanghai this October 2019.
The programme will run its three-day kick-off workshop in Singapore, followed by two months in Shanghai, culminating in the demo day.
To join the programme, a S$5,000 (US$3,600) fee is to be paid by the startup, and S$15,000 (US$10,800) will be covered by Enterprise Singapore.
The launchpad has already accepted applicants from the fintech, medtech, smart manufacturing or IoT, edutech, cleantech, urban solutions, retailtech, and other B2B sectors that have proven their business model in Singapore and are ready to expand abroad from now until September.
The first run of the programme will involve about 10 Singapore startups.
“In terms of technology, a number of users, and purchasing power, China is leading the world. Chinese consumers travel abroad and buy everything imaginable, and Shanghai has its expat entrepreneur population more than Shenzen or Beijing,” said Wei Zhou, Founder & CEO of XNode.
From November 2019, XNode and Enterprise Singapore will also co-invest resources to help Chinese companies enter the Singapore market and facilitate China’s innovation to reach global shores.
Currently, XNode runs three coworking spaces in Shanghai and has offices in Tokyo, Eindhoven, and Singapore.