The German Accelerator programme announces its debut in Singapore with three startups in its first batch, which is set to begin in March.
The startups are:
A last-mile logistics startup based in Munich. It was founded in 2012 by Michael Löhr, Volker Schneider and Philipp Walz. Using its proprietary software, it aims to organise transport more efficiently and ecologically responsible. It was chosen in the programme due to its potential in supporting Southeast Asian e-commerce ecosystem.
Also based in Munich, Werthstein is a digital asset manager that enables users to invest in a “diversified, individual investment portfolio that is broadly based on risk.” It also provides regular assessments and investment ideas in form of professional articles and videos. It aims to target Asia’s growing middle class.
iNDTact develops, produces and sells sensor systems in the field of IoT, as well as digitisation strategies in the area of component and condition monitoring. Based in Würzburg, the startup aims to reach out to leading universities, research instution, and industry partners (such as Rolls Royce) in Singapore.
Funded by the German Federal Ministry for Economic Affairs and Energy, the five-month programme aims to help German startups pursue internationalisation.
It began with locations in Silicon Valley and New York City, and also a facility in Cambridge/Boston that focusses on life sciences companies.
The three startups will receive facilities that include free office spaces in Singapore, access to mentors and their networks, support in the search for Asian venture capital option, as well as the validation and adaptation of corporate strategy to local markets.
The Southeast Asian market provides exciting opportunities for German startups, but challenges remain.
According to German Accelerator Southeast Asia Founder and CEO Claus J. Karthe, the challenges include cultural and linguistic diversity of the region.
“The market is not homogeneous and requires dedicated individual go-to-market strategies, which we will help to define together with the startups. Also in Asia, mutual trust is essential to build a business relationship. Interpersonal interaction and relationship building are much more important than in Germany. Purchasing decisions are more often made not based on product specification, but based on the relationship with the customer and local presence of the company,” he explained.
“We are helping startups enter the Southeast Asian market with our network and experience of doing business in the region for more than 25 years,” he closed.
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