The Global Start Up Program (GSUP) organised by the Italian Trade Agency (ITA) got off to a roaring start in its debut in Singapore. The participating Italian tech start-ups formed potential partnerships with 16 local counterparts, including a subsidiary of Temasek Holdings and Bank of Singapore, after its conclusion today.
Part of an overall strategy implemented by the Italian Ministry of Foreign Affairs and International Cooperation and the ITA, GSUP offers selected Italian start-ups training, mentoring activities, coordinated pitching sessions as well as meetings with potential investors and corporates in the host country.
Singapore joined the list of GSUP host nations in 2022. Into its third year globally, GSUP has been held in startup-vibrant economies such as Japan, South Korea, and the United States. The seven participating Italian start-ups come from diverse sectors, including satellite technology, artificial intelligence (AI), educational technology (EdTech), and wearable technology.
Ms Rosella Gentile, Deputy Ambassador of Italy to Singapore, said: “The GSUP is an important platform to expose our Italian start-ups to new ideas, cultures, and business operations. Singapore, as a cosmopolitan city, is an ideal host country, not only for our start-ups to learn, but for them to lay down roots and contribute to the local scene.”
Conducted from 10 October to 2 December 2022, the GSUP participants took part in networking and mentorship events, including an investor pitch event at the Singapore Management University and a visit to Singapore’s LinkedIn office. These Italian outfits interacted with over 100 potential investors and partners and were able to ink deals worth over S$2.5 million and earned 16 local partnerships.
Ms Ilaria Piccinni, Deputy Trade Commissioner of the ITA, said: “We hope that this partnership with Singapore puts our tech start-ups in a position to not only thrive in Singapore, but to capitalise on the nation’s ability to channel their products and ideas to the rest of the Southeast Asian market.”
“With the roaring success of the first GSUP in Singapore, we are definitely looking into the possibility of not only bringing it back here in the future, but also to the Southeast Asia region as well,” said Ms Gentile.