On October 11, 2023, Singapore’s Enterprise Singapore (EnterpriseSG) announced the launch of a new Global Innovation Alliance (GIA) node in New York City. This initiative, inaugurated by Deputy Prime Minister Lawrence Wong, aims to foster collaboration between the startup ecosystems of New York and Singapore.

The NYC GIA node complements an existing node in San Francisco and is part of a broader network spanning 18 cities worldwide. So far, the GIA has assisted nearly 500 Singapore companies in accessing global market opportunities.

EnterpriseSG’s CEO Lee Chuan Teck highlighted that this new node will provide vital support for Singapore tech startups seeking innovation partners, funding, or avenues for scaling their businesses across the U.S. The GIA will also collaborate with Weve Acceleration to run a 10-week acceleration program, which includes mentorship and a two-week immersion for startups to connect with U.S. industry partners.

Initially, the NYC node will support nine Singapore startups in collaborating on innovation and finding business partners to co-develop and commercialize their solutions in the U.S. Among the participating startups is SunGreenH2, which aims to produce low-cost green carbon at scale and seeks to connect with potential investors and partners on the East Coast.

During the launch, Wong emphasized the importance of deepening economic ties between New York City and Singapore, noting that both cities share strong people-to-people connections and closely integrated financial sectors.

Wong also highlighted the success of Singapore’s investments in startups, reporting that tech startups in Singapore raised nearly US$11 billion last year, representing a 40% increase over 2019. This amount constituted about two-thirds of the total deal value across Southeast Asia, reinforcing Singapore’s position as a leading tech and startup hub in the region.

With New York’s startup ecosystem valued at approximately US$147 billion and home to over 25,000 tech startups, EnterpriseSG has observed an increasing number of Singaporean companies leveraging New York City’s robust innovation network in recent years.

Deputy Prime Minister Wong’s working visit to the U.S. includes stops in Arizona and Washington, D.C., where he will engage with various U.S. officials and cabinet secretaries.