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Startup facility for Singapore tech firms set up in San Francisco
SINGAPORE tech firms looking to break into the United States are now able to use a co-working space called Block 71 San Francisco.
This US-based space, set up by Infocomm Investments Pte Ltd (IIPL), NUS Enterprise and SingTel Innov8, can be used as a place to set up shop by budding firms that want to understand the US market and expand their network in the tech community.
"In our four years of operation, there's been a steady increase of US-based companies and venture funds looking to access the South-east Asian (SEA) market. Likewise, SEA-based startups and venture funds are looking towards Silicon Valley," said Edgar Hardless, CEO of SingTel Innov8, SingTel's venture capital unit.
"Beyond funding, SingTel Innov8's mission is also to nurture and develop a vibrant innovation ecosystem in the region. Block 71 San Francisco will help create synergies for the greater ecosystem," he added.
This development is an overseas incarnation of Blk71 in Singapore, which was set up in 2011 to house the local startup community.
"Block 71 San Francisco is ideally located within the South of Market area, which is a dynamic, up-and-coming area for the technology startup community," said Lily Chan, CEO of NUS Enterprise.
The facility, which has brainstorming rooms and a gathering area for community events on top of a co-working space, will be available to companies supported by IIPL, NUS Enterprise and SingTel Innov8.