To help Singapore-based startups expand into China, Singapore’s Action Community for Entrepreneurs (ACE) has entered into an agreement with two companies under China’s Tsinghua University. The first is Houde Capital Co, a member company, and the other is Coway International TechTrans (Coway), the university’s technology partner. The agreement will enable Singapore startups get better access to resources and opportunities in Beijing and China. It will also help Chinese entrepreneurs, including student entrepreneurs from Tsinghua University, to tap ACE’s network and grow their businesses.
The partnership was formalized on June 4. James Tan, chairman of the ACE Overseas Chapter Sub-Committee, signed letters of intent with managing director of HDC, Du Peng, and Director President of Coway, Tan Hongxin. Singapore’s Minister for Education Heng Swee Keat graced the occasion as guest-of-honour.
“China is a fast-growing market and there are many opportunities for collaborations. However, the business practices and environment are different from Singapore. Hence, the best way to help entrepreneurs get a foothold in an overseas market is by leveraging resources and connections already on the ground, and this collaboration facilitates that.” Tan, a Tsinghua University alumnus, said in a press release. Tan is co-founder of 55tuan, a China-based group buying site with presence in more than 100 Chinese cities. He is also managing partner with QuestVC, a venture capital firm that invests in startups.
Founded in 2003, ACE, a public-private sector collaboration to promote startups in Singapore, launched its Beijing chapter in June this year to help China-bound Singapore startups. It also awarded 11 Singapore-based startups grants of up to S$50,000 per startup recently under its ACE Startups Scheme.
HDC is a subsidiary of TUSPark Co, which manages the Tsinghua University Science Park. It invests in innovative technology companies. Coway is a state-level technology transfer centre in charge of technology commercialisation and management of the University’s International Technology Transfer Centre. Tsinghua University was established in 1911 and is located in Beijing.