The SDL provides overseas market access, market intelligence, networking and funding opportunities for Singapore startups through a five-day tech and business workshop. The company's target audience are digital professionals and entrepreneurs seeking opportunities in technology, business and investments in China.
The 71 SG value proposition is to allow startups to focus on their core business, while it handles the rest; from lodging to supply chain to government regulations. In China, 71 SG is based in Wuhan, which has a highly skilled talent pool and a great deal of support for a startup ecosystem from the government. Its SDL workshop in Wuhan includes:
- Meetings with representatives from different government bodies and institutions to understand local laws, rules and regulations
- Connecting with MNCs and mentors that can help market and position products overseas
- Links with angel and venture capital (VC) investors
- Networking with successful companies in China
- Translation services
"As a local startup, we understand the difficulties of launching a company not only in Singapore but other markets as well. 71 SG aims to bridge the gap between local startups and investors, partners in China to open and widen opportunities for local small and medium sized enterprises (SMEs) that are looking to branch out. In fact, we are passionate about building a conducive ecosystem of startups that act as support group for our up-and-coming companies. We look forward to exciting times ahead and many fruitful partnerships for our clients,” said Eric Kng, Director of 71 SG.
The company has had a successful track record to date. When 71 SG co-organised its first pitch day in Wuhan in November 2016, three of the six Singapore startups it helped became finalists and received letters of interest from local VC investors as well as positive media attention. One such startup is Cryowerx, which is offering a smart vending machine. Besides liaising with the investors in China, 71 SG is also helping Cryowerx apply for intellectual property (IP) rights and patents as their next step into China.
For 2017, 71 SG plans to work towards expanding into Shanghai and Beijing as well as Thailand.