Grab said today that it is extending the recently launched Grab Ventures Ignite program to Singapore-based startups looking to operate in Vietnam as part of a partnership with Singapore’s Infocomm Media Development Authority (IMDA).
The pilot initiative of Grab Ventures Ignite (GVI), a 14-week accelerator program for early-stage startups, will enable representatives from Singapore and Vietnam to exchange ideas and establish ties. This is particularly beneficial for Singaporean startups looking to cultivate strategic networks with Vietnamese investors and corporate partners.
Howie Lau, chief industry development officer at IMDA, said this will allow Singapore-based startups to gain a foothold in Vietnam. “Building up the capabilities and creating access for local companies is especially critical in this current climate, where firms must continue digitalizing and innovating to unlock new growth prospects,” he added.
Grab and IMDA will evaluate the Singapore startups based on a range of criteria, including but not limited to core team strength, existing standing in the Singapore market, potential fit with the Vietnamese market, and readiness to expand.
Two Singapore-based startups will be selected for the full GVI accelerator program.