Singapore’s tourism board has joined hands with Found8, a co-working space operating in both Singapore and Malaysia to launch the Singapore Tourism Accelerator.
It’s a 6-month program targeting travel and tourism tech startups from around the world. Startups won’t have to give up any equity, and the organizers will give admitted startups an SGD 12,000 (USD 9,000) stipend as well as assistance with temporary relocation to Singapore, specifically with the applications for housing and Singapore’s entrepreneurs’ visa (Entrepass).
12 startups will be selected for the initial incubation period and the top 10 startups will be invited to pilot their product with corporate partners such as Singapore Airlines, the Urban Redevelopment Authority, Sentosa, and various established hotel groups like The Ritz Carlton.
Found8’s network of startups and investors will also provide participating startups insights and access to the local tech startup industry.
Singapore has implemented various initiatives to encourage tech innovations, from the allocation of SGD 724 million for food tech and deep tech to the most recent matchmaking sessions for potential investors. Travel tech has not been a major focus as compared to other tech sectors but since tourism is one main pillar of Singapore’s economy, it seems the Singapore government is further ramping this up to maintain its competitive edge.