Grab, Southeast Asia’s leading super app, announced today a partnership with the Infocomm Media Development Authority (IMDA) for the pilot launch of Grab Ventures Ignite (GVI), the company’s 14-week accelerator program.
GVI will initially be available to Singapore-based startups with interest to venture overseas, especially into Vietnam, Grab said in a statement. Selected startups will stand to benefit from a host of capability development programs and exposure opportunities.
“The Singapore pilot of GVI will focus on high potential startups with an aspiration to launch in the Vietnamese market. It will be held alongside the GVI Vietnam program to enable startups from both countries to exchange ideas and learn from one another,” Grab said.
The unique arrangement allows the Singapore startups to gain a better understanding of Vietnam’s culture and business context, as well as build strategic and ecosystem networks with Vietnamese investors and corporate partners, the ride-hailing giant said.
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 startups will be selected for the full GVI accelerator program, which spans across 14 weeks. Three other startups will receive the opportunity to join in a 3-day bootcamp jointly hosted by Grab, IMDA PIXEL, and Digital Industry Singapore (DISG) at PIXEL’s premises in One-North, Singapore.
“The effort is also aligned to Singapore’s interest to become the global-Asian node for tech, innovation, and enterprise. Grab Ventures Velocity and Grab Ventures Ignite are testaments of our efforts to drive this agenda forward,” said Grab Ventures head Chris Yeo.
The launch of Grab Ventures Ignite marks the expansion of Grab’s umbrella of startup programs, which currently includes Grab Ventures Velocity, the company’s first startup scale-up program. The programs have a common aim to foster startup development and ecosystem in Singapore and the region.
Startups interested in applying for the Singapore edition of the GVI accelerator program can apply by 10th April, 2020 through https://grb.to/GVI.