Currently the largest integrated startup space in Singapore, BASH spans across more than 25,000 square feet on Level 3 of Block 79, integrating facilities like prototyping labs, co-working space, conference rooms and collaboration spaces into its makeup. IIPL will leverage this to provide a conducive environment for nurturing startups, along with other resources.
With tangibles like working spaces and intangibles like mentorship and community networks integrated, members and partners of the startup ecosystem from across the entire value chain – from accelerators, investors, incubators to entrepreneurs – are integrated into a single location.
Through this, IIPL will curate local and global data challenges, helping young technologist capitalise on open data sets and develop scalable concepts to tackle global challenges.
Multiple accelerator programmes operated in concert with strong community partners, such as Startupbootcamp FinTech, will allow entrepreneurs to be mentored. This will create a pipeline for high-quality tech startups based in Singapore.
“We have made great progress in having global partners such as the European accelerator Startupbootcamp set up a FinTech-focused operation here in Singapore. As part of Singapore’s journey to be a Smart Nation, we are also working on some really tough global challenges brought on by the inevitable trends of ageing population and urban density. That’s the purpose of having BASH, the go-to-place for tech builders, investors and innovators to do more great things together,” stated Steve Leonard, executive deputy chairman of IDA and chairman of IIPL.
Startup ventures that have graduated from acceleration programmes can also be housed in BASH, receiving guidance and advice as they build business traction and market access. IIPL, which established a London office last October and at, Block 71 San Francisco, will also facilitate the overseas expansion of startup teams to these startup hubs.
In addition, IIPL has signed a Memorandum of Understanding (MOU) with media conglomerate Singapore Press Holdings (SPH) and Sunnyvale-headquartered global accelerator Plug and Play. They intend to pool their resources in running a corporate accelerator programme developing high growth, innovation-driven Singapore-based digital media startups.
The opening of BASH also coincided with the Singaporean tech startup Glints, a career discovery and development platform for youths, successfully closed a seed funding round from several investors, one of them being IIPL. They graduated from the Joyful Frog Digital Incubator (JFDI), an IIPL accelerator partner, in July 2014.
In less than 7 months, it successfully secured venture capital funding totalling S$475,000 ($379,900), led by early stage fund East Ventures. They’ll be the first startup team to benefit from BASH, where they will continue product and business development under the mentorship of IIPL and others.
Alan Chan, chief executive officer of SPH, said: “The media industry is undergoing many changes today. It also presents opportunities for young entrepreneurs to contribute their ideas and create an impact in the industry. We are delighted to work with IIPL and Plug and Play on an accelerator programme to discover and support outstanding start-ups that will make a difference to our media scene. We have also invested in Glints through our SPH Media Fund, which would continue to fund promising early stage ventures.”
Members of Draper Fisher Jurvetson (DFJ) Global Network, led by US venture capitalist Tim Draper, were also present, interacting with successful local tech startups like HungryGoWhere and Zopim. Draper shared insights with the local tech community on early-stage venture capital investments.