The Innovation Launchpad Program will enable Singapore digital health startups to enter the U.S. market
Enterprise Singapore, a Singapore Government-backed agency for enterprise development, has partnered with U.S.-based startup accelerator Nex Cubed to open Nex Cubed’s Innovation Launchpad Program to Singapore digital health startups, according to a press statement released today.
Up to 16 such Singapore digital health startups, aiming to expand to the U.S. market, will be a part of the Innovation Launchpad Program. The program will provide support to participating startups to enter the U.S. market.
“Singapore has a vibrant startup ecosystem backed by strong clinical and R&D infrastructure,” Director, Healthcare and Biomedical, at Enterprise Singapore, Audrey Lok said in the statement, adding that COVID-19 has reiterated the importance of continued innovations and enterprise-level collaboration in healthcare.
“I am confident that this partnership with Nex Cubed will not only add to the vibrancy of the Singapore health tech scene, but also strengthen the innovation partnerships between Singapore and the U.S.,” Lok added.
The Innovation Launchpad Program will be held as a virtual acceleration program spanning three weeks, scheduled to take place from November 2, 2020 to November 20, 2020. Applications are open for its first cohort.
Nex Cubed has formed a 17-member Advisory Team of startup ecosystem experts, and a 51-member Digital Health Investor Advisory Board comprising global Tier 1 angel, institutional, and corporate investors, Managing Director of Digital Health at Nex Cubed, Daniel Haders II noted in the statement.
Participating startups will have access to workshops and group sessions on the healthcare industry in the U.S. Further, they will also be able to network with key stakeholders such as healthcare providers, payers, and policymakers.
They will also have a dedicated advisor who will work with them on their U.S. go-to-market strategy, which they will be able to test through virtual customer and investor meetings.
“This program is part of Nex Cubed’s commitment to provide companies from outside the U.S. with the tools, resources, and knowledge required to successfully and affordably scale their business into the U.S. market,” CEO of Nex Cubed, Marlon Evans said in the statement.
“Through our partnership with Enterprise Singapore, we are strengthening the digital health ecosystem as a whole and helping to build the world’s greatest companies,” Evans added.
In 2019, the digital health industry received total funding to the tune of US$13.7 billion, and the digital medical records market is expected to become a $24 billion industry by 2020.
Clinical intelligence, and screening and diagnostics are leading product categories within the digital health startup ecosystem. Additionally, there has been a surge in interest in telemedicine, and remote monitoring and diagnostics, due to COVID-19.
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