iSTART learning from Silicon Valley.

The internationalisation efforts spearheaded by the Infocomm Development Authority of Singapore (IDA) got off to a strong start this year with IDA leading 10 Singapore companies to the United States (US) under its iSTART@Silicon Valley programme.

iSTART seeks to help Singapore-based ICT start-ups expand their business into various markets.  For the Silicon Valley programme which took place from 14-25 January, IDA engaged US-based market accelerators Plug & Play Tech Centre, Guidewire Group and US Market Access Centre to help Singapore start-ups establish connections and understand the market dynamics in the country with the aim of securing customers, partners and investors.

Among the Singapore companies that participated was CarbonStory, a social enterprise which allows people to sponsor carbon offset projects around the world. For co-founder Mr Andreas Birnik, the highlight of the programme was learning how Silicon Valley start-ups used experiments as an inexpensive and fast way to validate their thinking with customers. “Rather than figure out everything upfront, many successful startups begin working in an area and go through several different experiments before they find something that works. I had read about this in books like ‘The Lean Startup’ but I needed this trip to fully understand this way of working,” he said.

A boot camp organised by Plug & Play Tech Centre provided participants with insights into different aspects of setting up a presence in the US including incorporating a business, applying for work permits and learning how venture capital firms work. “We also heard personal accounts from several entrepreneurs active in Silicon Valley,” said Mr Birnik, who has joined to garner some exposure for CarbonStory in the US, explore partnership opportunities and find out more about funding opportunities.

The iSTART@Silicon Valley programme also included business strategy workshops conducted by the Guidewire Group as well as 1-on-1 mentoring sessions provided by mentors from the US Market Access Centre.

Clault, a start-up which provides security solutions for cloud-based data storage and applications, found the mentoring session particularly useful. The company was assigned Mr  Hans van Rietschote, previously Senior Director at Symantec, as its mentor.

“Hans is an experienced consultant who was a former director of technology scouting for Veritas and Symantec. His experience is a great fit for our business and the sessions are very beneficial,” said Mr Marcus Tan, Director of Clault.

Topics discussed with Mr van Rietschote included Clault’s product development plans, the unique selling points of its offerings, and its entry strategy for the US market. Through the iSTART@Silicon Valley programme, Clault is hoping to develop its cloud service business for the US, said Mr Tan.

With the groundwork laid during the January visit, follow-up programmes are being organised to provide iSTART participants with more opportunities to explore the US market. In March, five start-ups are returning to Silicon Valley to meet up with investors and potential partners, and to continue with the discussions that were initiated during their earlier visit. The remaining five start-ups are expected to make the trip in May.