Singaporean startups eyeing the vast U.S. market—valued at over US$147 billion for tech firms—have found a stepping stone in Enterprise Singapore’s Global Innovation Alliance (GIA) programs. With hubs in San Francisco and New York City, these initiatives offer workshops on business culture, fundraising, and legal navigation, paired with 1:1 mentorship and immersive two-week trips. The impact is evident in success stories like myFirst Tech, which secured a US$15 million manufacturing contract for its kid-friendly wearables across 20,000 North American locations, and CareCam, which launched its 3DGait motion-analysis system in the U.S. post-program. Participants from the inaugural New York batch have also praised the eye-opening training.
Yet, as Singapore solidifies its position as the 4th-ranked global startup ecosystem in 2025, with S$6.7 billion in venture funding in 2024, questions arise: Are GIA programs sufficient to transform high-growth startups into global leaders? While they excel at market discovery, critical gaps in selection rigour, program duration, and outcome metrics suggest a need for a bolder, more selective follow-on accelerator focused on revenue and scaling. Let’s unpack the limitations and propose a solution.
The Limits of Discovery: GIA’s Current Model Falls Short
GIA programs, while foundational, face structural constraints that hinder their impact on high-growth startups. Cohorts are notably small—only nine startups in New York’s first intake—and the 6-10 week duration offers just a glimpse into the U.S. market’s complexities, where over 33 million small businesses compete fiercely. Enterprise Singapore reports supporting 500 companies across all GIA cities, but transparency on tangible outcomes like revenue growth or job creation is lacking. The emphasis on “discovery” KPIs—such as mentorship hours or initial connections—stops short of measuring sales or sustained market traction, leaving a gap between exposure and execution.
More critically, the selection process lacks clear benchmarks for U.S. readiness or venture-backability. Without public criteria assessing product-market fit, scalable innovation, or early traction, cohorts risk including startups too premature for international scaling. This contributes to inconsistent outcomes, with only a fraction reportedly achieving meaningful commercial success. A 2023 McKinsey study on startup internationalisation notes that programs without strict entry filters see success rates drop by 20-30%, as underprepared firms falter in competitive markets—a trend likely reflected in GIA’s results.
The Missing Link: Rigorous Selection for Global Contenders
For Singapore to maximise returns on public investment, the next step must prioritise selectivity. A highly selective program should target only the most globally competitive startups—those among the top performers in their verticals (e.g., AI, fintech, biotech), with demonstrable U.S. traction such as active pilots, beta users, or letters of intent from American clients. Additional criteria could include prior funding rounds exceeding S$2-5 million. This mirrors elite accelerators like Y Combinator, where a 1-2% acceptance rate correlates with 40-50% higher traction among participants, proving that vetting for readiness drives results.
Without such filters, resources are spread too thin, potentially fostering “grantrepreneurship” where firms join for subsidies (covering 50-70% of GIA costs) rather than genuine growth potential. A focused selection process would ensure taxpayer funds back startups with a realistic shot at becoming category leaders, amplifying Singapore’s reputation as Asia’s top startup hub.
Closing the Loop: A Revenue-Driven Follow-On Accelerator
To propel these high-potential firms, Singapore needs a second-stage accelerator tailored for startups with global appeal and initial U.S. traction.
Here’s a blueprint for this complementary initiative:
Extended Duration and Depth: Spanning 3-6 months, the program would enable founders to build local sales operations, refine pricing strategies, and navigate U.S. procurement cycles—far beyond GIA’s short sprints. This aligns with models like Founder Institute and Techstars international cohorts, where 3-month revenue-focused programs drive average growth of 2-3x.
Revenue as the North Star: Success metrics would center on signed contracts, recurring revenue, and follow-on funding, rather than exploratory outputs. South Korea’s K-Startup Grand Challenge, a 4-month immersion, reports 40% of alumni securing U.S. deals by prioritising such outcomes.
Leveraging GIA Foundations: Building on GIA’s networks, the accelerator would connect graduates to corporate partners, venture capitalists, and government channels, fast-tracking commercial deals. Performance-based funding incentives could further align participant goals with economic impact.
This follow-on program wouldn’t replace GIA’s discovery focus, which remains vital for early-stage founders learning U.S. business norms. Instead, it creates a pipeline: GIA builds the base, and the accelerator scales the best. A 2025 OECD report highlights that nations with diversified startup support—balancing discovery and scaling—see 25% higher ecosystem growth, a strategy Singapore, with its 4,500+ tech startups and doubled interest in U.S. expansion, is poised to adopt.
Why This Matters: Economic Returns and Global Standing
A selective, revenue-driven accelerator could yield significant returns. Beyond replicating myFirst Tech-style wins, it could drive job creation, attract U.S. investment back to Singapore, and solidify the nation’s edge as a launchpad for global unicorns (currently 20 active). Evidence from similar initiatives suggests a 1.5-2x economic multiplier through such focused programs, justifying continued public investment with hard data on sales and sustainability.
Moreover, we need more companies to dominate globally to have a healthy startup ecosystem from 2025. Singapore’s innovation landscape thrives when local ventures not only enter but lead international markets, inspiring talent, attracting capital, and fostering a virtuous cycle of growth. Without programs that elevate top-tier startups to global dominance, the ecosystem risks stagnation, limiting spillover benefits like knowledge transfer and economic diversification.
Singapore’s high-growth startups deserve support that matches their ambition. GIA programs are a critical first step, demystifying the U.S. market. But to transform exposure into dominance, a highly selective, revenue-focused accelerator is the missing piece—ensuring the city-state doesn’t just nurture talent, but propels world-class ventures to conquer the toughest markets.