NSW startups to expand into South-East Asia with new government-backed program

A new pilot program by the NSW government will give local startups the opportunity to expand their businesses into South-East Asia, leveraging landing pads in Vietnam, Indonesia, and Malaysia. This initiative aims to help innovative NSW companies scale their operations internationally.

As originally reported by InnovationAus, up to nine startups will have access to facilities in South-East Asia. In return, startups from Vietnam, Indonesia and Malaysia will gain access to the International Landing Pad at the Sydney Startup Hub.

The program was originally announced by the Minns government in mid-2023 and officially launched earlier this year, providing foreign tech companies with up to six months of free desk space at the hub.

To be eligible for the program, international companies must operate in sectors such as digital technology, clean economy, defense aerospace, MedTech, life sciences or AgriFood. They must also have a minimum revenue of $5 million.

The selected NSW startups will have the opportunity to work at Saigon Innovation Hub (SiHub) in Vietnam, Living Labs in Jakarta, or Common Grounds in Kuala Lumpur.

This initiative is part of a broader strategy by the NSW government to boost the state’s innovation sector, increase investment, and expand export opportunities.

NSW Minister for Industry and Trade Anoulack Chanthivong said the 12-month program is designed to help local startups grow on an international scale while simultaneously bringing fresh ideas and collaborations to New South Wales.

“By getting these agreements in place, we’re making sure that the International Landing Pad doesn’t just open the door to companies who want to invest in NSW, it lets NSW businesses scale up and expand on an international level,” Minister Chanthivong said.

“This will allow them to deepen their understanding of those markets and build the relationships critical to their expansion.”

The International Landing Pad at the Sydney Startup Hub was originally announced in mid-2023 and officially launched earlier this year. This program is part of the NSW government’s ongoing strategy to attract international startups to the state and bolster global engagement in the technology sector.

However, this launch comes amid financial recalibrations within the NSW government.

In the 2023 Budget, Treasurer Daniel Mookhey redirected substantial funds originally earmarked for science and innovation to address other priorities and deliver savings.

One of the affected initiatives was the $703 million Future Economy Fund, designed by the previous government to support research and commercialisation in high-growth sectors like medtech, defense and quantum technologies.

The Minns government’s decision to repurpose this fund created uncertainty around several innovation grants, including the MVP Ventures program, which was paused.

Despite these challenges, the MVP Ventures program was re-launched in a scaled-down form, with 20 startups sharing nearly $1 million in funding earlier this year.

However, the program did spark debate regarding 80% of recipients being from the Sydney metro area.

The International Landing Pad, alongside other innovation initiatives, is seen as a crucial part of this effort to keep New South Wales competitive on the global stage amidst financial restraints.

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