Did you know that there is financial support if you intend to explore overseas market for business opportunities?
It comes in the form of Market Readiness Assistance Grant, or MRA for short.
Administered by Enterprise Singapore (merger of IE Singapore and SPRING Singapore), it helps local companies to defray up to 70% of qualified activities.
The activities would include:
- Market entry – e.g. incorporation, IP application.
- Business matching – e.g. mission trips to identify potential business partners.
- Overseas marketing and PR activities – e.g. participation in overseas exhibitions.
In our most recent case study, we helped impress.ai (an AI powered recruitment solution for enterprise businesses) to tap on MRA to support their recent exhibition participation at Tech HR Conference in New Delhi.
In this case, third-party costs such as booth/space rental, booth design and construction are considered a qualifying activities.
impress.ai attended the People Matters TechHR’18 conference from 1-3 August 2018 in Gurgaon, India. As a category partner, we exhibited a booth, networked with HR professionals, and attended talks to learn from thought leaders in the HR Tech industry.
Overall, our team had a positive experience at the conference. Key benefits included being able to set up sales meetings, setting up a meeting regarding a potential partnership, understanding more about the Indian market, and learning about our competition. We were even able to impress industry thought leader, Josh Bersin, who later mentioned impress.ai is an article where he shares his experience at the conference. – Pooja Khandelwal, Product Marketing Manager Impress.ai
Looking beyond Singapore
Singapore is too small as a domestic market and competitions are heating up.
Looking into another market make sense to spread the risks by identifying more demand for your products and/or services.
It would also provide economic of scale (not to mentioned opportunities) for the Singapore team that will function as a HQ for the region instead of just Singapore.
Keen to learn more about Market Readiness Assistance?
Drop us a message so we can assess if your intention qualifies for this grant.
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