An Overview of MoUs

While we’ve discussed it before, I think it would be good to remind all of the new readers about MoUs. The acronym stands for Memorandum of Understanding, and these memorandums are incredibly important to startups. That’s why this is our 8th MoU agreement so far, and the 10th instance of the city collaborating with internationally based private startup facilities. It is common knowledge that in order to succeed internationally, startup founders need to learn about the global reach of their business. One easy way is to travel to target markets and check them out for themselves. Having pre-arranged links to the local startup community gives founders a head start. They can access resources, work spaces, talk to experts, and get insights that allow them to learn as much as possible.

Startup City Fukuoka & ACE

First, it’s good to explain what ACE is (since you probably already know about Startup City Fukuoka - if not click here). ACE stands for Action Community for Entrepreneurship and it’s overseen by one of Singapore’s government agencies. It provides critical startup support including business matching. In addition, ACE operates incubation facilities to help ensure that local startups succeed. Singapore was ranked first in the world for “ease of doing business” by World Bank in 2016. This makes programs like ACE even more critical to help keep these new businesses thriving.

What Are the Benefits?

From Fukuoka and need help founding a company in Singapore? This MoU clears a path for founders to make that happen. It gives entrepreneurs access to information on the local market and access to a support system that provides them with all of the help they need to get their company up and running. One of the best perks is that Fukuoka startups get free access to consultation services to establish a company in Singapore. They can also access onsite business and service matching assistance. In addition, the Singaporean government established ACE at jtc LaunchPad as a base for startups. This hub provides the community with a wealth of helpful startup resources. ACE has even kindly opened its doors to ACE’s facility and will provide assistance for certain Fukuoka startups to easily move into this facility - after they go through an approvals process of course.

If a Singaporean startup is looking to startup in Fukuoka, they will find similarly beneficial resources at their disposal. Through workshops and specially designed consultation programs, startup founders can learn more about ways to succeed while maximizing Fukuoka’s best resources. Founders can also get help in acquiring their Japanese resident status and get help making connections with important services and institutions. In some cases, Singapore startups can also access financial assistance to help cover the expenses that come with establishing a business in Fukuoka. Singaporean startups can even receive the support and assistance required to move into Fukuoka city’s incubation facility.