Why this Global Company wants to Help Healthtech Startups in Singapore
BlueChilli has partnered with Enterprise Singapore to launch a healthtech accelerator to spur innovation and help startups that address the real health challenges and opportunities in Southeast Asia. Enterprise Singapore is an economic agency under the Singapore Ministry of Trade and Industry.
The BlueChillihealthtech accelerator will scout for bold ideas from domain experts across Southeast Asia. The founders selected to build or advance their startup through the program will get access to tech development services at no additional cost, world-class startup training, seed funding and a global network of advisors and mentors.
Booming Healthtech in Asia
After the US, Asia is the second largest market in the world for the healthtech sector. Last year, US$6.3 billion was deployed into healthtech startups in Asia while Southeast Asia’s healthtech ecosystem is still emerging within the region and poised for growth. With Singapore and Indonesia contributing to most of its notable deals in 2018, Southeast Asia is heading towards the healthtech boom.
“The company’s establishment of a permanent headquarters in Singapore is part of its broader strategy to bolsterinvestment in Asia’s potential,” says the chief executive officer of BlueChilli,Sebastien Eckersley-Maslin.
Explaining about why the company has chosen healthtech, deputy chief executive officer of Enterprise Singapore, Ted Tan said, “The demand for quality, affordable and accessible healthcare solutions is rising rapidly in both Singapore and Asia, in part driven by the rising affluence and ageing population.”
“Partnerships with global intermediaries such as BlueChilli, who have the experience and expertise, can help healthcare startups in Singapore develop and commercialise products that meet the needs of users globally,” he added.
The new accelerator will be a key driver in advancing BlueChilli’s work with regional talents in building globally-scalable startups that draw on insights and capabilities from Asia, in collaboration with private enterprises and ecosystem partners.
“Our mission is to help people anywhere solve society’s greatest challenges with technology, so we are excited to extend our reach further into Southeast Asia,” said Eckersley-Maslin.
“By removing the barriers of access to technology and capital, we can help a more diverse range of entrepreneurs in Southeast Asia bring their unique experiences and novel ideas to the global innovation ecosystem,” he added.
BlueChilli has also launched an innovation centre in partnership with Coca-Cola Amatil in Indonesia last month.
With support from Enterprise Singapore, BlueChilli has built a network of leading health and innovation partners from Singapore and Australia – including CSIRO and Galen Growth Asia – to be part of the program. More partners, including local healthcare providers, are expected to come on board.
Healthtech startups use technology to develop products that make healthcare more accessible, affordable and efficient. Products could cover diagnostics, disease management, health monitoring and rehabilitative needs of individuals and be delivered directly to consumers or healthcare providers.
BlueChilli has invested in eight healthtech companies, including hardware startups like BindiMaps.com and Talkiplay.com, mammography AI diagnostics service Alixir.ai, telemedicine platform VetChat.com and out-of-home patient care platform CTARS.com.