Singapore, August 6 – The IES-Incubator and Accelerator (IES-INCA), a deep tech incubator set up by the Institution of Engineers, Singapore (IES) for entrepreneurial engineers, has signed a Memorandum of Understanding (MoU) with the Institute of Singapore Chartered Accountants (ISCA) to accelerate the growth of new technology ventures.
This two-year partnership will bring together the national bodies of two professional groups – engineers and accountants – to accelerate the creation of strategic technology products, services and solutions to catalyse Singapore’s growth.
Under the MoU, IES-INCA and ISCA will foster the IES-INCA Investor Network to promote opportunities to invest in technology ventures that are scaling up. The network will present IES members, ISCA members and industry partners with exclusive opportunities to explore cutting-edge technologies, invest in local start-ups and network with fellow professionals.
IES-INCA will organise events to facilitate business matching between incubatee companies and investors. Both parties will also hold joint networking and engagement events to facilitate collaboration among their members. Through the partnership, incubatee companies can leverage ISCA members’ expertise and receive financial advice on their pitch decks, such as business modelling, financing forecasting and business valuation.
As both IES-INCA and ISCA share a strong commitment to advance Singapore’s sustainable development agenda, the MoU will focus on capacity-building, education and cross profession collaborations in the sustainability space. The partners will run workshops on sustainability, entrepreneurship and technology development to equip members with the necessary interdisciplinary knowledge to capture deep tech venture opportunities in the sustainability space.
“IES-INCA’s alliance with ISCA will enhance our incubatees’ access to valuable advice on accounting and finance matters including business models, financing forecasting and business valuation. The Investor Network will open up avenues for our members to be part of the exciting journey of promising technology ventures and accelerate the creation of new technologies to power Singapore’s sustainable development,” said Er. Chong Kee Sen, Chairman of Board of Directors, IES-INCA.
“Accountancy professionals have the business acumen and financial expertise that are vital in steering incubatee companies toward sustainable growth and stability. Via this partnership, our members can contribute to Singapore’s start-up ecosystem while learning more about deep tech ventures and potentially investing in them,” said Mr Teo Ser Luck, ISCA President.