Market accelerator Haymarket HQ is launching new programs into Southeast Asia, including Vietnam, in partnership with the Department of Foreign Affairs and Trade and Invest NSW, in a bid to give start-ups a pathway to international expansion while improving bilateral ties.
The Vietnam program, funded by DFAT, is timed to coincide with the 50th anniversary of diplomatic relations between Australia and Vietnam. Ten chosen Australian companies and industry bodies will receive masterclasses, market research, a product review and mentoring culminating in a five-day trade mission to Ho Chi Minh and Hanoi.
The nine-day tech mission will include 15 delegates from Tech Central selected for the program in which they will travel to Indonesia, Singapore and Vietnam, in a region that is home to the world’s fastest-growing middle class.
The SEA Tech Immersion Mission was open specifically to tech companies and investors from Sydney’s Tech Central, and companies must have a minimum of three employees, Haymarket HQ chief executive Duco van Breemen said. While the program is targeting companies and investors from Sydney’s Tech Central, and companies must have a minimum of three employees, Haymarket HQ chief executive Duco van Breemen said. While the program is targeting companies and investors in Tech Central, other NSW-based companies may still express interest if they meet the criteria.
“Due to our track record of working with more than 800 companies to date, we’re now finding governments are increasingly approaching us to co-create programs,” Mr van Breemen said.
“Southeast Asia is the next frontier for tech companies and investors. It is home to the world’s fastest-growing middle class, globally significant family offices and VCs, tech unicorns and a large pool of tech talent that is already powering some of Australia’s tech companies today.”
Based in Chinatown, Haymarket HQ describes itself as Australia’s first co-working space connecting entrepreneurs to global markets.
Mr van Breemen said the start-up scene had lost some of its excitement due to the impact of Covid, inflation, a tougher funding climate and a low unemployment rate.
“Starting a new venture now comes with a higher opportunity cost leading to fewer people taking the plunge,” he said.
“On the bright side, our programs are gaining more interest. Companies are looking for ways to expand internationally while reducing risk by working with companies like us instead of directly hiring more staff.”
The majority of wealth in the next decade would not be created in the US, UK or Europe, but in Asia, he said.
“Our programs help unlock this growth via strategic advice, targeted introductions and hands-on support,” he said. “Our primary focus is on connecting entrepreneurs, partners, and investors across the Asia-Pacific region. It’s a significant aspect of our work and what we are passionate about.
“For Australian founders, we offer a secure and insightful opportunity to delve into the Asian market, breaking down any perceived barriers that might hold them back.
“On the other hand, for international founders, we assist in validating their product-market fit in Australia, establishing their international brand presence, and providing access to new partners and customers in the region.”
David Swan, Technology Editor