WeWork To Provide Subsidised Workspace To Qualified Singapore Startups

SINGAPORE – Coworking space operator WeWork has just rolled out its Growth Campus initiative in the city-state, whereby eligible local startups can get assistance from a network of entrepreneurs & businesses, reported Tech in Asia on Tuesday afternoon (10 August, SGT).

WeWork said qualified Singapore startups will be able to obtain support in form of “subsidised space, mentorship, and education” and nearly US$8 million have been invested for such endeavour. However, the firm didn’t reveal more particulars about the stated amount.

The coworking space operator intends to subsidize up to 50 percent of membership fees at its Growth Campus locations. Notably. WeWork operates coworking spaces in Singapore, Kuala Lumpur, Bangkok, Ho Chi Minh, Jakarta, and Manila.

“Through subsidised workspace, virtual mentoring, customised education and access to our global network of members, we can provide more to help startups grow and kickstart this sector,” commented Monica Wulff, Head of WeWork Labs for Southeast Asia, Australia, and South Korea.

The coworking space operator will also let qualified Singapore startups access its virtual acceleration support platform, which provides online mentoring and coaching, bespoke educational programs, and other exclusive benefits for members.

To be eligible for the initiative, the startups must have been established in the past 5 years. It must also be headquartered in Singapore, but is planning to expand internationally. Another requirement is that they must have a minimum of 20 staff.

If the startup raised funds from external sources, funding must have been raised up to the series A stage. Conversely, if the startup was grown via bootstrap, its turnover must be at least S$100,000 (US$73,600).

Accelerators, incubators, angel syndicates, non-profit organizations, investment funds, start-up programmes, venture capital (VC) companies, and membership groups related to startups may also take part in the initiative.

“As economic recovery evolves across the region, we can expect more companies to emphasize workspace strategy to advance productivity, collaboration, and creativity,” Wulff added.

Furthermore, WeWork recently teamed up with super app Grab in a bid to attract more members. Grab for business customers can avail of a 1-month trial at a WeWork outlet and if they proceed with the membership, they can get a maximum discount of 25 percent on the usual fees.