|BarterXchange, JTC and EDB launch a new initiative in support of technology and innovative products|
|Thursday, 14 October 2004|
[Singapore, 14 October 2004] BarterXchange (S) Pte Ltd ("BarterXchange") and JTC Corporation ("JTC") today announced a new partnership initiative to introduce the barter concept to some 300 JTC start-up enterprises.
Under this programme, tenants in JTC's five start-up facilities - iHUB, Phase Z.Ro, Technopreneur Centres at Ayer Rajah and Bukit Merah, as well as The Enterprise, will have an opportunity to be plugged into BarterXchange's barter community. This initiative is also supported by the Singapore Economic Development Board ("EDB").
The initiative aims to enable participating startup companies to record their first sales of their goods and services within one year of establishing themselves in Singapore.
"We are excited about this new collaboration. Now, tenants of JTC are also able to enjoy the benefits of barter exchange. Under this initiative, a series of networking sessions will be hosted by BarterXchange and supported by JTC. Business opportunities will be aplenty. JTC's tenants will be able to communicate their products and services to other companies through the barter network," noted Mr Lee Kong Seng, Managing Director of BarterXchange.
Mr Philip Su, Assistant Chief Executive Officer of JTC, said: "We are always on the lookout for opportunities to benefit our customers and assist them in their business. Beyond the provision of hard infrastructure, our partnership with BarterXchange is an example of the soft support that JTC is extending to our tenants. By providing access to a customer base with low start-up costs, we hope that this trial initiative will facilitate fledgling start-up companies in establishing a foothold, thereby paving the path for mature growth in the future."
With the record of the first sale behind them, startup companies then have a reference to attract new customers, partners and investors. This value-adding initiative represents another milestone in improving the value proposition for new companies in Singapore. Besides using incubators and multipliers to keep operating costs low, companies can now use the BarterXchange network to increase their sales and secure a customer base.