Ship management company Eastern Pacific Shipping (EPS) and capital market company Techstars are jointly launching the world’s first global MaritimeTech startup accelerator, the EPS MaritimeTech Accelerator Powered by Techstars.
To be based in EPS’ headquarters in Singapore, this mentorship-driven startup accelerator partnership will be the first of its kind to target the maritime industry.
“The merchant maritime industry is one of the oldest in the world, yet advancements in the business come slowly, lagging behind the latest technological trends that other mature industries readily adopt,” Gil Ofer, Business Development Manager of EPS, said.
“Eastern Pacific Shipping aims to address this long-standing issue by partnering with Techstars to launch the world’s first global MaritimeTech accelerator to cultivate and mentor the next generation of entrepreneurs in an industry that is ripe for disruption,” Ofer added.
From April 2019, the EPS MaritimeTech Accelerator Powered by Techstars will accept applications from startups around the world and ultimately select ten companies – including the most promising Singapore and regional early-stage ventures – to participate in the inaugural class.
In November 2019, the class will gather in EPS’ headquarters in Singapore for an intensive three-month program of research and development, mentorship, and collaboration. The accelerator will culminate in February 2020 with a demo day wherein every startup will pitch its newly polished business to an audience of venture capitalists, corporate innovation leaders and industry experts with the goal of facilitating investment in the companies while broadening and energizing the local entrepreneurial community.
“This partnership is a great match for Techstars, and we’re thrilled to partner with EPS in the world’s maritime and shipping capital and present the market with a catalyst for innovation in this industry. We’re excited to further expand the Techstars brand and network in the APAC region and look forward to working with EPS to support entrepreneurs in their journey to transform this enormous industry,” Will Robinson, VP of Asia-Pacific Sales at Techstars, said.
Entrepreneurs focused on disrupting the maritime industry with technologies related to regulations, fuel efficiency, vessel operations, digitalization, navigation and other subthemes are encouraged to apply, according to the two companies.
Separately, Eastern Pacific informed that the first vessel in EPS managed fleet was equipped with an exhaust gas cleaning system. The ship in question is the 176,943 dwt Capesize bulk carrier, Mount Faber. Last year, EPS received a loan from BNP Paribas to facilitate the installation of scrubbers on its fleet.