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Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat emphasised the need to broaden and deepen the nation’s ecosystem to harness the full potential of deep tech and support innovative endeavours that can make a meaningful impact.
This strategic initiative comes as the government collaborates with the private sector to develop policies, rules, and regulations tailored to facilitate deep-tech innovation.
DPM Heng used the example of Artificial Intelligence (AI) to illustrate the significance of nurturing a vibrant ecosystem for cutting-edge technologies. AI, often heralded as a general-purpose technology, holds vast potential for applications across various sectors of the economy and society.
However, the rapid evolution of AI necessitates an ecosystem that empowers startups and enterprises across diverse domains to leverage this technology effectively, enabling them to build the necessary capabilities.
At the same time, there is a need for regulatory guardrails to ensure the responsible and safe use of AI for the greater good of humanity. To address these dual imperatives, DPM Heng announced a pivotal initiative in partnership with Enterprise Singapore and the Infocomm Media Development Authority (IMDA). The collaboration will establish a sandbox specifically for startups and Small and Medium-sized Enterprises (SMEs) to explore Generative AI enterprise solutions.
The sandbox, set to launch in early 2024, will focus on practical business-use cases for Generative AI applicable across domains like marketing, sales, and customer engagement. Enterprises participating in the sandbox will gain invaluable insights into AI’s functions and benefits, thereby enhancing their capabilities for more effective utilisation.
Further support for startups in Singapore comes through a collaboration between Digital Industry Singapore and giant tech companies, tailored to help local tech startups develop advanced AI capabilities.
Commencing early next year, startups utilising AI as a core technology for product development will gain access to equity-free funding, cloud credits, and the expertise of Google’s regional and global AI specialists. This initiative aims to catalyse the creation of innovative AI solutions originating in Singapore, with potential impact across broader regional markets.
While the development of enterprise AI capabilities and innovations is essential, it is equally crucial to ensure the safe, ethical, and responsible use of AI technology. Trust, both within the ecosystem and among end-users, customers, consumers, and industry partners, hinges on responsible AI usage.
In June 2023, Singapore established the AI Verify Foundation, an open-source community focused on contributing to AI testing, governance frameworks, standards, and best practices. Building upon this foundation, DPM Heng announced a collaborative effort between the AI Verify Foundation and IMDA to introduce a Generative AI Evaluation Sandbox.
This groundbreaking sandbox initiative will bring together global stakeholders to enhance testing and evaluation in Generative AI. It will empower app developers with the skills and methodologies needed for Generative AI evaluation, a domain typically reserved for AI model developers.
Several significant global players have offered their expertise to analyse Generative AI, with IMDA serving as the regulator’s point of contact. This sandbox is poised to advance AI safety and risk mitigation, addressing a global concern within the AI industry.
Singapore’s commitment to fostering innovation, tackling regional challenges, and advancing responsible AI usage reflects the nation’s determination to remain at the forefront of technological advancements and maintain its reputation as a hub for cutting-edge technology and innovation.
