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Enterprise Singapore launches initiatives to strengthen startup ecosystem in Singapore

As Singapore sets out to become the Global-Asia node for technology, innovation and enterprise, Enterprise Singapore will be deepening efforts with global and local partners to strengthen the startup ecosystem in Singapore. This supports the national Research, Innovation and Enterprise 2020 Plan to build a strong core of innovative enterprises and start-ups to capture global opportunities and create high value jobs for Singaporeans.

To offer more opportunities for global start-ups to set up and tap on Singapore’s vibrant ecosystem to capture growing regional opportunities, Enterprise Singapore yesterday officially opened the global call for entry for SLINGSHOT 2019, with new enhancements

To establish Singapore as a global start-up node and maintain our competitive edge in the region, Enterprise Singapore’s strategies are to: i) Deepen global connections; ii) Catalyse more platforms for co-innovation; iii) Strengthen human capital; iv) Catalyse financing; and v) Create a network of infrastructure to support startups.

“To enable startups to scale more quickly, we will deepen our engagement with local and overseas partners. Targeted platforms for startups to connect with investors and customers serve as valuable opportunities for startups to access resources such as financing, and opens doors to co-innovation with leading corporates. Moving forward, we will look at initiatives related to growing talent and later-stage financing to build a more robust ecosystem.” Said Mr Edwin Chow, Assistant Chief Executive Officer of Enterprise Singapore

Leveraging partners to expand our global networks to support start-ups

Close partnerships with startup enablers are crucial for our ecosystem. Today, Singapore houses over 100 incubators, accelerators and venture builders, and over 150 VCs, who have helped develop a robust base of startups here. Venture funding activity and amounts increased to 353 deals (in US$10.5 billion) in 2018, from 160 deals (in US$0.8 billion) in 2012. As of 2017, the number of tech startups has grown to 4,000, employing about 22,000 persons.

According to Enterprise Singapore, Startup SG4 programmes supported the growth of over 1,160 startups across key sectors such as health, urban solutions, fintech and digital services in 2018. Action Community for Entrepreneurship (ACE), a key player in the startup space, separately supported 300 startups across 15 programmes in 2018.

SEEDS Capital and SGInnovate co-invested close to S$36.5 million, with Startup SG co-investment partners, in 52 startups, catalysing about S$118 million in private investments in 2018.

To generate more smart monies into deep tech startups, SEEDS Capital recently appointed seven new co-investment partners for Agrifood tech, bringing their total number of partners to 26. SGInnovate also appointed five new partners, to co-invest in early-stage deep tech startups in fields such as Artificial Intelligence and Medtech.

To encourage open innovation that startups can take part in, Enterprise Singapore partnered various government agencies to launch 23 calls for proposals to tackle challenges across urban solutions, trade, logistics and construction since between 2017-2018.

Enterprise Singapore will also be working with the Monetary Authority of Singapore to help startups secure investments and funding by increasing match-making opportunities with global investors.

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