February 29, 2024

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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.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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