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Singapore moves towards innovation-driven economy

Anuradha Shukla | Sept. 26, 2013
Government sets aside US$12.7 billion to promote research, innovation and enterprise.

Singapore is moving towards an innovation-driven economy as its Government has allocated US$12.7 billion to promote research, innovation and enterprise in the nation.

This money will be used till 2015, according to Teo Chee Hean, Deputy Prime Minister and Chairman of the National Research Foundation, Prime Minister’s Office, Singapore.

In his speech at opening ceremony of Techventure 2013, Teo noted the gradually developing vibrant technology startup ecosystem in the city and the results from the investments by the government.

However, startups in Singapore are challenged by the limited early stage financing in the region and to address this gap, the Singapore government has decided to pour US$39.8 million to help the early stage investment ecosystem. 

“Through a one-to-one co-investment approach, the total pool of investment funds for early stage companies will amount to US$79.6 million,” said Teo.

Working with private sector

The Singapore government recognises the role of the private sector to support and promote technopreneurship in the nation and has thus decided to continue working with incubators and venture capitalists to speed growth.

The innovation and enterprise efforts have begun to pay off as evident by a few successes. For instance, Clearbridge Biomedics, a spin-off from National University of Singapore (NUS) was recently able to secure US$7 million from private and government-supported VC funds. 

Techventure 2013 was attended by over 700 delegates and more than 80 companies set up booths at the exhibition from different parts of the world, including Thailand, Taiwan, Italy, UK, China and Australia.

Exhibitors were from a range of industry sectors such as info-communication technology, medical technology, clean energy, manufacturing, health and clean water.

“Events like Techventure play a useful role to bring together different parties from both the public and private sectors that are necessary to support our enterprise ecosystem,” said Teo. “I hope all of you will take this opportunity to talk to one another, make connections, seek out technology and business collaborations, and close deals.” 

 

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