Singapore’s innovation and startup ecosystem has continued to experience strong growth over the past five years, remaining vibrant and resilient amid the pandemic. As a signal of confidence in the startup investment scene, funding activities have increased exponentially to reach S$14.7 billion in 2021, growing by more than 45% per annum between 2017 and 2021. Venture funding within the first half of 2022 alone has reached S$8.18 billion1, up 54% compared to the same period last year.
To ensure that Singapore remains a vibrant and attractive startup and innovation hub, Enterprise Singapore (EnterpriseSG) will continue to deepen their support for innovative startups and SMEs. This includes catalysing more financing opportunities, providing the right platforms and infrastructure to drive the development of innovative solutions, building their pipeline of local and global talent, and deepening global connections.
Also read: Journey to the top: From developer to CEO
Tapping new opportunities through innovation platforms and networks
Recognising the need to scale overseas, EnterpriseSG has supported over 780 companies through their Global Innovation Alliance (GIA) programmes, which connects them to international business and tech communities and drive two-way collaboration. This includes their Co-Innovation Programmes (CIPs), where companies jointly develop and test-bed new solutions with trusted in-market partners before scaling into the market or region. EnterpriseSG introduced two pilot GIA acceleration programmes in Stockholm and Cape Town earlier this year to expand opportunities in this area. They are also working with partners like Leave a Nest in Japan and Brinc in China to launch sector-specific programmes and targeted assistance in areas like advanced manufacturing and foodtech.
EnterpriseSG and its partners have continued to encourage enterprises to press on with innovation efforts even during the pandemic, with 600 enterprises undertaking innovation projects to develop new products and solutions in 2021. Partners like IPI Singapore and the Centres of Innovation (COI) have played an instrumental role in helping companies deepen business innovation and tech capabilities. EnterpriseSG is looking to increase the capacity of its centres to accelerate SMEs’ and startups’ innovation journeys further.
To nurture a more vibrant startup ecosystem and catalyse growth through market-led innovation, EnterpriseSG launched the Open Innovation Network in 2019 to encourage co-innovation by both private and public stakeholders. Since then, there have been nearly 150 Open Innovation Challenges (OIC), with almost 900 challenge statements issued across various sectors. This includes the Building Construction Authority’s (BCA) Built Environment Accelerate to Market Programme (BEAMP), the Land Transport Authority’s Xcite Innovation Call, as well as the Healthcare OIC involving the National Healthcare Group (NHG), National University Health System (NUHS), SingHealth, HMI Group and St Luke’s Eldercare. Corporates3 such as ExxonMobil, SATs and L’Oreal have also actively engaged in OICs to partner with startups and co-develop demand-led solutions in industries like energy and, transport & logistics, as well as to address today’s most pressing challenge – climate change.
Also read: How can we create new urgency for a green recovery?
In 2021, EnterpriseSG launched the Abu Dhabi-Singapore Joint Innovation Challenge and the second Southeast Asia OIC to help startups access demand in these emerging markets. Building on these, this year, they will be working with new partners to facilitate demand-led innovation and test-bedding opportunities to address challenges in sectors like Energy, Healthcare, Agritech and more. They will also continue with global partners through the Sustainability OIC, which will soon return for its fourth year. Both will be launched during the Singapore Week of Innovation and TeCHnology (SWITCH) 2022 Flagship Event.
Supporting startup efforts in Singapore
Since its launch in 2017, the Startup SG4 initiative has played a pivotal role in supporting startups by helping to galvanise funding, increase access to mentor and partnership networks, and connect startups with overseas markets to scale abroad.
- The access to financing has made Singapore an ideal location in Southeast Asia to raise funds. As part of Startup SG Equity, more than S$51 million was co-invested across 58 startups through SEEDS Capital and SGInnovate, catalysing over S$400 million in private investments in 2021.
- Entrepreneurship has seen a boost. The number of innovative startups supported through the Startup SG Founder (SSGF) reached close to 480 as of June 2022, growing by 47% per annum since the initiative started in 2017. Of these, 104 startups have raised publicly disclosed rounds amounting to over S$350 million. On average, they secured pre-seed funding more than 1.5x faster than their Southeast Asian counterparts between 2017 and 2022.
Year-long innovation efforts culminate at SWITCH 2022 Flagship Event
The year-long innovation movement, the Singapore Week of Innovation and TeCHnology (SWITCH), will culminate in the SWITCH Flagship Event, which will return in person at the Resorts World Convention Centre from 25 to 28 October 2022. More than 300 speakers and 250 exhibitors from around the world, including startups, entrepreneurs, investors, community multipliers and MNCs, will convene at SWITCH to discuss emerging technology trends and opportunities for collaboration in innovation.
Also read: How startups should approach ESG opportunities
This year’s SWITCH Flagship Event will comprise three main stages: SWITCH Beyond, focused on exploring the latest sector trends and innovation opportunities in Asia; SWITCH Global, to spotlight emerging market access opportunities and catalyse cross-border collaboration; SLINGSHOT at the SWITCH Grand Stage, where the top 50 global startups from Asia’s leading deep tech startup competition will pitch to a live audience of investors and corporate judges. The top 50 finalists also had the opportunity to participate in an inaugural immersion programme in Singapore and connect with the local innovation and startup ecosystem.
About Enterprise Singapore
Enterprise Singapore (EnterpriseSG) is the government agency championing enterprise development. They work with committed companies to build capabilities, innovate and internationalise.
They also support the growth of Singapore as a hub for global trading and startups and build trust in Singapore’s products and services through quality and standards.
Visit www.enterprisesg.gov.sg for more information.
—
This article is produced by the e27 team, sponsored by Enterprise SG
We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.
– –
The post Investments in startups grew by more than 45% per annum in 2021 appeared first on e27.