- EDB has so far helped 24 firms build 14 projects, with more to travel
- To work with 9 companies to reduce collaborations between S’pore companies &, business
The Singapore Economic Development Board ( EDB) is committing US$ 24.5 million ( RM106 million ) in fresh funds over the next two years to continue driving corporate venturing in Singapore. The organization stated in a statement that the third edition of the Corporate Venture Launchpad ( CVL 3.0) also aims to facilitate the formation of partnerships with startups.
It added that, along with nine appointed CVL 3.0 lovers, EDB’s New Ventures team will work with selected firms to develop in new development areas. The partners will assist businesses in launching new businesses and establishing tools for successful corporate-startup cooperation.
The first edition of CVL was launched in May 2021 with US$ 7.6 million ( RM32.8 million ) in pilot funding. EDB expanded the program in July 2022 to include more businesses and committed additional funding of US$ 15 million ( RM 66 million ). Since the start of CVL, EDB has supported 24 firms in launching 14 new projects, with more projects in the pipeline.
]1 MYR = 0.231206 USD]
These endeavors are headquartered in Singapore, specific local markets, and make exciting career opportunities there. They have also received over US$ 53.7 million in follow-on revenue from existing and new owners. At least ten of these businesses are creating several businesses, with some establishing independent projects. Six of the new businesses are focusing on opportunities in development fields like AI and ecology.
Jacqueline Poh ( pic ), managing director of EDB, said:” The CVL programme has been a catalyst for companies to innovate for growth by leveraging Singapore’s world-class business ecosystem. The program confirms EDB’s dedication to working with businesses to create new ventures and foster mutually beneficial partnerships between corporations and companies.
Expanded program to assist corporate-startup partnerships
The expanded CVL 3.0 program may offer support for corporate-startup partnerships, providing an extra pathway for companies to get innovative products, services, and technology.
Instead of launching their own business, the businesses will collaborate with Open Innovation Partners to join with existing, top-notch startups and work together to achieve tangible business benefits. Such benefits include co-developing materials in Singapore to generate new revenue streams or adopting techniques that increase production and lower prices.
In order to boost the local innovative habitat, it added that companies will have more opportunities to grow by tapping into actual business need in Singapore.
Siemens ‘ collaboration with Artisan Green serves as an example of how corporate-startup partnerships can promote creativity and growth. Isabel Chong, senior vice president and head of Siemens Digital Industries in ASEAN, said:” Partnering with businesses is part of our long-term development plan at Siemens. For instance, our collaboration with the local horticultural farm Artisan Green makes use of our technology and digitalization tools to boost its output and scale operations. It exemplifies the interaction between Artisan Green’s strategy to industrial farming and our shared commitment to the production of high-quality, locally grown produce.
She added that she is pleased that EDB’s Business Venture Launchpad program is dedicating aid to nurturing corporate-startup collaboration and driving greater industry-wide engagement.
Ongoing focus on strengthening long-term opportunity creation capabilities
By establishing new businesses with a siège in Singapore, CVL 3.0 will continue to assist businesses in diversifying business prospects. In partnership with Venture Studio Partners, participating businesses will learn how to evaluate concepts within six-month sprints, as well as create sustained, long-term walk design capabilities.
After participating in CVL, world specialist engineering firm IMI plc established its in-house venturing division, IMI Venture Studio, to further produce green energy ventures. Marco Placidi, brain of Venture Studio at IMI corporation, said:” CVL has been a key element in IMI’s decision to build its enterprise studio in Singapore. EDB has created a strong ecosystem of business partners and corporations, which is enabling IMI to launch a number of ventures geared toward decarbonization and sustainability in the energy and commercial sectors.
He added that EDB’s expert help throughout the opportunity jumps and beyond has been crucial in establishing effective projects and attracting experienced, entrepreneurial ability. Through walk capital, IMI sees a lot of potential for new business expansion and technological advancement in the future, Placidi said.
Venture Studios and Open Innovation Partners make up the nine CVL lovers. They will offer tailored support based on the expertise level of each company, bringing their special capability-building products, procedures, skills, and assets.
Another aid characteristics of CVL 3.0 include:
- EDB funding each idea validation sprint and business partnership initiative with up to 50 % of professional services and labor costs.
- Find businesses will also be able to launch and level pilot projects that they co-developed with their startup partners and receive additional funding.
- Where appropriate, EDB will build its enterprise builders and expert support to be part of the concept validation sprints and business partnership initiatives, both,
- Potential access to a network of relevant VCs and family offices, as well as regional and global ecosystem connections, including investment opportunities from EDBI.
Companies can now submit applications to take part in CVL 3.0. Click here for more details.