Singapore creates ‘ecosystem’ to speed up innovation
Singapore is creating an ecosystem that creates connections between partners to achieve breakthroughs in science, technology, and innovation.
Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies of Singapore, said the impact of science, technology and innovation in reshaping the global economy continues to accelerate.
The many major challenges now faced around the world require deep research and new technologies, Heng said, pointing in particular to climate change, an ageing society and new viruses.
“To effectively navigate a complex future, we will need T-shaped capabilities — depth of expertise within each field as well as lateral agility to reap synergies across domains,” he explained.
In meeting those challenges, many benefits will come.
“If done well, Deep Tech will create entirely new industries, new value chains and new jobs.”
However, Heng said Deep Tech is very hard as it takes many years of intensive and focused research, involving investments in talent and cutting-edge equipment.
“The market may not accept deep tech breakthroughs, or the economics may not be right,” he said. “Additionally, given the typical long gestation period, competitors could develop better products within a shorter window and secure market share.”
Ecosystem to achieve breakthroughs
Heng said Singapore is building an ecosystem that allows innovative start-ups, big corporates, venture capital and venture builders, as well as government agencies, to tap each other’s complementary strengths and accelerate the path to achieving breakthroughs.
To develop partnerships within Singapore, he said the government is an important enabler as it must provide adequate support for research at universities, research institutes, and companies based in Singapore.
“Between 2021 and 2025, we are committing S$25 billion or around US$18.3 billion to support our research and innovation work,” he said, “Approximately one-fifth of this is specifically dedicated to strengthening innovation platforms and capabilities and developing entrepreneurial talent.”
Singapore is now home to about 4,500 tech startups, supported by a network of more than 400 venture capital firms and 220 incubators and accelerators. Deep Tech investments in Singapore almost doubled between 2020 and 2022.
“Given Deep Tech’s transformative potential, we must continue to broaden and deepen our ecosystem to support opportunities to make an impact,” he said.
Specifying Asia’s challenges
At the regional level, Heng said Singapore will bring partners to focus on challenges that all countries in Asia face.
The Asian Development Bank estimates that the collective effect of climate change if left unchecked, could shrink the development of Asia’s gross domestic product by 24% by 2100.
“Asian economies are diverse, at different stages of development but growing in vibrancy,” he said, “A better understanding of Asia’s challenges and needs will enable us to make impactful innovation.”
Enterprise Singapore, Temasek Foundation and Temasek Trust ecosystem entities will come together in a partnership to provide a platform for participants in the 5th Sustainability Open Innovation Challenge to scale their solutions.
“Under the partnership, the Centre for Impact Investing and Practices and the Philanthropy Asia Alliance will launch an inaugural 12-month Amplifier Mentorship Programme to help high-impact startups develop a path to sustainability,” he said.
Global-Asia node of technology
On the global level, Heng said Singapore seeks to be a global-Asia node of technology, innovation and enterprise, to connect to innovation nodes across Asia and the world.
The work is already underway, with momentum growing. Singapore launched the Global Innovation Alliance (GIA) in 2017 to strengthen linkages and partnerships with leading innovation hubs around the world, increasing access and opportunities for Singapore enterprises and students.
Enterprise Singapore recently announced three more GIA nodes in Mumbai, Sydney and Melbourne, taking the total to 21 cities spanning the US, Europe, Southeast Asia, China, Japan, Korea, India and the Middle East.
“Enterprise Singapore will work with in-market partners to fast-track tech startups’ familiarity with the innovation ecosystems overseas, connect to investors and business partners in areas like Fintech, supply chain technologies, healthcare and Medtech, sustainability tech and AI,” Heng elaborated.
“Such networks will help further drive innovation and cross-border tech partnerships.”
