$100 million fund for innovative start-ups in Singapore

Start-ups will have a $100 million pool to tap on for product development and commercialisation, announced Deputy Prime Minister Teo Chee Hean as he opened TechVenture 2013 on Wednesday.

The move will address a lack of early-stage funding here and in the region.

The Government will inject $50 million to kickstart such financing. The National Research Foundation (NRF) which will manage the fund will partner leading venture capital firms to invest in early stage technology companies. Through a one-to-one co-investment approach, the fund will come to $100 million.

"Start-ups have to try very hard to get the attention of VCs from other parts of the world in order to secure funding," said Mr Teo who also chairs the NRF.

Other agencies will also be stepping up efforts to support technology enterprises. For example, Spring Singapore will bring in expertise from angel investors including fund managers and investors to help grow local companies.

The two-day TechVenture is being held at the Suntec City convention centre. More 80 companies operating in areas such as clean water, biomedical and engineering are participating in the exhibition.