SINGAPORE - More than 700 start-ups will now be able to tap a new initiative to connect with global companies for collaboration and investment opportunities, in a boost to Singapore's start-up landscape.
The LaunchPad Investor Network, launched by industrial development agency JTC Corporation on Friday (May 27), will provide an avenue for start-ups located at LaunchPad in one-north and Jurong Innovation District to work with corporate partners.
It is intended to pave the way for the start-ups to expand through these corporates' regional and global networks, as well as for funding opportunities and joint research and development activities.
Eight corporates have come on board as the pioneer members of this network, including Hyundai Motor Group's innovation arm Hyundai Cradle, PSA International's corporate venture arm PSA unboXed, agricultural merchant Louis Dreyfus Company (LDC), super-app Grab and consumer Internet firm Sea Limited.
Emerging high-growth sectors like agri-food, fintech, logistics, urban mobility and sustainability have been identified as key areas of collaboration between the start-ups and corporates.
The network is part of JTC's effort to leverage its position as an estate developer, and connections to industry heavyweights, to give LaunchPad start-ups a boost in their growth as well as market and funding opportunities.
It is intended to be a means for structured facilitation of link-ups between start-ups and corporate partners.
Announcing the launch of the network at the JTC LaunchPad TechFiesta event held in one-north on Friday, Trade and Industry Minister Gan Kim Yong encouraged more corporations to join the network.
"With over 700 start-ups within a tight-knit ecosystem that continuously promoted entrepreneurship and innovation, there are many opportunities for investors and existing corporates to find attractive value propositions amidst these start-ups," he said.
The eight corporates on board have collectively invested more than US$23 million (S$31.5 million) in Singapore-based start-ups to develop new solutions over the last three years.
This includes an investment made by LDC in biotech start-up ProfilePrint, which looks to develop innovative approaches to grading and pricing raw ingredients like coffee beans.
LDC chief commercial officer and head of Asia James Zhou said that the company hopes to capitalise on the network initiative to discover and mentor early-stage firms in developing global urban food and agricultural solutions for the world.
"Most importantly, we hope to partner with companies that share our vision of a safe and sustainable future through transparent supply chains, responsible sourcing and long-term value creation."
Around 40 start-ups were at the TechFiesta event, demonstrating their solutions in areas such as augmented and virtual reality, mobility and smart living.
About 1,000 visitors, including investors and students from institutes of higher learning, attended the event.
On Friday, JTC also launched the second edition of the JTC Innovation Challenge, with $4 million set aside to develop new solutions for the built environment sector.
The challenge, supported by Enterprise Singapore, aims to identify partners to develop solutions such as those that better manage building and maintenance costs and those that improve safety and productivity in buildings.
Shortlisted projects will receive up to $250,000 in funding and access to test-bed solutions in selected industrial estates or business parks. They will also work with the likes of JTC research engineers and estate owners to co-develop the solutions.
