Venture studios to help incubate new business ideas under new EDB programme

Firms can partner appointed venture studios such as Rainmaking to access funding and support from EDB to build new businesses in Singapore.
Firms can partner appointed venture studios such as Rainmaking to access funding and support from EDB to build new businesses in Singapore.PHOTO: PIXABAY

SINGAPORE - The Corporate Venture Launchpad programme will support Singapore-based companies to create ventures from Singapore within six months.

It will involve appointed venture studios that will help to incubate new business ideas in a phased approach.

One such appointed studio is Rainmaking, a corporate innovation and venture development firm.

Ms Rachel Tan, 28, a venture architect at the studio, said the appointment means that corporations can partner Rainmaking to access funding and support from EDB New Ventures to build new businesses in Singapore.

"Being appointed to the panel is a recognition that the EDB New Ventures team places a lot of trust in the venture-building work that Rainmaking has been doing in Singapore over the past five years," she said.

By leveraging assets or capabilities that corporations have, the studio will help build new companies that scale faster and more sustainably than they would on their own, she added.

"This makes corporations better able to respond to strategic threats and better able to unlock lucrative new opportunities."

Ms Tan noted that it is important to recognise start-ups as drivers of growth and innovation.

"You are able to achieve and learn so much at start-ups, partly because they are small and you are 'close to the action' all the time. Because of this, they offer countless pathways to fulfilment and success in the long run."

Start-ups also keep Singapore relevant on the world stage, she said, adding that there is "an intersection of cultures" here.

"That provides the perfect launchpad for start-ups to create new products and business models to unlock the potential of the growth economies of Asia," said Ms Tan.