Start-ups showcase their solutions at Imdex Asia

SINGAPORE - Start-ups are getting a leg-up at the 13th International Maritime Defence Exhibition and Conference Asia, or Imdex Asia, through a new platform to showcase their innovations.

The inaugural Imdex Asia Innovation Challenge, a partnership between organiser Experia and start-up accelerator Starburst, allows start-ups to showcase their solutions to more than 230 exhibitors at the event.

The biennial Imdex Asia, held from Wednesday to Friday at Changi Exhibition Centre, made its return after a pandemic-induced four-year hiatus.

“We really wanted to create a nexus between start-up companies and corporates so they can bring their solutions forward,” said Mr Leck Chet Lam, managing director of Experia.

The Innovation Challenge comprises a series of realistic problem statements posed primarily by the Republic of Singapore Navy (RSN), that calls for solutions within the naval and maritime defence industry. 

Mr Julius Yeo, director for Asia at Starburst, said: “We worked with the RSN to identify four pain points they want to solve, and filtered those down to those that they may want to commercialise.”

After an extensive global search spanning more than 400 companies, eight start-up companies from seven countries were chosen to present their solutions at the exhibition. H3 Dynamics and Hydrov Singapore were the two local representatives.

The Innovation Challenge allowed Hydrov Singapore to showcase its solutions, despite the firm being a newcomer to the military and defence industry, said its chief operating officer James Ho.

“After looking at the problem statement, we felt we could help play a part in it,” he said.

The chance to participate at Imdex Asia also connects the firm to military contacts that they would have otherwise struggled to make, Mr Ho added.

Mr Harshavardhan Thakar, vice-president of robotics at H3 Dynamics, said the Innovation Challenge allowed the company to gain a better understanding of its global competition.

“We were exposed to start-ups around the world, allowing us to know exactly where our technology stands,” he said.

Mr Yeo told The Straits Times that for the eight start-ups, the journey does not end at Imdex Asia, adding that Starburst will continue to work with the eight companies and that this could potentially result in a contract.

“We will be working closely with these companies, enabling them to do a proof of concept, which could eventually lead to a full contract commercialisation,” Mr Yeo said.

Starburst has also prepared a fund of $20 million that will be used to invest in the companies that succeed in commercialising their technology, he added.

Singapore’s start-up scene

A joint report from KPMG and HSBC in 2022 showed that the Asia-Pacific region had a record-breaking year of investments in 2021. The region took in more than a quarter of the US$670 billion (S$889 billion) invested across private ventures worldwide.

Some of the issues Starburst sees commonly occurring among local firms are market fit and mindset.

“The companies tend to just focus on the pitch deck, not on having the right product market fit for the industry,” Mr Yeo said.

This means that the start-up culture in Singapore is not fully mature. Despite that, the industry is developing rapidly, he added.

Additionally, H3 Dynamics’ Mr Thakar said the talent pool for start-ups is lacking, as most graduates are wary of working in a start-up environment due to its potentially riskier nature.

To work around that, he told ST that the firm often looks to Singapore universities for interns to plug the gap.

Hydrov Singapore’s Mr Ho pointed to funding as another concern for start-up companies, adding that more than 90 per cent of firms fail to become viable.

“While we do have our own funds, there’s a limitation to how much we can take from our own pockets... so we have to prove that this is commercially viable and find ways to get more investments into the company,” he said.

On the other hand, Experia’s Mr Leck said the start-up scene has grown considerably compared with six years ago. 

“I think the environment has been getting more conducive, with funding becoming more prevalent and available,” he said, pointing to the multiple grants offered through the National Research Foundation, Singapore. 

Exhibitions like Imdex Asia also provide a platform for start-ups to build their network, Mr Leck said, pointing out that such firms usually participate in events where they meet only other start-up companies. 

“What Imdex Asia offers is a different perspective, where a start-up is able to directly meet corporations, the industry and major players,” he said.