The Singapore Economic Development Board (EDB) is committing S$32 million ($24.57 million) in fresh funds over the next two years to continue driving corporate venturing in Singapore.
The third iteration of the Corporate Venture Launchpad (CVL 3.0), according to a statement from EDB, also seeks to facilitate partnerships between entrepreneurs and Singapore-based businesses.
The EDB New Ventures team, in collaboration with nine newly recruited CVL 3.0 partners, will collaborate with chosen companies to drive innovation in novel growth domains. The partners will assist businesses in launching new projects and building capacities for productive corporate-startup partnerships.
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More companies were added to the initiative in July 2022, and S$20 million ($15.36 million) in additional money was provided by EDB. With more endeavors in the works, EDB has assisted 24 companies in launching 14 new ventures since the debut of CVL. These businesses target regional markets, employ fascinating people in Singapore, and have their headquarters there.
Jacqueline Poh, Managing Director of EDB said, “The CVL program has been a catalyst for companies to innovate for growth by leveraging Singapore’s world-class business ecosystem, CVL 3.0 reaffirms EDB’s commitment to partner businesses to deepen their innovation footprint here through venture creation, and drive win-win collaborations between corporates and startups,”.
The statement claims that support for corporate-startup collaborations, an additional avenue for businesses to get cutting-edge goods, services, and technology, will be included in the expanded CVL 3.0 program. Rather of starting their own business, organizations will collaborate with Open Innovation Partners to find established, high-caliber startups with whom they may partner to achieve significant commercial results.
Isabel Chong, Senior Vice President and Head of Siemens Digital Industries in ASEAN, Siemens said, “Partnering with startups is part of our long-term growth strategy at Siemens, For example, our collaboration with local hydroponic farm Artisan Green leverages our automation and digitalization solutions to increase its output and scale operations,”.
About Economic Development Board
Strategies to strengthen Singapore’s standing as a worldwide hub for business, innovation, and talent are the responsibility of the Singapore Economic Development Board (EDB), a government organization housed within the Ministry of Trade and Industry.
