For the next two years, the Singapore Economic Development Board (EDB) intends to invest US$25 million in Fresh funds to support its corporate venture initiative, Corporate Venture Launchpad (CVL).
The third iteration of the program, called CVL 3.0, intends to make it easier for corporate companies to partner with startups.
EDB New Ventures has selected nine partners to participate in CVL 3.0. The venture-building division of EDB, known as New Ventures, will collaborate with nine newly appointed CVL 3.0 partners to help a chosen group of enterprises develop in new growth sectors. It will keep assisting businesses in broadening their horizons by establishing new endeavors with Singaporean headquarters.
Participating organizations will develop sustained, long-term venture creation capabilities and learn how to verify concepts in six-month sprints in partnership with Venture Studio Partners.
EDB Managing Director Jacqueline Poh said: “The CVL programme 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.”
Launched in May 2021, the initial version of CVL was funded by a pilot program worth S$10 million. EDB added more companies to the program in July 2022 and invested an extra S$20 million in investment.
Since the initiative’s inception, EDB has helped 24 businesses start 14 new endeavors. These businesses target regional markets, employ people in Singapore, and have their headquarters there. Additionally, they have gotten approximately S$70 million in follow-up finance from both new and current investors.
At least ten of these businesses are developing several projects, and some have even set up their own specialized endeavors.
Corporates will work with Open Innovation Partners to connect with already-existing, high-quality startups and collaborate with them to achieve significant commercial achievements, rather than starting their own companies. These results may be co-developing goods in Singapore to open up new revenue streams or using cost- and productivity-cutting measures.
Read also- Israel-Based Lian Group has Acquired with Scientis
By leveraging actual corporate demand in Singapore, the businesses will have more growth prospects, hence enhancing the local entrepreneurial environment.
Open Innovation Partners and Venture Studios make up the nine partners of CVL. Based on the expertise level of each organization, they will give customized help, bringing with them their special skills, resources, processes, and solutions for enhancing capabilities.
Companies interested in participating in CVL 3.0 can now submit an application.
Read also- China-Based 1 Hotels has Partnered with Joolz
Under the Ministry of Trade and Industry, the EDB is a government organization in charge of developing policies that strengthen Singapore’s standing as a hub for talent, innovation, and business worldwide.
EDB New Ventures seeks to assist high-potential Singaporean startups in their growth and development into internationally renowned companies. To develop these new endeavors, it aggressively collaborates with well-known business leaders, serial entrepreneurs, and established companies on corporate venturing.
About EDB
The Singapore Economic Development Board (EDB), the Ministry of Trade and Industry’s primary agency, develops initiatives to boost Singapore’s business, innovation, and talent rankings. Sustainable economic growth with dynamic industry and strong job prospects for Singapore is goal.
