The Singapore government has announced an additional S$440-million ($332 million) investment in the Startup SG Equity scheme focusing on deeptech startups, according to a statement by Deputy Prime Minister Heng Swee Keat on Monday.
The funding cap per startup will be raised from S$8 million to S$12 million, and the scheme will be administered by EnterpriseSG and the Singapore Economic Development Board (EDB).
“We will enhance support for startups, especially deeptech ones, and help them scale up. And we will design stronger linkages between RIE 2030 and our next phase of industry transformation — to drive the next bound of growth and create new growth sectors and areas,” Heng said during his opening address at the Singapore Week of Innovation and Technology (Switch) 2024 held at the Sands Expo and Convention Centre.
Under the current RIE 2025 Plan, which covers 2021 to 2025, Singapore has allocated $28 billion to support basic research and promote innovation.
The deputy prime minister also announced several other new initiatives to support startups during his speech at Switch 2024. This includes StageOne, slated for launch in the first quarter of next year, which aims to connect local and global startup communities and help them use Singapore as a launchpad to scale overseas.
The government is also rolling out a series of open innovation challenges (OICs) where companies identify problem statements that are most relevant to their businesses.
Meanwhile, the Global Innovation Alliance (GIA) will help bridge Singapore with global innovation hubs. Enterprise Singapore has aided over 600 startups in international expansion, with significant business progress reported in over a quarter of these companies.
The city-state has also launched a $120-million AI for Science Grant to build AI capabilities, while AI Singapore spearheads AI development through strategic partnerships. Enterprise Singapore is also forming new alliances with Founders Factory and Kreo Venture and bolstering relationships with local venture builders such as Xora Innovation and ClavystBio.
In the realm of capital markets, Singapore seeks to enhance access to long-term investments required for deeptech innovations. As a leading global financial centre, Singapore hosts over S$5.4 trillion in managed assets and more than 1,650 family offices.
In the first nine months of 2024, startups in Singapore raised $4 billion through nearly 370 venture capital deals, highlighting the country’s dynamic startup ecosystem and dedication to fostering innovation.