SGInnovate, a one-year-old entity that focuses on tech-intensive product companies and research-driven technologies, also said that it will intensify its efforts around artificial intelligence (AI), which it identified as a transformational technology that will impact most industries.
Those targets were announced as part of a new "Deep Tech Nexus" strategy to further strengthen Singapore's deep-tech startup ecosystem in the next year.
Today SGInnovate announced its ‘Deep Tech Nexus’ Strategy as a direct result of experiences and insights gained in its first year of operation. The Deep Tech Nexus represents SGInnovate’s commitment to add tangible value to the Singapore deep tech startup ecosystem in two key areas – Human Capital and Investment Capital. Three technology areas have been selected for focus during 2018: Artificial Intelligence, Blockchain and MedTech.
SGInnovate says it would be renovating the 25,000 sf co-working space BASH at Block 79 to be more aligned with its three new focus areas. SGInnovate, which started in 2016, says it would intensify its focus on artificial intelligence (AI), blockchain, and medical technology — areas identified by the government-backed private enterprise to have a major impact on most industries. There will be more private rooms in the new BASH as some AI-based startups may be dealing with confidential data.
Steve Leonard, the chief executive of government-backed investment organisation SGInnovate, talked about Singapore’s strong fundamentals of capital, connectivity and its existing entrepreneurial community which translated to a strong foundation for further growth of Singapore’s startup ecosystem, despite growing global competition.
Over S$25 million will be committed by the government to "bold measures" that will nurture a healthy innovation ecosystem in Singapore. This was announced by Minister Heng Swee Keat at the opening of the Singapore Week of Innovation & TeCHnology (SWITCH).