ASEANEWS HEADLINE | SINGAPORE: EDB commits another $32 million to drive corporate venture building, partnerships with start-ups
Since the launch of the programme, EDB has supported 24 companies in launching 14 new ventures, with more in the pipeline. PHOTO: LIANHE ZAOBAO
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SINGAPORE – The Economic Development Board of Singapore (EDB) is injecting $32 million over the next two years to further expand its corporate venture programme, this time to make it easier for Singapore-based companies to form partnerships with start-ups.
Through the Corporate Venture Launchpad (CVL) programme, EDB’s New Ventures team will work, together with nine appointed partners, with selected companies to innovate in growth areas. These partners will guide companies to create new ventures through collaborating with start-ups.
This third tranche of funds is more than 50 per cent higher than the $20 million it committed to the second edition of its CVL programme in 2022. The programme was launched in May 2021 with $10 million in pilot funding.
Memento Maxima Digital Marketing“What we heard from companies was that there were misaligned expectations between the companies and start-ups,” Ms Jacqueline Poh, managing director of EDB, said at the launch of CVL 3.0.
Internal processes were not start-up-friendly, it was difficult to match start-ups to the problem set of the companies, and there was no clear line of sight towards the most impactful business outcomes of large companies, she said.
To address these issues, Ms Poh said CVL 3.0 will feature a capability-building programme for local companies, enabling them to establish best practices for working with start-ups and to increase their access to high-quality start-up partners.
EDB will co-fund up to half the manpower and professional services costs, with additional grant support for select companies to run pilots with their start-up partners.
At the same time, start-ups will “benefit greatly” from the partnership and support from multinational corporations, she said.
“Start-ups will gain access to corporate demand, and hopefully it will allow them to scale their businesses from Singapore.”
Since the launch of CVL, EDB has supported 24 companies in launching 14 new ventures, with more ventures in the pipeline. THE BUSINESS TIMES
