Singapore’s EDB launches $7.5m pilot program to help local firms create new ventures

The Economic Development Board of Singapore’s corporate venture-building arm EDB New Ventures announced the launch of an initiative to help large and established local companies expand outside of their existing businesses.

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The initiative will be called Corporate Venture Launchpad (CV Launchpad) and will have an investment fund of S$10 million (US$7.5 million). Under the pilot program, companies will be able to launch new ventures at the speed that startups do while leveraging the unique competitive advantages of their parent companies, including existing customer relationships, domain expertise, technical capabilities, and brand recognition.

Venture studios appointed by EDB New Ventures for CV Launchpad will work alongside the companies to help incubate new ideas in a phased approach within six months. These partner studios include BCG Digital Ventures, FutureLabs Ventures, Leap by McKinsey, and Rainmaking.

“As companies pursue opportunities in sectors that are new for them, the creation of these ventures have the potential to become a growth driver for the Singapore economy,” said EDB chairman Beh Swan Gin.

EDB said it will pilot the program for one year, expecting to undertake 20 concept validation sprints within that time frame. Interested companies may apply for the program here starting today, May 6.

EDB New Ventures will support up to 50% of the cost of each concept validation sprint. It may also provide further risk-sharing capital for higher potential ventures under the program, according to a statement.