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Deepti Sri · · 1 min readReport: Singapore backs startup ecosystem with increased support
“In the national budget announced today, Singapore finance minister Heng Swee Keat launched a slew of initiatives aimed at catalyzing the growth of startups and small and medium-sized enterprises (SMEs) in the city-state,” reported e27.
Details:
- The Singapore government will invest in three entities, namely Corporate Venture Launchpad, Open Innovation Platform, and Global Innovation Alliance to help corporations collaborate in a competitive market.
- The city-state will also elevate its venture debt program, increasing the cap on loan support for startups from S$5 million (US$3.8 million) to S$8 million (US$6 million).
Context:
- The increased support from the government will help companies work with accelerators and venture capitalists to develop their businesses.
- The Singapore government will also launch 500 fellowships under the National Research Foundation to develop deeptech knowledge in the cybersecurity, artificial intelligence, and healthtech sectors, among others.
Editing by Jaclyn Tiu
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