What Singapore needs to make deeptech dream a reality

IN FOCUS

In today’s newsletter, we look at:

• Singapore holds onto its deeptech ambitions despite struggles
• Singaporean gives up chicken rice for Dubai Web3 boom
• Surge in power requirements will keep climate tech dependent on fossil fuels

Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by registering here.

Hi there,

I won’t begin with an anecdote like we usually do to ease you into our Big Stories. Instead, I wanted to take a brief moment to thank all our readers for keeping us going, as this month marks the two-year anniversary of the launch of On the Rise.

But we’ve decided it’s time for some changes, particularly with the format. We’re hoping to infuse a bit more creativity and fluidity into what we write.

To be honest, even writing a weekly newsletter on emerging tech can become monotonous and boring after a while. After all, human change is the only constant.

While some changes like this can be done quickly, bigger changes often take more time. Take for instance Singapore’s deeptech ambitions.

The city-state, which has been pushing to be a deeptech hub for a while, has seen several startups either perish due to lack of funding or exit the country for greener pastures in the US. This is exactly what Elyssa dives into in our first Big Story: Singapore’s deeptech blueprint takes shape, but hurdles dent ambitions.

Image credit: Made by Tech in Asia using Midjourney

She highlights how the city-state has invested close to US$1 billion into the deeptech sector over the last four years. Despite this, even established deeptech ecosystem builders such as Entrepreneur First have exited Singapore due to the country’s small talent pool.

But government funding isn’t the answer to Singapore’s deeptech problem, experts say. Keeping the country’s deeptech dreams alive requires a more nuanced approach.

Speaking of Singaporeans moving out, our next Big Story looks at how a Singaporean ex-teacher landed a top Web3 job from UAE royalty. In this piece, Scott follows the journey of Derek Lim, a former educator turned crypto trader who is heading to Dubai to take the role as head of a Web3 studio run by a member of an Emirati royal family.

Deep reads