Singapore launches SGInnovate to drive innovation

Singapore's Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam on Tuesday launched SGInnovate, which focuses on enabling aspiring entrepreneurs in the country to build, commercialize and scale technology-based innovations.

SGInnovate's six-storey facility is located at 32 Carpenter Street in downtown area. The new agency is placed under the purview of National Research Foundation and supported by a range of government agencies.

SGInnovate will work with people who pursue the creation and building of technology-based products and companies from Singapore.

Areas of activity will include digital health, financial services, smart energy, digital manufacturing, transportation, artificial intelligence and robotics.

Tharman Shanmugaratnam said SGInnovate is not just a generic co-working space, nor is it a specialized technology lab. He stressed that SGInnovate is a "curator", selecting and bringing together deep tech-focused players in the same space with the aim of bringing about productive interaction.

The deputy prime minister hoped that SGInnovate will foster tech-focused communities and encourage interaction via co-working spaces, strengthen the linkages across talented individuals within the ecosystem and develop a local cadre of mentors to promising start-ups.

"I foresee that SGInnovate will keep piloting, prototyping and pivoting in the coming years. It will do what is needed, to run alongside deep-tech entrepreneurs in Singapore, on their journey towards developing pioneering solutions for the world," said Tharman.

Steve Leonard, Founding Chief Executive Officer of SGInnovate, said Singapore already has a thriving innovation and start-up ecosystem, but more can be done to empower ambitious and capable persons to pursue entrepreneurship.

"Our belief is that Singapore has the ability to imagine, design and build technology-based products that are relevant in markets around the world. SGInnovate is about making that happen as part of Singapore's economic future." Endit