Singapore will invest another $440 million to attract more venture capital firms to invest in local deep tech start-ups.
The top-up will go to the Startup SG Equity scheme run by Enterprise Singapore and the Economic Development Board (EDB). This expands the total amount of government funding under the scheme to over $1 billion.
Under the scheme, which was established in 2017, the Government collaborates with private-sector investors to back innovative and Singapore-based deep tech start-ups capable of scaling internationally.
Deep tech start-ups refer to those which provide high-tech innovation in engineering, or are based on significant scientific advances.
To support the development of more early to early-growth-stage deep tech start-ups, the cap on total government equity has also been increased from $8 million to $12 million for each start-up, said Deputy Prime Minister Heng Swee Keat on Oct 28.
He was speaking at the opening ceremony of Singapore Week of Innovation and Technology (Switch) 2024. The event is organised by Enterprise Singapore and is being held at Marina Bay Sands from Oct 28 to 30.
DPM Heng said deep tech ventures need "patient capital" with a longer timeline to mature, but Singapore is enhancing the capital market to better enable local and global start-ups to access capital for their growth and innovation.
"Singapore, as a global financial centre with more than $5.4 trillion of assets under management and more than 1,650 family offices, is well placed to do so," he added.
DPM Heng also noted that the Monetary Authority of Singapore has already formed a review group to strengthen the local equities market and provide an additional source of capital for start-ups.
Denne historien er fra October 29, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 29, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
British novelist David Lodge was twice shortlisted for Booker Prize
British novelist David Lodge, who was shortlisted for the Booker Prize twice, has died at the age of 89, his publisher said on Jan 3.
A CITY FOR BABIES
After a successful experiment, The City of Babies Lab has opened a new permanent space dedicated to children aged from birth to 23 months.
Scientist Names 16 New Spider Species After Jay Chou's Songs
A Chinese scientist has named 16 new spider species after songs by popular Mandopop musician Jay Chou.
Actress JJ Jia Xiaochen upset with hubby for not remembering wedding anniversary
Chinese actress JJ Jia Xiaochen has grumbled about her husband, Hong Kong action star Louis Fan, on social media again.
Actress Chen Liping leaves Mediacorp after 40 years
Actress Chen Liping, a household name in the local entertainment industry, has left broadcaster Mediacorp after 40 years.
Raising four cats costly, but gives Rui En four times the joy
In this new series, The Straits Times speaks to pet-owning personalities about the trials and delights of raising their fur kids
Vet Talk Check that your pet is eating safely during the festive season
Pet ownership is on the rise in Singapore, with many families treating their furry companions as one of their own.
Learning to embrace change positively
On the last evening of our recent family holiday, my three children were having a boisterous conversation in the bedroom of the apartment we were staying in.
STRONGER, TOGETHER
Good parent-teacher relationships can boost a child's confidence and holistic development
Roaring Off To A-League Adventure
Tan makes Brisbane debut as sub in loss to Canberra on her return from knee surgery
