EDB commits additional funding of S$32 million; facilitates partnerships with startups

The Singapore Economic Development Board (EDB) is committing S$32 million in fresh funds over the next two years to continue driving corporate venturing here. The third edition of the Corporate Venture Launchpad (CVL) programme will have an additional area of focus – providing support for Singapore-based companies to form partnerships with startups.

Together with nine appointed CVL 3.0 partners, EDB’s New Ventures team will work with selected companies to innovate in new growth areas. The partners will guide companies to create new ventures and establish capabilities for effective corporate-startup collaborations.

The first edition of CVL was launched in May 2021 with S$10 million in pilot funding. In July 2022, EDB expanded the programme to include more companies and committed additional funding of S$20 million.

Since the launch of CVL, EDB has supported 24 companies in launching 14 new ventures, with more ventures in the pipeline. These ventures are headquartered in Singapore, target regional markets and create exciting job opportunities here. They have also received over S$70 million in follow-on funding from existing and new investors. At least 10 of these companies are building multiple ventures with some establishing dedicated venturing outfits for themselves. Six of the new ventures are focused on opportunities in new growth areas such as sustainability and AI. Refer to Annex A for details of new ventures from CVL 2.0.

Expanded programme to support corporate-startup partnerships

The expanded CVL 3.0 programme will introduce support for corporate-startup partnerships, which is an additional pathway for companies to access innovative products, services and technology.

Instead of creating their own venture, companies will work with Open Innovation Partners to connect with existing high-quality startups to partner them to achieve meaningful commercial outcomes. Such outcomes include co-developing products in Singapore to unlock new revenue streams, or adopting solutions that boost productivity and reduce costs. The startups will have more opportunities to grow by tapping into real corporate demand in Singapore, uplifting the local entrepreneurial ecosystem.

An example of how corporate-startup partnerships can drive innovation and growth is Siemens' collaboration with Artisan Green.

Continued focus on strengthening long-term venture creation capabilities

CVL 3.0 will continue to support companies to diversify business opportunities, through creating new ventures headquartered in Singapore. In collaboration with Venture Studio Partners, participating companies will learn how to validate concepts within six-month sprints, as well as build sustained, long-term venture creation capabilities.

Global specialist engineering company IMI plc launched its in-house venturing arm, IMI Venture Studio, after its participation in CVL to further develop sustainable energy ventures.

The nine CVL partners comprise Venture Studios and Open Innovation Partners. They will provide tailored support based on the experience level of each company, bringing their unique version of capability-building offerings, methodologies, talent and resources. Refer to Annex B for the list of appointed CVL 3.0 partners.

Other support features of CVL 3.0 include:

• EDB will co-fund up to 50% of professional services and manpower costs for each concept validation sprint and startup partnership initiative;
• Additional grant support will also be available for select companies to launch and scale startup pilot projects, co-developed with their startup partners; 
• Where relevant, EDB will deploy its venture builders and advisory support to be part of the concept validation sprints and startup partnership initiatives, respectively; 
• Potential access to regional and global ecosystem connections, including investment opportunities from EDBI, and a network of relevant VCs and family offices.

Refer to Annex C for additional details on CVL 3.0 support

Applications for companies to participate in CVL 3.0 are now open. Please visit the following website for more details: https://www.edb.gov.sg/en/grants/corporate-venture-launchpad-programme.html