How businesses can grow through venture creation in Singapore

EDB is committing fresh funds of S$32 million over the next two years to further drive corporate venturing and make it easier for Singapore-based companies to partner with startups. The third edition of the Corporate Venture Launchpad (CVL 3.0) aims to help companies stay competitive and grow in new areas, using Singapore’s vibrant ecosystem—from strong public-private partnerships to a rich talent pool.

Many businesses are already innovating for growth from Singapore, targeting customers in Asia and across the world. Sharing their insights at the CVL 3.0 launch event were:

• Markus Strobel, Former Global President of Skin and Personal Care at P&G;
• Rohit Girdhar, Vice President of Strategy and M&A at Infineon Technologies;
• Alvin Foo, Head of PSA unboXed;
• Marco Placidi, Head of IMI’s Venture Studio

Here are four key takeaways from their discussion, moderated by EDB New Ventures Vice President Glenda Tan.
 

Takeaway #1: Don’t be too quick to dismiss the niche ideas

The path to innovation is rarely linear and ideas can sprout from the unlikeliest of places. Companies must be ready to pivot as they explore new opportunities. P&G’s experience in creating billion-dollar brands exemplifies this.

Markus shared how a small innovation team identified a trend toward simplified skincare routines, challenging the popular, elaborate 11-step regimes. This sparked an idea to develop an “all-in-one” product.

He explained that such an endeavour—to sell fewer products rather than more—would be highly unlikely for the core corporate R&D team to pursue. However, through their venture team, P&G was able to explore the idea’s potential and test its appeal. “We launched a product called aio, or ‘all-in-one’, from Singapore, tested it in a small market and learned that it had global appeal,” he said.

P&G’s approach enabled the crucial shift from niche innovation to broader market success—with the product now doing well across Asia and its concept incorporated into core US brands.

“Because we tested in Singapore, we found that this was not only an idea for Asia, but it was a global idea,” he added. “With the global learnings we made here, we put the same concept on some of our core brands, like Olay, in America. It was the same idea launched under a bigger brand for brand recognition.”

The lesson? A smaller, agile team can innovate, test, and pivot quickly, driving breakthrough ideas that core teams may overlook.
 

Takeaway #2: Carving out a safe space for innovation

Innovation requires a deliberate balance between keeping the entrepreneurial flame burning and meeting core business needs. Whether it’s an internal venture creation or an external partnership with a startup, it is important to address this “two-culture” challenge by creating safe spaces for innovation teams.

Infineon exemplifies this by attaching representatives from internal core business units to work closely with startup partners, effectively championing their work within the company. Similarly, IMI operates its venture studio independently from their UK headquarters, allowing the team to explore new ideas without the constraints of core business, while remaining strategically aligned with the company’s long-term goals.

Creating a collaborative environment—both physically and administratively—for innovation is crucial, said Alvin of PSA.

In working with autonomous trucking company, Venti Technologies, to deploy autonomous trucks at PSA, Alvin described how they designed contractual terms, and structured testing regimes within complex, yet controlled operating environments to test out the trucks. The project has since scaled from two driverless trucks to a fleet of 28 operating around the clock, improving productivity and efficiency.
 

These partnerships allow corporates to access innovative products, services and technologies. It is why CVL 3.0 includes an additional element of support for startup partnerships.
 

Takeaway #3: Tap into existing networks

Building strong networks is a critical component of corporate venturing. Rohit shared Infineon’s year-long journey to identify deep-tech startups when they first embarked on corporate venturing in 2018.

Coming from a traditional corporate background, Infineon had little exposure to Singapore’s startup ecosystem and initially struggled to find the right partners.

With time and effort, Infineon built the networks they needed—though Rohit noted that a structured programme like CVL would have significantly accelerated their progress by providing networking platforms and thought leadership.

For businesses seeking to create new market-ready solutions, these innovation initiatives can help:

• Corporate Venture Launchpad
• Global Innovation Alliance
• Open Innovation Network & Open Innovation Platform
   

Takeaway #4: Be part of the right ecosystem – here’s where Singapore can play a role

Corporate venturing requires more than just great ideas. Talent and resources are equally important ingredients in ensuring a fruitful journey. Alvin noted that Singapore’s structured innovation ecosystem, while sometimes perceived as rigid, provides a systematic approach to developing and scaling new technologies.

Singapore also continues to develop its business and innovation ecosystem—ensuring that companies can turn research into industry-ready products and services by leveraging public-private partnerships, its rich talent pool and strong R&D base.

The government is actively investing in upstream innovation capacity through S$25 billion for Research, Innovation and Enterprise between 2021 and 2025, with an additional S$3 billion added on for research investments into national priorities and supporting companies as they deepen their innovation footprint here.

Since the launch of CVL, EDB has supported 24 companies in starting 14 ventures, which have collectively secured more than S$70 million in follow-on funding. These ventures include independent spin outs and new global business units, which are headquartered in Singapore. They target regional and global markets and will create exciting job opportunities here in new growth areas such as sustainability and AI.

“EDB’s mission for the Corporate Venture Launchpad remains clear. We are focused on helping companies stay competitive and grow in new areas by unlocking the full potential of corporate venturing, while nurturing a culture of continuous innovation from Singapore,” said Jacqueline Poh, managing director of EDB.
 

Ready to embark on your corporate venturing journey? Discover how CVL 3.0 can support your business in seizing new growth opportunities from Singapore.