Singapore Economic Development Board
(Notice) EDB Launches Subsidy Program to Support the Creation of Corporate Ventures
Additional investment of 20 million S$ (about 2 billion yen)
The Singapore Economic Development Board (EDB) has launched a grant program called “Corporate・We will deploy Venture Launchpad 2.0 (hereinafter referred to as CVL 2.0). This is based on the 10 million S$ (approximately 1 billion yen) pilot program that EDB started in May 2021. By adding S$ (about 2 billion yen), we aim to create new ventures in high-growth fields in collaboration with companies by 2024.
This program works with existing Singapore-based companies, regional family companies, and high-growth companies to quickly and effectively launch new businesses and develop innovative products, services, and business models. The purpose is to support the creation of new growth and revenue sources by building new businesses.
CVL 2.0 Program Executive Summary
a. Each “Concept Validation Sprint (concept verification period in the early stages of establishing a venture)” will receive a subsidy of up to S$500,000 (approximately 50 million yen), which is split between the company and the total amount. will be paid. EDB can also provide advice and connections, and, if necessary, involve venture builders in corporate venture founding members.
b. For ventures with high future potential, “Venture Building Launch” (new business start-up / founding period), which promotes the establishment, development of products with the minimum required functions, recruitment of founding members, etc. An additional subsidy of 500,000 S$ (approximately 50 million yen) will be shared with the company for the costs incurred at the stage.
c. A self-help toolkit for clarifying the concept of starting a venture, assessing organizational readiness for starting a venture, and choosing the right venture studio*1. will be available.
Venture building process and support
This program consists of tranches divided into two main stages as follows, in order to deal with the challenges that companies face when launching ventures in new business areas other than their core business.
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Phase 1 – Concept Validation Sprint*2 (Tranche 1)
We support participating companies in the early stages of launching ventures. Clearly define the goals of the venture, go through in-depth market validation, and ensure that the idea is deployed. During this period, we will apply venture-building methodologies, develop ideas into investable business plans, and accelerate the data-backed validation process through interviews with customers and stakeholders. Phase 2 – Venture Building Launch (Tranche 2)
Only promising projects that have successfully completed tranche 1 are eligible for tranche 2 support. This is the stage where ventures provide full-fledged products and services, and EDB encourages the founding members of companies to launch new businesses, and the companies and EDB jointly bear the risk of starting businesses from subsidies. support.
EDB Undersecretary Jacqueline Poh said: “With CVL 2.0, EDB aims to support the creation of corporate ventures, co-pay for entrepreneurial risks from subsidies, and strengthen the innovation ecosystem. We look forward to joining more companies who are willing to grow.”
Examples of ventures founded by the CVL pilot program
So far, 13 companies have joined the CVL pilot program and at least six have launched new ventures in Singapore. We are making an additional seed investment of at least 50 million S$ (approximately 5 billion yen) in total to build the business.
Bayer Labo Partnership: Bayer and Rabobank, a cooperative financial institution in the Netherlands, will collaborate on a
Business-to-Business-to-Farmer (B2B2F) platform to provide credit It offers a “Farmer Uplift Journey” that integrates elements such as farming and agronomy with a focus on de-risking farming.
Electrolux: Founded by Sweden-based leading consumer electronics manufacturer Electrolux, Levande offers an all-in-one consumer electronics subscription service that includes set-up, delivery, service and a 48-hour replacement warranty to eliminate electronic disposal. contributing to the reduction
・ Mandai Wildlife Group: Manages the only animal and nature area in Singapore called Mandai Wildlife Reserve, where children can explore the natural and animal worlds through online and offline experiences, We provide products that can be learned.
Keppel Land, a real estate developer under Singaporean conglomerate Keppel Corporation, aims to be a market leader in senior housing, offering digital wellbeing, companion care and connectivity solutions for senior care. are embarking on the field.
・ Navigator is a venture launched by Singlife with Aviva, a major financial services provider in Singapore, to create a new wealth platform business that goes beyond Singlife’s core insurance business. The new venture of Singapore’s leading energy company, Sing Fuels, aims to be a trade technology platform to tackle various challenges surrounding the marine fuel industry, including financial contraction, transparency, carbon emission reduction and digital transformation. . *1: The six venture studios appointed as members of the CVL 2.0 program specialize in generating, incubating, and building the ideas necessary to lead new businesses to success. It offers unique development services, methodologies, personnel, and more.
*2: In a period of 3 to 6 months, we will thoroughly verify the concept and recommend steps for starting a business.
For more information on CVL2.0 and the English press release, please see: https://www.edb.gov.sg/en/how-we-help/corporate-venture-launchpad-programme.html
https://www.edb.gov.sg/en/about-edb/media-releases-publications/edb-expands-corporate-venture-building-programme-to-support-more-companies.html About Singapore Economic Development Board (EDB)
Established in 1961, EDB is a government agency under the Ministry of Trade and Industry, responsible for industrial development and investment attraction in Singapore. As a “one-stop center for attracting foreign companies”, we have offices in more than 20 overseas locations, providing foreign companies with information on Singapore as an investment destination, as well as grasping global economic, technology and market trends. By doing so, we formulate economic strategies to foster competitive industries and sectors in Singapore. In Japan, we have an office in Tokyo and support Japanese companies to invest in Singapore.
For the latest business news and information about EDB events, be sure to sign up for EDB’s newsletter: https://go.gov.sg/edb-bridge Details about this release:
https://prtimes.jp/main/html/rd/p/000000007.000096113.html