Singapore to focus on building deep tech innovation

Deep tech is likened to a “PhD holders’ startup club” by SGInnovate, a government agency dedicated to growing Singapore's deep tech startup ecosystem.

Contrary to general tech, deep tech are innovations that emerge from a lab and are usually led by doctoral students and research scientists. They also take more time and cost to commercialise.

However, as Enterprise Singapore (EnterpriseSG)’s Assistant Managing Director, Emily Liew, says, deep tech has more transformative potential, especially in the sustainability and healthcare sectors.

Speaking to GovInsider, Liew adds: “[Deep tech] offers novel solutions that can revolutionise multiple industries, creating a profound impact on society, the economy, and the environment.”

EnterpriseSG is the government agency that supports the enterprise development of Singaporean businesses.

“Deep tech is not new to Singapore,” she observes, highlighting Singapore’s strong base in scientific research.

The agency’s focus moving forward is “to accelerate the commercialisation of intellectual property and create impactful spinoffs,” leveraging on venture building expertise to achieve this mission.

Liew and venture builder Singapore Deep-Tech Alliance (SDTA)’s Founding Partner, Luuk Eliens, share more about why the focus is on green and healthcare tech, and how working with venture builders can help Singapore achieve its mission to translate deep tech from lab to market.

Green tech aligns with the global agenda

Green tech and healthcare tech stand out as emerging areas with high growth potential, says EnterpriseSG’s Liew.

The focus on green tech is aligned with the global agenda to address climate change, and market-driven demand as the volume of green tech deals and sustainability-related sectors continues to grow.

Agreeing with Liew, SDTA’s Eliens highlights deep tech’s potential to help developing nations meet the United Nations’ Sustainable Development Goals.

It is also easier to find strategic alignment in the sustainability sector, says Eliens, as it attracts a broader range of stakeholders, including governments, corporates, and investors, who are increasingly prioritising Environmental, Social, and Governance (ESG) goals.

The green economy is also taking off in Southeast Asia, Liew adds, particularly in the areas of renewable energy, circular economy, carbon services and trading, as well as green transportation.

EnterpriseSG recently partnered with the Bill Gates-backed climate organisation, Breakthrough Energy, as well as Temasek, on a joint funding commitment for the next three years to accelerate the development of early-stage green tech solutions in Southeast Asia.

Deep tech can improve health outcomes

Singapore’s strong base in biomedical sciences and robust healthcare system position it to be “a leading hub for precision medicine in Asia,” says Liew.

There is already progress made in areas such as cancer detection, vaccine development, and medical devices, she adds. The Straits Times recently published a commentary on how precision medicine dovetails with Singapore’s emerging focus on preventive health.

She underlines opportunities for more partnerships in precision medicine tech to better predict, diagnose and treat illnesses globally.

Beyond sustainability and healthcare, Liew highlights advanced materials, quantum tech, and robotics, as emerging opportunities of deep tech investments.

A robust R&D infrastructure and ecosystem also sets the foundation for deep tech startups, in which some of them have spun off from research institutions like A*STAR.

She shares that the government’s investments into its national strategy, the Research, Innovation and Enterprise (RIE) plan, has been increasing steadily over the last decade: From S$16 billion (US$12 billion) for the period 2011 – 2015, to S$25 billion (US$19 billion) for 2020 – 2025.

In the Budget announced earlier this year, another S$3 billion  (US$2.2 billion) was added to the 2020 – 2025 period.

The critical role of venture builders

EnterpriseSG’s Liew points to three key assets venture builders have that can help deep tech startups to commercialise their products.

First, they have a proven record and knowledge of business models to bring deep tech from lab to market; secondly, they have a network of founding talents with business and technology acumen, and lastly, a network of strategic investors and other resources to help startups from Day 0.

She adds that EnterpriseSG will “intensify efforts” to attract experienced deep tech venture builders to enhance the local venture building expertise.

SDTA is among the couple of venture builders that EnterpriseSG has partnered with, focusing on venture building for green tech startups and deploying the tech in the manufacturing and semiconductor sectors.

SDTA, for example, takes a multi-pronged approach to address the unique challenges faced by deep tech startups.

This includes a capacity building programme customised to the specific needs of each startup, mentorship and expert guidance, corporate partnerships and proof of concepts, and funding.

Aside from EnterpriseSG, SDTA is also partnering with national innovation agency, Innovate UK, on the latter’s Global Incubator Programme to bring eight UK tech startups and scaleups to Singapore and to expand to the Asia-Pacific region.

EnterpriseSG’s Liew adds that a key priority for the agency is to develop a strong talent pipeline with highly skilled, technical tech talent.

The Singapore government currently uses specialised visas to attract experienced global talent, and Global Ready Talent (GRT) programme to fund local tertiary students on overseas internships.