Among the many announcements in Budget 2020, one which slipped under the radar was the S$300 million injection by the Government into Startup SG Equity for deep-technology startups.
Under the scheme, the Government will co-invest up to S$4 million with qualified third-party investors into eligible Singapore-based deep technology startups.
As a deep-tech venture capitalist in Singapore’s startup scene, the announcement by Deputy Prime Minister Heng Swee Keat last Tues (Feb 18) was music to my ears.
This is a timely injection to support the rise of new emerging deep technology companies in areas such as urban solutions and sustainability, health and medical biosciences, advanced manufacturing and agri-food.
Deep technologies are essentially those that can bring about substantial scientific-based inventions or high tech engineering innovations that will significantly improve standards and our lives.
Artificial intelligence, the internet-of-things, alternative proteins and material sciences are some examples of deep technologies.
For further reading, read more at https://www.todayonline.com/commentary/govts-s300-million-injection-deep-tech-scheme-will-benefit-singapore-some-concerns-remain