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Insurance Benefits For Tech Innovation Hubs And Incubators In Europe – Singapore, with its impressive business district, is firmly established as the preferred destination for business-led international partners. (Photo credit: Urbanscape/Shutterstock)
The dramatic growth of Singapore’s technology ecosystem has resulted in a steady stream of B2B innovation in key sectors related to the digital economy, such as fintech, cybersecurity, cloud management and software-as-a-service.
Insurance Benefits For Tech Innovation Hubs And Incubators In Europe
A key element of this continued success is a culture of co-creation where start-ups have access to a wide range of business investment and mentorship programs. Singapore’s big businesses have shown a willingness to actively seek external inputs and innovation – supported by various grants and a network of private sector coordinators such as innovation platforms, incubators and accelerators.
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Indeed, Singapore is well established as a destination for multinational corporate partnership programs such as Facebook Accelerator, Cisco Innovation Center and SAP.IO. Such an environment allowed technological innovators to scale quickly; For example, by joining the Facebook platform, Jumper AI – the developer of an AI-powered omnichannel conversation solution – quickly acquired 50 new business customers, including Disney, Unilever and Samsung, and saw a 20-fold increase in monthly revenue . Facebook, on the other hand, gained access to a smart solution that now has a fully integrated Messenger API, Instagram Direct Messaging and FB Live, among others. Jumper AI’s success led to its recent acquisition by cloud communications giant Vonage.
The large number of such initiatives led many other multinational companies to follow suit. Last February, for example, Dell Technologies launched a $50 million global innovation center aimed at accelerating the adoption of digital solutions and making digital innovations developed in Singapore available to its global partners and customers.
Then in October, Medtronic, a world leader in health technology, announced that it will invest $50 million over the next five years in the development of medical technology. This investment will be provided through the Medtronic Open Innovation platform, which will allow strategic collaboration in the development of technology in the health sector, with a focus on medical technology and digital health in the APAC region. “In recent years, we have seen an increasing number of medical and digital technology start-ups in the Asia-Pacific region and close to 200 local start-ups,” said Goh Wan Yee, vice president and head of health u Economic Development Council of Singapore. (EDB) was observed during the announcement.
“Singapore was Medtronic’s strategic hub with a manufacturing facility, regional headquarters for the APAC region, and is now the center of the open innovation platform,” Chris Lee, president of the company’s Asia-Pacific region, said. also commented on at the time. “Building on the entrepreneurial spirit we share with other companies, including Medtronic startups, the OIP serves as a platform for us to nurture new ideas, strengthen new ecosystems, and translate collaboration into practical results.”
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In February last year, Dell Technologies launched a $50 million Global Innovation Hub aimed at rapidly deploying digital solutions and making digital innovations developed in Singapore available to its global partners and customers.
The benefits of such platforms for the start-up sector are obvious. The community of business partners provides entrepreneurs with the opportunity to discover, test, learn and create in the context of solving real problems. Indeed, when an organization of the startup culture allows effective creativity, a business infrastructure is often necessary to integrate marketing resources, build customer networks and promote international relations.
For companies, the benefits of such investments and collaborations become undeniable as start-ups bring creative solutions in-house and allow companies to refine their product suite, better serve their customer base, and introduce viable models, old and new ideas. at the heart of their business.
It is estimated that in 2017-2027, 50% of the companies from the S & P 500 index will be replaced. It is no wonder that in the innovation report published by PwC, 61% of the companies surveyed implement open innovations. This need to promote and facilitate relationships is especially urgent in Singapore because of the large global companies located in the city region.
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The Global Innovation Alliance (GIA), a joint initiative between Enterprise Singapore and EDB, has built a network of Singaporean and overseas partners in key innovation centers and high-demand markets around the world. GIA’s accelerator programs connect companies with the international business and technology communities, both supporting Singaporean start-ups and SMEs to expand overseas and empowering international start-ups seeking to grow from his Singaporean startup.
Indeed, the Singapore government is also always looking for new solutions to achieve its goals, accepting close cooperation with start-ups and establishing new competitions to meet the challenges of the public sector.
One of these challenges was the inspection of old tall buildings that needed inspection. To address this issue, the Building and Housing Authority of Singapore has issued a call for innovative drone inspection technology solutions that will make the process safer and more efficient.
Medtronic’s open innovation platform will enable strategic technology collaboration in the healthcare industry, with a focus on medical technology and digital health in the APAC region.
Health Innovation Hub
To answer this call, Singapore-based commercial developer Blue InCube Ventures has partnered with start-up Claritas Technology and German drone systems manufacturer Third Element Aviation. Third Element Aviation, awarded a capacity building grant from Enterprise Singapore for the project, helped develop the drone system, while Claritas focused on developing a test platform that supports artificial intelligence, the analysis of disabilities and advanced sensors.
Despite the pandemic that meant that most of the work had to be done from Europe, the success of the collaboration gave Third Element Aviation the opportunity to reach around 4,000 buildings a year and secure a strong position in the Southeast Asian market.
Such examples from the public and private sectors show that the combination of a healthy start-up ecosystem, a large pool of innovative companies and supportive policies creates an ideal environment for sharing, scaling and commercializing impactful technologies.
To learn more, read the EDB guide on how Singapore’s tech ecosystem is helping to fuel Southeast Asia’s fast-growing Internet economy.
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Subscribe to our daily news rotation! Give your business an edge with our industry leading insights. Give your business an edge with our industry leading insights. Close Singapore’s per capita income is high and the demand and availability of technology solutions is high, spanning the private and public sectors. Image source: ADB.
This city-state is a good example for other Southeast Asian countries that want to become centers of technology and innovation.
Singapore has a vibrant ecosystem that nurtures and develops technology-driven start-ups. In 2022, its ecosystem was ranked 18th in the world and fifth in Asia, after Beijing, Shanghai, Seoul and Tokyo, according to Startup Genome and the Global Entrepreneurship Network. According to the Global Index of Digital Entrepreneurship Systems created by Asian Bank (ADB), the city-state has the best digital environment and support system for entrepreneurs in the world, followed by the United States and Sweden on the list of 113 economies.
Startups are an important part of the global economy – they create jobs, technology and business models, and attract investors. To succeed, they need a supporting ecosystem consisting of funding sources, digital infrastructure, government programs and policies, technical and entrepreneurial talent, and incubators and accelerators. There must be market demand in the ecosystem for its products and services and expansion. A culture of risk and entrepreneurship is another important ingredient.
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Singapore has gained a reputation as a start-up hotbed over the past decade. In addition to favorable taxes, infrastructure and ease of doing business, key elements of the ecosystem are government subsidies for start-ups and capital for companies.
A study by ADB analyzes the key features of Singapore’s startup ecosystem. Provides recommendations for other Southeast Asian countries based on research data and reviews of systems in Indonesia, Malaysia, and Thailand. The report focuses on four high-impact technology sectors: agritech, greentech (also known as cleantech), edtech and healthtech.
This article comes from Singapore’s tech start-up ecosystem and lessons from its neighbors. This report is part of the “Ecosystems for Asia-Pacific Technology Startups” series.
Many factors contribute to the evolution of the tech startup ecosystem in Singapore. Although it is a small country with 5.6 million inhabitants, the per capita income is high and the demand for technological solutions is high, both from the private sector and from the public sector. For example, there is a great need for innovation in the technology of urban agriculture because the land for food production is limited and the country imports about 90% of its food. The economy is open and globally integrated, with companies providing goods and services to major markets in the region and beyond.
The Place For Who’s Next
Starting with finances. The government encouraged the creation of local funds, but also attracted foreign funds to open offices in the country. Where it has developed, it has used a co-investment model
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