Rejoice startups of Singapore! Our little birds have brought us good tidings of a new S$40 million (US$29.2 million) government fund for startups. It will be the third installment of the Early Stage Venture Fund (ESVFIII) (Corporate Venture Fund), part of a scheme by the National Research Foundation (NRF).
This fund will be awarded to a four large local enterprises (LLEs) to co-invest up to S$80 million (US$58.4 million) in Singapore-based startups on a 1:1 basis. It will be officially unveiled at the InnovFest unBound 2016 organised by NUS Enterprise and unBound Media.
“This serves to encourage enterprises to increase their innovation capacity through corporate venturing to source for new technologies and business models tied to their overall corporate strategy, and to enable start-ups to scale up by leveraging on the LLEs’ mentorship, resources and networks,” stated an official press statement.
Apart from that, phase 2 of TechSG, a wikipedia-esque platform for information on Singapore-based startups, founders, investors, technology providers, incubators, and other facilitating intermediaries including government, will be launched.
An MOU between Ascendas Singbridge and NUS Enterprise to develop Singapore’s first Deep Technology Innovation Hub at Franklin, Science Park 1, will also be signed.
For those interested in the story of a little smartphone game – and now a major motion picture production – Angry Birds, Peter Vesterbacka who is the Founder and Mighty Eagle at Rovio Entertainment, will be sharing his experience in the creation of the Angry Birds franchise in a fireside chat.
InnovFest unBound 2016 will be held from 17 – 18 May 2016 at the Marina Bay Sands and is the anchor event in the Smart Nation Innovations 2016, a week-long event organized by IDA.