Corporate innovation has become a buzz phrase in recent years, what with more corporates and startups realising the mutual benefits of engaging in a collaborative effort. This phenomenon is gaining prevalence especially in Singapore, which is ranked fifth among the world’s most innovative nations and first all over Asia. Right at the heart of this progress are organisations that create opportunities for corporate innovation.
Two such enterprises, ICMG and Origgin, recently co-founded The Venture Co-Creation Platform (VCC). ICMG Pte Ltd in Singapore, an affiliate of the ICMG corporation in Chiyoda, Tokyo (represented by director and Group CEO Hitoshi Funahashi), has executed a contract on 15 November 2018, committing to the joint organisation of the VCC with the Singapore-based venture building and investment company Origgin Pte Ltd.
Purposeful innovations focussed on deep tech in Singapore
ICMG Pte Ltd bases itself on the principle of creating “purposeful innovations” that are significant on a global scale and offers open innovation services for industry leading companies. With the co-founding of VCC, ICMG Pte Ltd will now make large-scale efforts to launch startups.
The VCC is a platform that would help launch purposeful startups backed by Asian and Singapore-based deep tech (state-of-the-art science and technology), and realise business co-creation through collaboration with large companies. The VCC platform will accelerate implementation of solutions to solve serious social issues around the world through launching purpose-driven startups. Currently, there are agreements with the Agency for Science, Technology and Research (A*STAR), and collaboration with local universities such as the National University of Singapore (NUS). In a short span of 18 months, there has already been 21 startups launched under VCC and operations will continue to expand.
Startups launched by VCC receive a great deal of support from the Singaporean government, allowing for the possibility of rapid business development from proof-of-concept (POC) to working with the early adaptors. This represents a movement to create startups aligned towards government initiatives. In addition, large enterprises can utilise these POCs between VCC startups and public sectors for business model innovation, as well as new business development.
The value of VCC to companies
These companies will not only experience acceleration in innovation of their business model and business strategy based on their strategic issue and innovation theme, they will also be able to join a network that takes advantage of the potential of Singapore as a strategic location.
- Joint development through the proactive involvement with public sector startups in their early stage
- A chance to take part in business POC opportunities created by VCC startups
- An opportunity to partake in the Singapore startup and innovation ecosystem that is supported by the government.
There are two ways to join the VCC Platform:
- Participate and obtain latest information on ICMG digital platforms: Facebook and LinkedIn
- Participate in their innovation programs where they present collaboration opportunities with corporates and other VCC startups
The roles of companies involved with VCC
ICMG Pte Ltd– ICMG Pte Ltd is a corporate innovation accelerator and has an impressive track record in collaborative promotion of innovative management and achieving accomplishments through open innovation in Japan and Asian businesses, and will lead in the design and execution of plans for VCC’s global strategy as well as managing and leading joint development programs for large enterprise and startups.
Origgin Pte Ltd– Origgin Pte Ltd is a Singapore-based venture building and investment company. Through the serial entrepreneurs on their team, Origgin Pte Ltd has been successful in the establishment of startups that work with the public and private sectors, and will lead efforts to link various Asian governments/government bodies/private businesses, assess the quality of deep tech related startups, and launch startups.
A*STAR (Agency for Science, Technology and Research)– ASTAR is a research agency of the Singaporean government which develops technology to assist in the realisation of Singapore’s national vision of creating an innovative nation as well as the “Smart Nation” initiative. A*STAR will assist in the development of deep tech and in linking these developments to industry.
A quick look at ICMG:
Founded on : 19 April 2000 (Official name changed on October 1st, 2011)
Location : Tokyo Chiyoda Ward, Uchisaiwaichou 1-1-7, Hibiya U-1 Building 21st Floor
Group CEO : Hitoshi Funahashi
Business outline: Management consulting, cooperative development, business ecosystem development, human resources management, etc.
Founded on : 7 June 2011
Location : Future Center Suntec (FC1) 6 Temasek Boulevard #42-02 Suntec Tower 4
Future Center Blk71 (FC2) Blk 71 Ayer Rajah Crescent #05-19/20/21 Singapore 139951
Contact Person: Yusuke Tsuji ([email protected])
*For questions related to The VCC Platform, please direct them to ICMG Singapore.
Disclosure: This is a republished article, sponsored by ICMG Pte. Ltd Singapore