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Budget 2020: Gov’t To Invest Additional S$300M In Deep-Tech S’pore Startups

deep tech startup singapore

As part of Singapore’s transformation and growth efforts, Minister Heng Swee Keat announced in this year’s Budget speech that the government will enhance support to enterprises, at each stage of their growth.

He says many enterprises are deepening their capabilities — by innovating, digitalising and venturing overseas.

He added that Singapore’s startup ecosystem is vibrant. There are about 3,800 technology startups in Singapore, and about 150 venture capital funds investing in local and regional startups.

According to the Global Startup Ecosystem report, Singapore’s startup ecosystem is ranked in the top 15 worldwide.

This year, the Government will improve support for deep-tech startups — those in emerging technology areas such as pharmbio and medtech, advanced manufacturing and agri-food tech.

To catalyse investment into deep-tech start-ups, an additional $300 million will be set aside under the Startup SG Equity.

Mr Heng says the Government expects this to draw in more than $800 million of private funding over the next 10 years.

Featured Image Credit: BeamStart

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