MIT REAP Team Singapore’s regional focus is on the city-state as a whole. SG Innovate is the backbone organization in MIT REAP Team Singapore. This is a strong team with aligned stakeholders representing government, risk capital, corporate, and university stakeholders, including Infocomm Investments.

Team Members

University
Government
Corporate
Risk Capital
Entrepreneur

Innovation Ecosystem Stakeholder Model

Steve Leonard
Champion
Executive Deputy Chairman, Singapore Infocomm Development Authority
Lily Chan
CEO, NUS Enterprise
Jane Goh
Senior Partner Manager, Infocomm Investments
Edgar Hardless
CEO Singtel Innov8
Amanda Kwek
Senior Communication Manager, Infocomm Investments
Alex Lin
Head, Infocomm Investments
Lay Lim Teo
Senior Managing Director ASEAN, Accenture
Meng Weng Wong
Social Engineer, Joyful Frog Digital Incubator

Team Strategy

  • Challenge & Opportunity
  • Strategy & Action
  • Change the mindset of parents and teachers towards a culture that fosters entrepreneurship not just innovation.
  • SG Innovate
    • One of the challenges facing Team Singapore during their MIT REAP journey was the reality that many ambitious and capable men and women in Singapore don’t see entrepreneurship as a viable path for them.  However, Team Singapore was also aware that the country has a good mix of the “five parts” of any successful ecosystem (venture funds, government, corporates, academia and entrepreneurs).  In addition, Team Singapore knew that while government had been a strong supporter of significant and sustained investment in scientific research, government also felt much more value could be generated from that research.
    • As a result, the Singapore Government recently formed a new entity called SG Innovate. This organization is focused on working with individuals and teams, primarily from within the universities’ research community, who believe their work can create positive impact in the world, but are unsure how to start and build a company.
    • SG Innovate is now working with investors and mentors who will work closely with these individuals who want to turn their science-based research into potential products.  The goal is that these products will serve as the foundation for high-potential startups.

 

  • Strategic Intervention(s):
    • Singapore government has created SG Innovate and wants to embed the program in the National Research fund ($19B) to allow it to scale and provide more commercialization potential: http://www.nationmultimedia.com/business/Singapore-launches-SG-Innovate-to-help-start-ups-f-30283044.html
    • The organization is mandated to “Experiment” with the ability to test and fail with new initiatives
    • Looking to expand SG Innovate into finance, energy and health industry verticals
    • FinTech Office: http://www.mas.gov.sg/News-and-Publications/Media-Releases/2016/New-FinTech-Office.aspx
    • Working on a program called “EntrepreneurFirst,” which is a training program to teach top students entrepreneurial skills by funding them to join a startup.
    • Government bond system where the government will pay for a student to study at a top university and then assist them in starting a new business. The student will then pay the bond back through proceeds from the startup.
    • National Infocomm Scholarship– supports students planning to attend university by shaping the student’s and their parent’s opinion on entrepreneurship as a career path.
    • IIPL Management Associate Track established with the Entrepreneur First program – helping young people obtain entrepreneurial education and understand how joining or founding a startup can be a great opportunity.
  • Metrics of Success:
    • Series A investments in relevant startups is the metric of success
    • Worked with Forbes 30 Under 30 Asia who is working to help celebrate and promote local entrepreneurs.
  • Executive Summary:

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Core Regional Metrics

Economic & Social Progress

Social progress and economic prosperity as a collective measure of development in a region.

Innovation-Driven Entrepreneurial Ecosystem

Innovation-Driven Entrepreneurial Ecosystems are regional environments that effectively support startups focused on addressing global markets based on technological, process or business model innovation.

Innovation Capacity

Ability to develop new to the world innovations from inception through to the market.

EXPAND ALL

Performance

Funding

-Funding for research
-Government programs

Policy

-Competition policy
-Intellectual property policy
-Technology transfer and collaboration policy

GCI

Demand

-Nature of established companies in region

People

Coming soon!

Culture & Community

Coming soon!

Infrastructure

Coming soon!

Entrepreneurial Capacity

Ability to start and build new to the world businesses from inception to maturity.

EXPAND ALL

People

-Pool of entrepreneurs
-Quality of entrepreneurial education

GEM

Funding

-Accessibility of entrepreneurial capital (government, private, equity, debt, grants)

Policy

-New business creation policy
-Business law and business policy

Demand

-Government, corporate and consumer demand for new products and services

Performance

Coming soon!

Culture & Community

Coming soon!

Infrastructure

Coming soon!

Team News

July 21, 2015
tony-tan-mit-reap

Singapore hosts MIT’s Regional Entrepreneurship Acceleration Programme

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March 7, 2016
singapore-marina-bay-sands-light-lines

Singapore launches fellowship to attract world’s best data scientists and technologists

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July 24, 2015
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Singaporean President Tony Tan hosts MIT delegation

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April 21, 2015
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S’pore offers to be test bed for urban solutions

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July 21, 2015

Opening remarks by President Tony Tan Keng Yam at MIT Global Innovation Gala Dinner on 21 July 2015

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July 22, 2015
singapore-to-host

Singapore to host MITs ASEAN entrepreneurship programme

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