New funding aims to foster partnerships and innovation between startups and established companies
On August 29, 2024, the Singapore Economic Development Board (EDB) announced a further commitment of S$32 million over the next two years to support its Corporate Venture Launchpad (CVL) 3.0 programme. This new funding, 60% higher than the S$20 million allocated for CVL 2.0 in 2022, aims to assist Singapore-based companies in forming stronger partnerships with startups and fostering innovation in key growth sectors.
The CVL initiative was launched in May 2021 with an initial S$10 million to help companies explore new business models and drive innovation through collaboration with startups. To date, the programme has supported 24 companies in launching 14 new ventures, with additional ventures in the works.
Key Highlights:
New Funding: S$32 million will help drive corporate-startup partnerships and innovation.
Growth Areas: The programme focuses on sectors with high growth potential.
Partnerships: Nine partners will work alongside the EDB to guide companies in developing new ventures and collaborating with startups.
Success Stories: Notable past participants include Engie Factory, which launched ventures in battery management software and biomass-to-energy.
Corporate-Startup Collaboration: The programme will also focus on resolving misalignments between startups and large corporates, a common issue raised by companies in earlier stages of the programme.
The CVL 3.0 initiative reflects EDB’s ongoing efforts to stimulate innovation and foster a vibrant startup ecosystem in Singapore by creating more opportunities for collaboration between startups and established enterprises.
