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National Research Foundation reveals new initiatives to boost SME growth and capabilities
Two new government initiatives for SMEs in the tech startup sector help boost small business growth and further develop their capabilities in the area of 3D printing.
The National Research Foundation (NRF) recently unveiled two new initiatives to leverage on collaborations between institutes to help local SMEs exploit new technologies, and catalyse growth in local SMEs.
NRF's third Early Stage Venture Fund (ESVFIII)
The first of these initiatives was the launch of a S$40 million fund for small, high-tech innovative companies in Singapore. This was announced on 21 September 2015 at Techventure 2015, a two-day platform for global technopreneurs and investors at the Marina Bay Sands Expo and Convention Centre.
The fund aims to stimulate the growth of high-tech innovative startups through government co-investments with private large local enterprises (LLEs). This will encourage the development of a technology ecosystem, where smaller companies will begin to grow around a core of larger tech companies. An open call to invite eligible LLEs will take place in October 2015, with selected corporate proposals to be awarded by the end of March 2016.
Speaking at Techventure 2015, Minister-in-Charge of the Smart Nation Initiative, Dr. Vivian Balakrishnan addressed delegates and attendees saying: “We believe that by catalysing the development and the growth of more start-ups, of more innovative companies, by building a tightly networked ecosystem we can help all of you ... derive more value to exploit new technologies, build new networks, and in your success, you will also help Singapore to transit into an innovation economy."
National Additive Manufacturing Innovation Cluster
On 22 September, NRF also announced together with SPRING Singapore the formation of a National Additive Manufacturing Innovation Cluster (NAMIC) to help companies develop capabilities in 3D printing.
The initiative, which was announced at industry event TechInnovation by Minister for Trade and Industry S. Iswaran, recognises the growing need for 3D printing capabilities and is focused on adapting research in 3D printing technologies to applications for manufacturers in Singapore. This will enable local SMEs to use 3D printing in their manufacturing process in more cost-effective ways.
SMEs will be able to tap on the resources and expertise of the local universities leading this initiative, namely the Nanyang Technological University, the National University of Singapore and the Singapore University of Technology and Design.
According to Mr. David Yeow, director of special projects at NTUitive, Nanyang Technological University, the initiative aims to build awareness of 3D printing technology amongst local SMEs, and also assist them cost-wise when they do begin their foray into 3D printing, which can be expensive to venture into.
Having identified 3D printing as a key area for growth, the Singapore government is ready to provide funding for companies that work with these universities to offer or incorporate these printing technologies. The amount of funding will depend on the nature and scale of the projects.
Mr. Iswaran said at the launch: “NAMIC will translate related upstream research in Singapore's public research entities and institutes of higher learning into downstream commercial applications, lowering the barriers for companies to incorporate additive manufacturing technologies into their core business”.
Summary of the initiatives
- The ESVFIII is a S$40 million fund aimed at helping the growth of high-tech innovative startups. This is done in part to spur the growth of a strong technology ecosystem locally amongst SMEs.
- NAMIC is an initiative to help build awareness of 3D printing technology and further develop other capabilities amongst local SMEs in the manufacturing industry. The initiative also aims to help fund companies when the do venture into 3D technology for business purposes.
These initiatives announced by the NRF mark a highly opportune time for entrepreneurs to take the leap and launch their startups, or to develop their capabilities in 3D printing-related technologies and services.
With Singapore having no lack of government initiatives for SMEs, there really is no better time than now for tech startups to realise their potential in the local market.