Singapore's EDB invests S$32mn in third edition of Corporate Venture Launchpad programme

The third edition, ⁠CVL 3.0, will emphasise fostering partnerships between Singapore-based companies and startups.

The Singapore Economic Development Board (EDB) is investing S$32mn over the next two years to continue driving its Corporate Venture Launchpad (CVL) programme. 

The third edition, ⁠CVL 3.0, will emphasise fostering partnerships between Singapore-based companies and startups.

In collaboration with nine new CVL 3.0 partners, EDB’s New Ventures team will assist selected companies in exploring new growth areas. These partners will help companies create innovative ventures and establish capabilities for effective corporate-startup collaborations.

Since the launch of CVL, EDB has supported 24 companies in launching 14 new ventures, with more ventures in the pipeline. These ventures are headquartered in Singapore, targeting regional markets and creating exciting job opportunities here.

These ventures have generated over S$70mn in follow-on funding so far. Notably, at least 10 companies are developing multiple ventures, with six focusing on emerging fields like sustainability and AI.

Jacqueline Poh, Managing Director, EDB, said: "The CVL programme has been a catalyst for companies to innovate for growth by leveraging Singapore’s world-class business ecosystem. 

CVL 3.0 reaffirms EDB’s commitment to partner businesses to deepen their innovation footprint here through venture creation, and drive win-win collaborations between corporates and startups.

Further support for corporate-startup partnerships

The expanded CVL 3.0 programme will support partnerships between companies and startups, offering a new way for businesses to access innovative products, services, and technology. Instead of starting their own ventures, companies will team up with Open Innovation Partners to connect with top-quality startups. 

This collaboration aims to co-develop products in Singapore, open new revenue streams, and find solutions that will enhance productivity and cut costs. 

Startups will benefit from having more opportunities to grow by tapping into real corporate demand in Singapore, helping to strengthen the local entrepreneurial ecosystem.

Isabel Chong, Senior Vice President and Head of Siemens Digital Industries in ASEAN at Siemens, one of the participating companies, shared: "Our collaboration with local hydroponic farm Artisan Green leverages our automation and digitalisation solutions to increase its output and scale operations.

"It exemplifies the synergy between our technological expertise and Artisan Green’s approach to urban farming, and a shared commitment to the sustainable production of high-quality, locally grown produce."

Creating new Singapore-based ventures

The above aside, CVL 3.0 will continue to aim to help companies diversify their business opportunities by creating new ventures based in Singapore. 

Working with 'venture studio' partners, participating companies will learn to validate their concepts through six-month sprints and build long-term capabilities for venture creation.

Overall, nine CVL 3.0 partners include venture studios and 'open innovatio'n partners and will provide customised support based on each company's needs, providing unique capabilities, methods, talent, and resources.

Additional support features of CVL 3.0 include:

• EDB will co-fund up to 50% of costs for concept validation and startup partnership projects.
• Extra grant support will be available for launching and scaling startup pilot projects.
• EDB will offer venture builders and advisory support for validation and partnerships.
• Companies may gain access to regional and global networks, including investment opportunities from EDBI and connections with VCs and family offices.

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Lead image / EDB Singapore