SINGAPORE: As part of efforts to cultivate more cutting edge innovation, the Government unveiled SGInnovate on Tuesday (Nov 22).
It was first announced in Budget 2016 to promote start-ups in new and existing industries by playing an accelerator-type role. It will work with entrepreneurs to build, commercialise and scale technology-based innovation in areas including digital health, digital manufacturing, artificial intelligence and robotics.
Speaking at the launch on Tuesday, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam said SGInnovate "is a curator, selecting and bringing together deep tech-focused players in the same space with the aim of catalysing productive interaction".
SGInnovate will continue work from its predecessor Infocomm Investments - the venture investment arm of the former Infocomm Development Authority - and will now be under the purview of the National Research Foundation.
Mr Tharman added: "SGInnovate is itself a start-up and it would require a different set of capabilities from the usual Government agency work."
It has already secured several major engineering firms as partners such as McLaren Applied Technologies and chipmaker Nvidia. It aims to connect them with expertise from varsity partners such as the National University of Singapore, Nanyang Technological University, Singapore Institute of Technology and Singapore University of Technology and Design.