Keynote Speech by MOS Low Yen Ling at the NTUitive Technology Roadshow 2023

Professor Louis Phee, Acting Board Chairman, NTUitive

Mr David Toh, CEO, NTUitive

Distinguished Guests,

1. Good afternoon. Thank you for inviting me to the inaugural NTUitive Technology Roadshow. The excellent turnout today reflects the vibrancy and strength of our community of entrepreneurs, investors, accelerators, incubators and industry stakeholders.

Congregating the Startup Ecosystem

2. The entrepreneurship scene in Singapore has blossomed over the years, thanks to the support from our ecosystem of stakeholders and enablers. Today, we are ranked 8^th in the world in the 2023 Global Startup Ecosystem Ranking by Startup Genome. We are also consistently recognised as having the Best Business Environment in the World by the Economist Intelligence Unit. We are also ranked first in Asia for talent competitiveness and IP rights protection. Furthermore, we are fortunate to count more than 200 accelerators and incubators and many innovation-ready corporates as part of our network. Each has played a significant role in enriching our ecosystem in diverse and valuable ways.

3. NTUitive is crucial in bridging the gap between technology and the market in this ecosystem. It also offers budding entrepreneurs the resources and strategic relationships they need to start their ventures. By linking NTU’s extensive student body with various research institutes involved in breakthrough innovation, NTUitive has the potential to discover the next big and commercial innovation. As an Accredited Mentor Partner under the Startup SG Founder scheme, NTUitive also nurtures entrepreneurial mindsets and mentors first-time entrepreneurs, ensuring their startups leverage innovation to grow and succeed.

4. In the last three years alone, more than 12,000 NTU faculty, students and alumni have participated in NTUitive’s entrepreneurial training programmes. Furthermore, since 2015, NTUitive has supported more than 330 startups and spinoffs, contributing to groundbreaking innovations and licensing over 800 intellectual properties.

Deep tech as a driver of ecosystem growth/ Securing Our Position as Top Choice for Startups and Venture Capital

5. We cannot rest on our laurels if we want Singapore to remain an attractive and vibrant destination for entrepreneurs, startups and private venture capital. We must continue to be bold and stay ahead of the curve. Our regional competitors are growing their eco-systems. Hence, competition for talent and startups has intensified as countries worldwide recognise that startups are pivotal drivers of economic growth and jobs.

6. So, how can we maintain our position as the top destination for our startups and private venture capital?

7. First, we are committed to bolstering our efforts to support the broader ecosystem. For example, the Government works closely with ecosystem partners like NTUitive to assist our startups and entrepreneurs. We provide support in areas like financing, talent, and corporate pilots through initiatives like Enterprise Singapore’s Startup SG umbrella of schemes.

8. Second, we will continue to leverage innovation as a critical differentiator and sharpen our competitive advantage. We will redouble our efforts to strengthen our deep tech ecosystem. Deep tech innovation is a catalyst for disrupting and transforming industries. These advances are more challenging for competitors to replicate as they are built upon years of intellectual capital and research capacity. They hold immense potential to address pressing issues like climate change, human health and manufacturing.

9. Take, for example, Etavolt, an NTU spinoff.  A solar photovoltaic tech company that aims to make solar photovoltaics (or PV) much more circular and sustainable to adopt, Etavolt provides PV regeneration, PV recycling and PV lifecycle management solutions. It works closely with industry partners and customers to create disruptive business and service models that can catalyse broader adoption of circular solar PV solutions.

10. Another example is Formacyte, a biomedical startup working on an injection-free cellular implant for Type 1 diabetes treatment. The implant can detect blood glucose levels and release insulin through a simple under-skin insertion. Therefore, diabetic patients can receive the exact amount of insulin without giving themselves injections. Formacyte’s solution can potentially be a game-changer in therapeutic options for diabetic patients globally.

11. However, deep-tech innovations typically have a longer gestation period. As a result, they require targeted interventions, including dedicated resources and sustained ecosystem support over the long term. This is where Singapore can leverage its strengths. We offer a supportive and stable business environment, even in the face of uncertainties in the broader macroeconomic landscape. We augment this with a thriving community of global capital and experienced entrepreneur mentors. With your support, I am confident that, as a community, we will be able to collectively accelerate the development of globally competitive deep tech startups from Singapore.

Community Efforts to Drive Growth

12. This leads me to my next point on the importance of community efforts to drive growth. Just as it takes a village to raise a child, it takes a community to nurture and support a startup. Over the years, the Singapore Government has established a robust network of mentors, partners, investors, collaborators and supporters that have played a critical role in fostering the growth of our startups and startup ecosystem.

13. For example, Enterprise Singapore regularly runs Deal Fridays, a series of themed pitching sessions to give early-stage startups opportunities to present their ideas to a broad network of investors. This year, we have seen and heard pitches from over 50 startups spanning sectors from spacetech and proptech to foodtech.

14. In addition, the startup hubs - Launchpad @ one-north and Launchpad @ Jurong Innovation District- also draw startups, accelerators, research institutes, investors, corporates and government agencies close to each other to collaborate in a vibrant community.

15. Furthermore, Enterprise Singapore holds The Singapore Week of Innovation and Technology, or SWITCH, an attractive global platform catalysing collaboration between different fields and markets. SWITCH brings together thought leaders, entrepreneurs, accelerators and investors from the Global and Asia innovation ecosystem to exchange ideas, network, and participate in innovation-centric activities. This year, the eighth edition of SWITCH will take place from 31 October to 2 November 2023. We can look forward to the startup pitching finals, insights from thought leaders, market access sessions and industry exhibitions.

16. These events and initiatives foster a closely-knit startup community in Singapore. We will continue to work with our community partners to constantly invigorate the startup ecosystem and keep the community energised with collaboration opportunities in a dynamic marketplace of innovative ideas.

Conclusion

17. Congratulations to NTUitive on this inaugural NTUitive Technology Roadshow. It marks the next phase of NTU’s journey to cultivate high-quality startups and nurture an entrepreneurial mindset.

18. I am looking forward to the cutting-edge innovations from over 60 portfolio companies. This showcase offers a valuable glimpse of what the future may hold. These emerging startups may well become tomorrow’s household names.

19. I am confident that NTUitive will spur more successful startups, deep-tech talent, and spin-offs that ignite innovations for a better world. Thank you.