Opening Remarks by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong at the Opening Ceremony of NUS I3 Building

Mr Hsieh Fu Hua, Chairman of the NUS Board of Trustees

Professor Tan Eng Chye, NUS President

Professor Tan Chorh Chuan, Permanent Secretary for National Research and Development, and Chairman of A*STAR

Excellencies,

Ladies and Gentlemen,

Introduction

1.   A very good morning to all. It is my privilege to join you today for the opening of the NUS I³ building, as part of NUS’ 120^th anniversary celebrations.

2. NUS has been an important partner in Singapore’s development – nurturing generations of skilled graduates; anchoring world-class research; and helping to seed new industries that are critical to our economic competitiveness – and today, the opening of this building is yet another step forward in that journey.

Research

3. When Singapore become independent 60 years ago, we faced many uncertainties and had no natural resources, but we knew that if we invested in our people – in education and research – we would give ourselves the best chance to succeed.

4. That was what we did. Over the past six decades, we built up our schools and universities, trained teachers and researchers, and supported our students to go further in science, technology and new areas of knowledge. These steady investments have become one of Singapore’s enduring competitive strengths.

   1. They allowed us to attract industries that valued skills and discipline – from electronics in the 1970s; to pharmaceuticals and biomedical sciences in the 2000s.

   2. Our strong base of scientific knowledge has also enabled Singapore to transform our economy, move into higher value-added activities such as advanced manufacturing and new technologies, and create good jobs for our people.

5. To fully unlock the value, we must apply knowledge to solve problems, to meet real needs in society, and to capture opportunities.

Innovation

6. This is where innovation comes in: turning an idea into something practical and useful. Under its Graduate Research Innovation Programme (GRIP) launched in 2018, NUS had taken the lead to help its researchers take their ideas to market.

   1. One success story is Ailytics. Ailytics worked with Penta-Ocean, a global construction and civil engineering company, to deploy their flagship AI-enabled video analytics solution, Ailyssa, on a live construction project last month. This enabled the company to demonstrate its ability to deliver real-time insights on machinery and vehicle movements. Ailytics has since secured commercial contracts with Penta-Ocean in the construction of Changi Airport Terminal 5.

7. At NTU, the Lean Launchpad Programme has similarly equipped teams of researchers and students to test business models and sharpen their market readiness. Together, the NUS GRIP and NTU Lean Launchpad programmes had successfully incubated over 400 startup teams and close to 160 spinoffs.

8. Earlier this year, we launched the National Graduate Research Innovation Programme (or National GRIP) to integrate both these incubator programmes. I am glad to share that there are many promising startups among the inaugural cohort of the National GRIP.

   1. One of them is AeroFlux. AeroFlux has developed a novel membrane material that reduces the cost of carbon capture by up to 80% and its carbon footprint by up to 90%, compared to traditional technologies.

9. Through the National GRIP, we target to train 300 startup teams by 2028, and nurture over 150 spin-offs by 2030. The I³ building is designed to facilitate this process, by offering incubation support and mentorship, and providing an open and collaborative space where researchers, students and industry partners can come together to experiment, prototype and co-create.

Entrepreneurship

10. In addition to innovators, we also want to cultivate entrepreneurs, people who are willing to take the leap of faith to turn prototypes into products, projects into companies, and ideas into businesses. This is never easy, not least at a time when venture capital funding is diminishing.

    1. NUS’ recent launch of the new Venture Capital Programme is therefore a timely initiative to fill this funding gap, especially for start-ups who need support to move beyond proof of concept to commercial markets. By working through venture capital firms with experience in early-stage deep tech investments, the Programme will support high-potential ventures within the NUS ecosystem, including those from the National GRIP, to scale up effectively.

11. Besides capital, entrepreneurs will also benefit from exposure to global innovation ecosystems.

    1. NUS’ BLOCK71 network enables its entrepreneurs to connect with markets and investors – not just in Singapore, but also in Silicon Valley, Tokyo, Suzhou and beyond.

    2. EnterpriseSG’s Global Innovation Alliance (GIA) also supports this objective. Through its connections with 24 major innovation hubs around the world, the GIA connects our start-ups and entrepreneurs with those overseas. This will help them scale into regional and global markets.

12. These initiatives will enrich Singapore’s innovation ecosystem, by plugging our researchers and entrepreneurs into global flows of ideas, talent and markets. This way, we can give our entrepreneurs a good chance to grow, take their ideas global, and succeed.

Enterprise

13. Last but not least, we must aim to translate entrepreneurship into enterprise. We want start-ups to be able to grow into good enterprise, that deliver products and services at scale, and that create good jobs and opportunities for Singapore. Our investments in Research, Innovation and Enterprise (RIE) activities reflects our intent at bringing research and innovation full circle, so that they may grow our economy and benefit our society.

14. We have consistently invested about 1% of our GDP to support RIE activities, with about $28 billion committed for the current RIE2025 plan. We announced earlier this year that we would launch two new programme types in our RIE2030 plan.

    1. The RIE Flagships to push for value creation in key economic sectors, such as semiconductors;

    2. And the RIE Grand Challenges to address national strategic priorities such as healthy and successful longevity.

15. We will announce more details this year when we unveil our RIE2030 plans.

16. Likewise, the I³ building can play a role in accelerating the process from research to innovation, and innovation to enterprise, by creating a conducive environment for our researchers, innovators and entrepreneurs to collaborate, test and scale their ideas.

Conclusion

17. We must keep planning and investing in education and research, so that we can raise the quality of our human capital, develop our people to the fullest, and stay globally competitive.

18. Congratulations once again to NUS and to NUS Enterprise on this important milestone. I hope the I³ building will be a place where research connects with real needs, where innovation becomes enterprise, and where Singapore can continue to grow as a hub for ideas and opportunities.

19. I look forward to seeing many more stories of innovation and enterprise emerge from here, and contributing to the next chapter of Singapore’s growth.

20. Thank you.