Speech by Minister Gan Kim Yong at the Opening of Block 71's Silicon Valley Office

Ms Amourence Lee, Mayor of San Mateo

Professor Chen Tsuhan, Deputy President (Innovation & Enterprise), National University of Singapore

Associate Professor Benjamin Tee, Associate Vice President, NUS Enterprise

Distinguished guests

Ladies and gentlemen

Introduction

1. Good evening. It is my pleasure to join you at the opening of BLOCK 71’s new Silicon Valley office. Its predecessor, BLOCK 71 San Francisco that opened in 2015, was BLOCK 71’s first overseas office. It marked the start of BLOCK 71’s expansion from a retrofitted flatted factory set up in 2011 in Singapore’s Ayer Rajah industrial estate to the US and cities across Asia. Today, the Silicon Valley office is part of BLOCK 71’s nine locations globally. Diving into the thick of action, the office moved to the heart of Silicon Valley to be close to its US partners including venture capitalists and accelerators. Congratulations to NUS Enterprise on the opening.

BLOCK 71’s role in supporting deep tech startups

2. NUS Enterprise is an important partner in Singapore’s startup ecosystem, supporting our startup schemes and fostering youth entrepreneurship. I am glad that through initiatives such as BLOCK 71, it has helped to nurture and grow our deep tech startups in areas such as microelectronics, artificial intelligence, biotechnology and energy.

3. BLOCK 71’s startups also have access to the National University of Singapore’s extensive research facilities, academic expertise and network of researchers, which can be invaluable for deep tech areas requiring specialised knowledge and resources.

4. The Graduate Research Innovation Programme or GRIP illustrates this synergy. Launched in 2019 by NUS, GRIP is a venture creation programme designed to support students and researchers to transform research into deep tech companies. To date, the programme has trained over 400 deep tech entrepreneurs. They have created about 150 deep tech startups and raised more than US$30 million in external investments.

5. BLOCK 71 also runs alongside the NUS Overseas Colleges programme or NOC to support innovation and entrepreneurial education. As part of the NOC programme, NUS students embark on internships in overseas innovative tech startups, including in the US. They gain valuable and practical experience by working alongside founders and innovators.

BLOCK 71 facilitates cross-border collaboration between Singapore and the US

6. Today’s opening marks a new chapter for BLOCK 71 here. It also embodies the healthy two-way exchange of ideas, innovation and expertise between Singapore and the US.

7. This Silicon Valley office serves as a launchpad for Singapore entrepreneurs and innovators to build ties with the startup community here, explore opportunities to work together and gain a foothold in the US market. It also helps US-based companies and investors to find out more about the Singapore and Southeast Asian markets, and facilitate their overseas ventures.

8. Lucence Diagnostics exemplifies the global connector role that BLOCK 71 plays. Launched in 2016, it is a Singapore startup in cancer screening as well as a BLOCK 71 San Francisco incubatee. The company has since expanded its operations in the US and secured approval for its cancer tests from Medicare earlier this year. Medicare is a US government-funded healthcare insurance programme, and the green light marked the first time an Asian healthcare provider had secured US national insurance approval.

9. Such robust cross border activities build on the strong economic ties between Singapore and the US, anchored by our bilateral Free Trade Agreement and deepened over the years through initiatives like the US-Singapore Partnership for Growth and Innovation and the Critical and Emerging Technologies Dialogue. We certainly hope to see increased collaboration and exchanges between Singapore and US companies, particularly in new and forward-looking areas like the digital and green economies.

10. Today’s opening also embodies the continued growth of Singapore’s startup ecosystem. Singapore is now ranked 5^th in the world in the Global Innovation Index, which measures the world’s most innovative economies. About a fortnight ago, we hosted the Singapore Week of Innovation and Technology (SWITCH), which saw over 15,000 in-person attendees from over 100 countries, an all-time record for the event.

Conclusion

11. To conclude: I am confident that BLOCK 71 will continue to play a pivotal role in connecting startups, including deep tech companies, with the resources, networks and opportunities needed to thrive in today’s innovation and business landscape. Its presence in the US and across Asia will strengthen the ties between both ecosystems, and continue to foster collaboration and knowledge exchange.

12. Congratulations once again on today’s opening. Thank you.