Speech by MOS Teo Ser Luck at Official Opening of JTC LaunchPad @ one-north

Prime Minister Lee Hsien Loong,

Distinguished Guests,

Entrepreneurs,

Ladies and Gentlemen,

Good Evening.

It is a great pleasure to be here this evening at the official opening of the JTC LaunchPad @ one-north.

Developing a Vibrant Start-up Ecosystem

Today’s ceremony marks a significant milestone in Singapore’s entrepreneurship journey, which began in 2003 when the Economic Review Committee recommended remaking Singapore into a creative and entrepreneurial nation. Entrepreneurs are a major driving force in making innovation happen, and are therefore key to a dynamic economy. We have made much progress over the past decade.

Improving the Start-up Financing Landscape

First, we have worked to improve the financing landscape for start-ups.  In the past, with limited funding options, start-ups would typically rely on self-financing, or turn to family and friends. There was limited access to smart money such as angel investors or venture capital. Today, with government-backed grants and loans, as well as private sector investments catalysed by the government, innovative start-ups can now explore various financing options to develop inventive ideas. 

Increasing Incubator & Accelerator Support

Second, we have connected our entrepreneurs to business opportunities, market expertise and other support mechanisms, to help commercialise their ideas. To do this, we worked across both the public and private sectors to establish an array of incubation and acceleration programmes, which has enabled start-ups to obtain guidance from serial entrepreneurs or experienced industry leaders.

JTC LaunchPad @ one-north – A Vibrant and Dynamic Community

Third, we have provided the physical infrastructure to support the growth of a start-up community. This began with the transformation of Blk 71 from a JTC flatted factory into a creative and bustling enclave of start-ups, venture capitalists, incubators and accelerators in 2011.
 
Today’s official opening of LaunchPad builds on the success of Blk 71 in supporting our entrepreneurship community, through the addition of two new blocks. Collectively, the three buildings within LaunchPad will house a vibrant mix of 35 incubators and some 500 start-ups across a range of industries.

LaunchPad’s location in one-north also means that start-ups are in close proximity to a multi-disciplinary R&D community including knowledge-based companies, Institutes of Higher Learning (IHLs) and A*STAR research institutes. The presence of a diverse community and strong R&D network will intensify cross-disciplinary interactions and make LaunchPad a fertile ground for innovation.

ACE to Cultivate the LaunchPad Community

As the champion of entrepreneurship in Singapore, the newly privatised Action Community for Entrepreneurship, or ACE, will also be situated here, where it will play a pivotal role in cultivating the Launchpad community. Its welcome centre and collaborative ideation space at Blk 79 will be a one-stop-shop for new entrepreneurs, and will also be a focal point for various players within the start-up ecosystem to connect and network.

In addition, ACE will be helping our start-ups to quickly establish their basic internal processes and start their businesses on the right foot. The not-for-profit organisation will also work to facilitate more opportunities for local start-ups work with the larger business community in Singapore.

Conclusion

In closing, I would like to thank Prime Minister Lee for taking the time to be with us today as we embark on this exciting new phase in Singapore’s entrepreneurship journey. I look forward to continuing to work with the community to help our start-ups grow, thrive and succeed. 

With that, I wish you an enjoyable evening. Thank you.