Singapore-Australia cooperation on science and technology takes off

SINGAPORE — Singapore-Australia cooperation on science, technology and innovation received a boost with the launch of the Australian Landing Pad at one-north yesterday. Singapore is one of five global innovation hubs identified by the Australian government for the project. The other four locations are in San Francisco, Tel Aviv, Shanghai and Berlin.

The start-up accelerator is the latest initiative under the comprehensive strategic partnership signed in 2015 between Singapore and Australia. It provides Australian start-ups with access to collaborative workspaces for up to 90 days, through education, mentorship and financing. The Australian Trade Commission will evaluate candidates based on their track record, ability to scale up and differentiate themselves in the market.

Minister for Trade and Industry (Industry) S Iswaran welcomed the launch, which was attended by a visiting Australian delegation, led by Australia’s Minister for Foreign Affairs Julie Bishop.

“We welcome the infusion of Australian start-ups which will further enrich Singapore’s corporate and innovation environment. International connections are critical to facilitating innovation and supporting Singapore’s start-up ecosystem,” said Mr Iswaran.

Innovation is a key driver of Singapore’s economic growth and Singapore can be a valuable partner for Australian start-ups and a gateway into the growing markets of Asia, he added.

Underlining the Singapore Government’s commitment to nurturing the start-up ecosystem, Mr Iswaran highlighted the S$19 billion allocated to research, innovation and enterprise development efforts over the next five years announced in Budget 2017.

Some of the resources will be channelled towards the development of start-ups that are catalysts for innovation, he said.

To enhance diversity in the local entrepreneur community, the Government has introduced the EntrePass scheme, which provides work visas for entrepreneurs from abroad and allows eligible foreigners to start and operate a new business in Singapore.

The Singapore Government has also boosted co-investment support for promising start-ups specialising in deep-technology, such as medical technology, clean technology and advanced manufacturing and engineering. “Collectively, we expect these initiatives to further boost the local start-up scene by attracting local and foreign entrepreneurs to use Singapore as a launch pad for the Asian market,” said Mr Iswaran.

Besides increasing entrepreneurial activity and venture funding, a critical factor for innovation is the “free flow and exchange of information and ideas between individuals, companies, institutions and countries”.

Singapore’s start-up ecosystem has developed considerably over the last decade.

The total number of start-ups in Singapore more than doubled from 22,000 in 2003 to 48,000 in 2015. In particular, the number of high-tech startups increased from 2,800 to about 4,800 over the same time period, noted Mr Iswaran.

Citing the example of homegrown start-up Invitrocue, the Minister for Industry emphasised that the quality of local start-ups has improved with the significant increase in the number and aggregate value of start-up exits. Invitrocue, a medtech firm which has developed technologies to help pharmaceutical companies determine which vaccines, products or devices are safe for humans before starting clinical testing, listed on the Australian Securities Exchange in January last year, after four years of operations.

Invitrocue executive director Steven Fang told TODAY that the company has benefited significantly from the Singapore-Australia government collaboration through access to market and strategic scientific collaboration with institutions such as the Genome Institute of Singapore and Australia’s Garvan Institute of Medical Research, a leading cancer research institution.

The collaboration provided Invitrocue with a good foundation of credible clinical data to expand into markets in the United Kingdom, United States and parts of Europe, said Dr Fang.

In terms of funding, Invitrocue was able to access investors both in Singapore and Australia.

In addition, the company was able to tap into top oncologists in both countries to significantly expand its Clinical Advisory Board, which assists in launching a global presence for its platforms.