New taskforce to support tech start-ups

Fledgling firms seeking to protect their IP and remain competitive can consult with ACE Tech-Connect Taskforce.

The taskforce will assist tech start-ups who lack huge R&D and technology capabilities for their respective industries, said Minister of State Teo Ser Luck, and allow them to go toe-to-toe against larger, more established players -- or at least attempt to do so.

"Despite our government’s efforts to support R&D commercialisation, some companies that want to adopt technology may be unsure how they can do so. They may face challenges in sourcing for and incorporating suitable technologies for their businesses. More can be done to equip our companies with the know-how to innovate and improve," said Minster Teo Ser Luck.

"Also, there is a need for better flow of R&D output to the marketplace. Our investment in R&D has translated into many good technologies that can be better utilised. For more effective technology transfer, we need to strengthen the link between our research institutes and industry. Our research institutions need to continue developing technologies that are of value to the industry, and improve companies’ accessibility to these technologies," he said.

"It is important that our entrepreneurs continue to leverage on technology and innovation to remain competitive in the marketplace. In their start-up journey, they are likely to encounter challenges related to IP and technology transfer. For instance, the tech start-ups will need to learn how to protect their IP so that they can maintain their competitive edge," he added.

"The Action Community for Entrepreneurship, which I chair, works closely with the private sector to help aspiring entrepreneurs and start-ups. The ACE Start-ups Scheme, which provides a grant of up to $50,000 for first-time entrepreneurs with innovative business ideas, has received some 190 applications since its launch earlier this year. Of these 190 applications, more than one-fifth are technology-based companies," he said.

"In order to help start-ups overcome these challenges, the ACE Tech-Connect Taskforce will be established to support IP commercialisation through strengthening the link and connect between IP and investors starting up companies. The taskforce will be helmed by Dr Steven Fang, Deputy Chairman of ACE and Founder and Group CEO, CordLife Limited, and Mr Philip Lim, CEO of Exploit Technologies," he added.

"With support from ACE and the ACE Tech-Connect Taskforce, we hope to encourage more start-ups and companies to leverage technology. For companies that may not have the capability or capacity to undertake research or develop technology that is required for their businesses, we hope to improve their access to relevant technology, so that they too can continue to grow and compete in the marketplace," he said further.