Startups key to Singapore's digitisation charge, says IMDA chief

Singapore

THE Infocomm Media Development Authority (IMDA) - the key government agency spearheading the drive to "digitise" the nation and build a competitive infocomm media sector - is betting on startups to drive its efforts.

IMDA chief Tan Kiat How described startups as a valuable resource to Singapore - they are innovators and problem solvers, as well as enablers to businesses on all things digital.

He told The Business Times in an exclusive interview: "Startups are vital as they bring vigour and fresh business models to the market. Great startups are typically disruptive, as they tend to create innovative solutions that are unhindered by set processes. They are hungry, nimble, and quick to adapt to market conditions.

"Startups also have solutions and ideas that can solve real needs."

Mr Tan said that in the soon-to-be revitalised Kampong Glam, for instance, startups will provide retailers with the omni-channel, e-commerce or immersive experience tools to enhance their digital capabilities.

Kampong Glam was last year named as the first of many precincts to undergo a digital revitalisation under Singapore's Retail Industry Transformation Map.

Over in the upcoming Punggol Digital District (PDD), a group of startups are being sought after for their digital solutions, which range from facial-recognition analytics to last-mile delivery robots to smart coffee machines, said Mr Tan.

PDD, unveiled last month as Singapore's first Enterprise District driven by technology and innovation, will open progressively after 2023.

Mr Tan said: "IMDA curated a list of companies, comprising mostly startups with solutions, to showcase their products and services at PDD's launch.

"While only a showcase, it gives a glimpse of the possibilities for PDD, which, like Kampong Glam, provides the demand for solutions by startups and the opportunity for the startup ecosystem to plug into Singapore's digital transformation efforts."

Beyond individual districts, Singapore should aspire to be a country where innovations are commonplace, Mr Tan said. "Countries should use us to test out ideas and innovate. We should be the birthplace of future digital giants and unicorns."

He added that more global startups are likely to move to Singapore this year, as a result of the recent expansion of IMDA's startup accreditation programme (Accreditation@SG Digital) to also support foreign deep-tech companies, on top of local tech startups and SMEs (small and medium-sized enterprises).

Mr Tan did not disclose the number or names of the foreign startups that have applied to be accredited by IMDA since the programme's revamp in November, but said that there were "a number in the pipeline".

He added: "Accreditation@SG Digital was expanded at the right place, right time. There is interest in coming to Singapore, where the innovation ecosystem is vibrant and companies are pivoting and digitalising."

Launched in 2014, Accreditation@SG Digital accredits promising Singapore-based tech companies and helps them win contracts with government agencies and large enterprises.

Mr Tan said: "Aside from creative solutions that these startups may develop, they also have the mindset that we think would serve businesses well in these times of quantum change."

This includes always looking out for opportunities in the disruptions, thinking outside the box, being adaptable "when it matters the most", and being ready to "fail fast" as they refine their product and services over and over again, he said.

"Hence to me, the growth of startups is key to securing a pipeline of future enterprises that can drive Singapore's economic growth."