SINGAPORE outlined its vision for the country's tech ecosystem during the Budget announcement in February this year. By injecting S$300 million into the Startup SG Equity co-investment scheme, the government seeks to accelerate development of deep-tech innovations in the country by providing startups in the field with greater access to capital, expertise and industry networks.

While it is a relatively modest sum, it is important to note that the new funds are just a part of Singapore's broader Transformation and Growth Strategy, for which S$8.3 billion has been dedicated for the next three years. This is aimed at enabling stronger partnerships, deepening enterprise capabilities and, most importantly, developing Singapore's people.

These initiatives give Singapore a strong foothold in the deep tech race. However, realising its potential and affirming its position within the larger Asian ecosystem requires a greater and more cooperative effort to grow the country's deep tech ecosystem - and Singapore is off to a great start.