Greater focus on innovation crucial for Singapore's future: DPM Heng

SINGAPORE will put an even greater focus on innovation and partnership in the next phase of development, said Deputy Prime Minister Heng Swee Keat at the grand finals of the Lee Kuan Yew Global Business Plan Competition on Friday.

Speaking at the 10th edition of the biennial competition organised by the Singapore Management University's (SMU) Institute of Innovation and Entrepreneurship, he said: "Innovation is critical to how Singapore, a city-state with no natural resources, grows and develops our economy, and strengthens our social fabric."

The competition "convenes and empowers the most ambitious and enterprising young minds from universities worldwide to make an impact through entrepreneurship", said Professor Lily Kong, president of SMU.

Mr Heng noted that finalists in the previous edition of the competition have raised over US$40 million to build their startups, with several going on to participate in prestigious accelerators.

The theme for the competition this year is "Reimagine Smart, Sustainable and Resilient Cities", focusing on sustainable urban innovations and solutions.

One highlight this year was the launch of Changemakers Conversations, a series of virtual panel discussions centred around themes such as "Our New Normal" and "Growth in Asia", said Prof Kong. VC Office Hours, which organises one-to-one consultations with senior venture capitalists for startups, also launched this year.

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The competition divided startups into two categories this year to cater to pre-revenue and revenue-generating startups, as well as expanded the eligibility criteria, which now welcome post-doctorates, recent dropouts and recent alumni from tertiary institutions, in addition to full-time students.

"Universities and research institutions around the world are promising crucibles of innovation," Mr Heng noted.

This year's competition drew a record number of 850 entries from 650 universities in more than 60 countries, "a testament to the ever-growing popularity and reach of the competition," Prof Kong said.