The Singapore Economic Development Board (EDB) has announced a commitment of SGD 32 million (USD 24.5 million) in fresh funding over the next two years to further drive corporate venturing through the third edition of its Corporate Venture Launchpad (CVL) program. This initiative aims to support Singapore-based companies forming partnerships with startups, providing new avenues for innovation and business growth. With a focus on enhancing corporate-startup collaborations, CVL 3.0 seeks to leverage the expertise of both sectors to develop new products, services, and technology solutions.
The CVL program has made notable strides since its launch in 2021, having supported the creation of numerous new ventures that target regional markets and contribute to job growth in Singapore. The latest edition, CVL 3.0, continues this momentum by introducing an additional focus on helping companies collaborate with startups. This approach enables corporates to access innovative solutions to drive productivity and unlock new revenue streams while startups gain opportunities to scale and grow by tapping into corporate demand.
Through its partnerships with nine appointed venture studios and innovation partners, the expanded program aims to build long-term venture creation capabilities. Companies will receive guidance on validating new business concepts and engaging in six-month venture sprints. By fostering these collaborations and providing funding support, EDB aims to strengthen Singapore’s entrepreneurial ecosystem and position the country as a hub for innovation in key growth sectors like sustainability and AI.
(Source: EDB)
