Venture seas lets play8/19/2023 ![]() ![]() We’re sitting in a growth region with markedly different needs, and Singapore is a great proving ground to incubate new ventures. We believe we have fertile ground with all our large local enterprises and multinational corporations, which gives us corporate advantages. This is the next frontier, where corporates are building new businesses and taking entrepreneurial risks to grow new global champions here. So, in many ways, Singapore is first, and we are hoping to pave the way, because it’s really about driving the next wave of growth in our innovation-led economy, where we’ve been sinking a lot of dollars into R&D innovation.īut we’re also hoping that new business creation by the pool of corporates we have here in Singapore can be a new growth driver taking us forward. Many governments promote innovation, Singapore included, but not all are actively promoting what we call corporate ventures. How is this different?Īlvin Cai: Yes, that’s right. But this is one of the first ones I heard of for corporates aiming to launch start-ups. When I moved to Singapore about 11 years ago, there were many different productivity-improvement grants for small businesses and venture-backed start-ups. And to accomplish that, we have appointed four experienced venture studios to help support corporates on the journey.Īndrew Roth: It’s quite a unique program. It’s a S$10 million program with enhanced support to help businesses new to corporate venture building incubate and launch new ventures here in Singapore within a six-month period, from ideation to market validation. We also just launched the Corporate Venture Launchpad. We offer various types of support for our portfolio companies, including venture building, co-investments, added value creation, and various community-building efforts to get all of the corporates and ventures here interacting and partnering with each other. To be successful, we need to build new businesses that stand apart from the corporate mothership, agile and running autonomously but able to tap the corporate parents’ advantages to scale. ![]() ![]() It was set up about two years ago as the EDB’s corporate venture-building arm to help corporates grow new businesses and catalyze greater growth here in Singapore.Īt New Ventures, we believe that corporate venturing should be a tool in every corporate’s innovation and growth toolbox. First of all, for those in our audience who may not be familiar, can you quickly introduce the New Ventures group and the recent announcement of the Corporate Venture Launchpad?Īlvin Cai: The EDB is the economic-planning and industry-development body of Singapore, and within the EDB is the New Ventures group that I’m with, which is relatively new. At the end of the conversation, Yishan Lam and I discuss the key role that Alvin and the CV Launchpad are playing in Singapore pioneering the space to support corporate venture building, which can be applied for creating long-term growth and successful ventures in the market. ![]() We also discuss how the EDB is helping businesses kick-start new ventures-from ideation to market validation-in six months. You’ll hear Alvin tell us about his group’s new Corporate Venture (CV) Launchpad, a S$10 million pilot program designed to help corporates build Singapore-based start-ups by partnering with established venture studios, and why he believes success depends on agility and autonomy from the mothership. In this episode, we talk with Alvin Cai, vice president of New Ventures, the corporate business-building arm of Singapore’s Economic Development Board (EDB). In each episode, we cut through the noise to bring practical advice on how leaders can build successful businesses from scratch. For more conversations on venture building, subscribe to the series on Apple Podcasts or Spotify.Īndrew Roth: From Leap by McKinsey, our business-building practice, I’m Andrew Roth, and welcome to The Venture, a series featuring conversations with legendary venture builders in Asia about how to design, launch, and scale new businesses. At the close of the interview, McKinsey’s Yishan Lam offers her insights.Īn edited transcript of the podcast follows. Cai talks with McKinsey’s Andrew Roth about his group’s new Corporate Venture Launchpad, a S$10 million pilot program designed to help corporates build Singapore-based start-ups by partnering with established venture studios, and why he believes success depends on agility and autonomy from the mothership. In this episode of The Venture, we share a conversation with Alvin Cai, vice president of New Ventures, the corporate business-building arm of Singapore’s Economic Development Board. ![]()
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