Deputy Prime Minister Heng Swee Keat highlights the transformative power of technology and innovation at SWITCH 2023, emphasizing the importance of global connectivity in deep tech ecosystems
DEPUTY Prime Minister and Coordinating Minister for Economic Policies, Heng Swee Keat, delivered an insightful speech at the Singapore Week of Innovation and Technology (SWITCH) on October 31, 2023. The event, renowned as Asia’s premier startup festival, aims to foster innovation with tangible impact. Mr. Heng emphasized SWITCH’s role in uniting innovators, entrepreneurs, government agencies, and venture capital to collaborate and drive positive change.
With a remarkable 50% surge in in-person attendees compared to the previous year, SWITCH 2023 has drawn around 15,000 participants, attesting to the global acknowledgment of technology’s transformative potential. Delegates from over 100 countries have gathered to explore new ideas and establish partnerships for mutual growth.
Mr. Heng underlined the profound impact of science, technology, and innovation on the global economy, citing the groundbreaking research of Nobel laureates Dr. Katalin Karikó and Dr. Drew Weissman in mRNA technology. He also spotlighted the advancements in artificial intelligence, exemplified by the impressive developments in OpenAI’s ChatGPT models.
Highlighting the significance of deep technology, Mr. Heng stressed the need for sustained research efforts to address critical global challenges. He advocated for T-shaped capabilities, combining in-depth expertise within specific fields with the ability to leverage synergies across disciplines.
While acknowledging the promise of deep tech, Mr. Heng also recognized the formidable challenges it poses. He referred to it as ‘tough tech,’ emphasizing the substantial technological and market risks involved. To navigate this complex landscape, Singapore is focused on nurturing a robust ecosystem for deep tech partnerships at three levels: within Singapore, within the Asian region, and globally.
Singapore’s commitment to research and innovation is underscored by a substantial investment of S$25 billion between 2021 and 2025. This funding supports a wide range of initiatives, including the strengthening of innovation platforms and entrepreneurial talent. The private sector’s increasing investment in research and development further amplifies these efforts.
The deep tech ecosystem in Singapore is flourishing, with investments nearly doubling between 2020 and 2022. The nation is home to approximately 4,500 tech startups, backed by a network of over 400 venture capital firms and 220 incubators and accelerators. Startups like Equatorial Space Systems and Xinterra exemplify the innovative spirit driving the deep tech landscape.
To harness the potential of artificial intelligence, Mr. Heng announced the establishment of a sandbox for startups and SMEs to explore Generative AI enterprise solutions. This initiative, slated to commence in early 2024, aims to empower enterprises in leveraging AI for enhanced business functions.
Singapore is also actively engaged in addressing AI safety and ethics. The establishment of the AI Verify Foundation and the introduction of the Generative AI Evaluation Sandbox reflect the nation’s commitment to responsible AI development.
On a regional level, Mr. Heng highlighted the unique challenges faced by Asian economies, particularly in the context of climate change. The 5th Sustainability Open Innovation Challenge, in collaboration with Temasek Foundation, seeks to source solutions in critical areas like carbon capture, storage, and renewable energy.
The challenge will engage global corporates in providing problem statements and collaborating with participants to develop innovative solutions. Beyond ideation, a partnership between Enterprise Singapore, Temasek Foundation, and Temasek Trust will facilitate the scaling of solutions through mentorship programs and philanthropic capital.
Lastly, Mr. Heng emphasized the importance of global connectivity in positioning Singapore as a Global-Asia node of technology, innovation, and enterprise. The expansion of the Global Innovation Alliance with the addition of nodes in Mumbai, Sydney, and Melbourne further strengthens Singapore’s ties with leading innovation hubs around the world.
In conclusion, Mr. Heng urged collaboration and knowledge-sharing among participants at SWITCH 2023, emphasizing the collective effort needed to tackle global challenges and drive innovation for a better future.
