In a speech at the NUS Deep Tech Venture Showcase 2024, Deputy Prime Minister Heng Swee Keat emphasized the significance of deep tech in addressing global issues and Singapore’s strategic efforts to nurture innovation and commercialization in this field.

At the NUS Deep Tech Venture Showcase on March 18, 2024, Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat delivered a keynote address focusing on the critical role of deep technology in solving pressing global challenges such as climate change, food security, healthcare, and energy transition. Addressing an audience that included President Tan Eng Chye and notable figures from the academic and business communities, DPM Heng outlined Singapore’s commitment to deep tech through the Research, Innovation and Enterprise (RIE) 2025 plan and its ambition to become a Global-Asia node for technology, innovation, and enterprise.

DPM Heng highlighted the importance of a strong network of universities and research institutions, smart and patient funding, and a culture of innovation and entrepreneurship as key elements for thriving deep tech ecosystems. He cited Singapore’s achievements, including the rise of homegrown unicorns Nanofilm and Biofourmis, and significant venture capital investments as indicators of the country’s vibrant deep tech landscape.

Singapore’s strategic approach to fostering a culture of innovation includes encouraging academia-industry collaboration, leveraging corporate laboratories, and nurturing talent through initiatives like the NUS Graduate Research Innovation Programme (GRIP). DPM Heng also mentioned the importance of venture building, where market insights, mentorship, capabilities, and funding converge to scale promising ideas.

In conclusion, DPM Heng called for continued collaboration among researchers, faculty members, and venture capital partners to create impactful solutions that address global challenges. He underscored the government’s commitment to supporting the deep tech ecosystem and encouraged more entrepreneurs and scientists to embark on innovative journeys to make meaningful contributions locally and globally.

Source – PMO