Enterprise Singapore’s 5th Sustainability Open Innovation Challenge (SOIC) aims to drive co-innovation between industry players and startups in the sustainability sector, supported by new partnerships with Temasek Trust ecosystem entities.
Enterprise Singapore (EnterpriseSG) has inaugurated the fifth edition of the Sustainability Open Innovation Challenge (SOIC) to facilitate co-innovation between industry leaders and promising startups and small and medium enterprises (SMEs) within the sustainability domain. Deputy Prime Minister Heng Swee Keat made the announcement in his inaugural address at the Singapore Week of Innovation and Technology (SWITCH) 2023. The SOIC leverages Singapore’s robust innovation ecosystem to pioneer innovative solutions with global scalability, commencing with the resolution of pressing sustainability concerns in Asia.
This edition of SOIC also signifies an augmented collaboration between EnterpriseSG and Temasek Trust ecosystem entities, which includes the Centre for Impact Investing and Practices (CIIP), Philanthropy Asia Alliance (PAA), and Temasek Foundation.
The forthcoming SOIC introduces an Open Category for solution providers, granting them direct entry to Temasek Foundation’s The Liveability Challenge (TLC) without the need for a separate application. This will further provide participants access to an extended network of demand drivers and partner support beyond SOIC. The collaboration primarily centers on sourcing innovative solutions in areas such as Carbon Capture, Utilisation and Storage (CCUS), and Emerging Renewable Energy.
In addition, startups and SMEs applying for the SOIC will also be considered for the Amplifier mentorship programme by CIIP and PAA. The Amplifier is a dedicated one-year capacity-building initiative focused on assisting high-impact startups in charting a course toward sustainability. This is achieved through the provision of hands-on mentorship, essential professional services, and tangible commercial opportunities. A pool of catalytic philanthropic capital will be made available to qualifying mentees to support their growth and amplify their impact. The call for applications for the Amplifier was officially launched during SWITCH.
Mr. Tan Boon Kim, Executive Director, of Global Innovation Network & Innovation Eco-system Development at Enterprise Singapore, expressed, “We are happy to work with strategic partners like Temasek Foundation for The Liveability Challenge as well as CIIP and PAA for the Amplifier to accelerate the growth of our innovation ecosystem and drive new collaborations in the sustainability space.”
The Amplifier programme is designed to mobilize philanthropic capital, instigate collective action, and establish new avenues for scaling promising impact innovators. Ms. Koh Lin-Net, Director, of the Centre for Impact Investing & Practices, emphasized, “We welcome impact-focused companies with solutions to tackle Asia’s sustainable development challenges to apply to be part of our inaugural 2024 cohort.”
Partnerships form the bedrock of Philanthropy Asia Alliance’s approach to catalyzing Asian solutions for global environmental and social challenges. Mr. Ryan Tan, Director, of Philanthropy Asia Alliance, stated, “The Amplifier programme employs a ‘whole-of-ecosystem’ approach to support impact innovators to scale and we invite more like-minded partners to join us in unlocking transformative innovations for a more sustainable future.”
Mr. Lim Hock Chuan, Head of Programmes, Temasek Foundation, shared, “Temasek Foundation, together with the Centre for Impact Investing & Practices and the Philanthropy Asia Alliance, is happy to support the Sustainability Open Innovation Challenge (SOIC). In collaboration with our partners, we will help startups bring their innovations from the laboratory into the commercial space to produce sustainable climate solutions. In addition, we will work with the innovators to scale and commercialize their innovations so that we can benefit the people and planet and make our cities more liveable.”
To learn more about the Sustainable Development Open Innovation Challenge, click here.
