The Maritime and Port Authority of Singapore (MPA) and National University of Singapore (NUS) mark a significant milestone as PIER71™ celebrates five years of fostering innovation in the maritime industry.
The ceremony held at the Suntec Singapore Convention and Exhibition Centre, the Maritime and Port Authority of Singapore (MPA) and the National University of Singapore (NUS) observed the 5th anniversary of PIER71™, a collaborative initiative established in 2018. The PIER71™ Great Circle 2023 event featured the 7th edition of the Smart Port Challenge Grand Finals, a MarineTech Start-up Innovation Showcase, and the inaugural PIER71™ Ascend program.
Since its inception in 2018, PIER71™ has nurtured nearly 110 MarineTech start-ups with support from 62 corporate partners. The MPA’s Maritime Innovation and Technology (MINT) Fund have backed over 50 start-up projects, leading to 26 solutions deployed by the industry. These start-ups have secured over S$65 million in investments from venture capital partners. Notably, five foreign MarineTech start-ups have expanded to Singapore, and four, including three local start-ups, have been acquired by corporate entities.
In 2023, PIER71™ expands its initiative to connect shortlisted start-ups to overseas markets, government stakeholders, and prospective maritime customers through the PIER71™ Ascend 12-month program. The first cohort, comprising four start-ups, was unveiled at the event, highlighting PIER71™’s commitment to shaping the future of maritime innovation.
Source – MPA
