EDB New Ventures launches programme to support companies to create ventures from Singapore within six months
28 May 2021
On 6 May 2021, EDB New Ventures, the corporate venture building arm of the Singapore Economic Development Board (“EDB”), announced the launch of the Corporate Venture Launchpad (“CV Launchpad”), a programme that is part of EDB New Ventures’ broader efforts to advance the venturing ecosystem across companies in Singapore. The CV Launchpad will support large and established Singapore-based companies in building ventures in net growth areas beyond their existing core businesses and is designed to support companies new to venturing from Singapore.
How CV Launchpad will work
EDB New Ventures will appoint venture studios to work alongside participating companies to incubate fresh business ideas in a phased approach within six months. Venture studios are specialised in providing services such as ideation, incubation and building of new ventures. EDB New Ventures has signed Memoranda of Understanding with four venture studios for the purposes of this programme, further to an open call for proposals from Singapore-based venture studios which was launched in March 2021.
The CV Launchpad supports each participating company through the early stages of starting a new venture, by having a small team undertake concept validation sprints to collect customer insights and test desirability of the business. Companies will be able to launch new ventures with the speed and nimbleness of a start-up while leveraging the unique competitive advantages of its parent company, such as customer relationships, deep domain expertise, technical capabilities, and strong brand recognition.
These sprints will apply venture-building methodologies to develop ideas into an investible business, with a plan that is data-backed and validated through in-depth testing with the market during an accelerated time frame of three to six months.
The programme will run for one year with an expected capacity to undertake 20 concept validation sprints. EDB New Ventures will support up to 50% of the cost of each concept validation sprint. For high potential ventures launched from this programme, EDB New Ventures may provide further risk-sharing capital and value creation support beyond the sprints to see through their early stages of growth.
Applications to participate in the CV Launchpad can be submitted now.
The EDB press release and further information on the CV Launchpad are available on the EDB website www.edb.gov.sg.