S’pore targets 150 marine technology start-ups by 2025, up from 100 from previous target, Singapore News & Top Stories
SINGAPORE – Singapore raises its 2025 target for the number of maritime start-ups here from 100 to 150, while Minister of State for Transport Chee Hong Tat on Tuesday November 23 reiterated the Republic’s ambition to be Silicon Valley marine technologies. .
This is a significant increase given that the previous target of 100 start-ups by 2025 was just set in March and the number of start-ups now stands at 40, slightly above what it was at the start of the year.
Mr Chee, speaking at the grand finale of a maritime technology competition on Tuesday, announced a series of financial and tactical measures that he said should help efforts to meet the “stretched” goal.
“We are not 100% sure if we can do it,” he said. “But we are ready to give it a go.”
The government’s focus on maritime technology stems from the belief that technological solutions, including artificial intelligence and autonomous ships, will be a key driver of maritime Singapore’s growth as it emerges from the pandemic.
The Singapore Maritime and Port Authority (MPA) has established several mechanisms to stimulate innovation and business.
One of them is the Port Innovation Ecosystem Reimagined @ Block71, or Pier71, which creates a complete ecosystem to support those with new ideas, connecting them with technology partners, investors and customers.
Most of the initiatives announced by Mr. Chee on Tuesday, during the grand finale of the Smart Port Challenge, which selects the winners and submits them to the Pier71 program, relate to this ecosystem.
Mr Chee said Pier71 will be improved through larger support programs that will increase the access of successful start-ups to markets, finance, technology and talent.
First, an invitation-only program called Ascend will turn mature start-ups into “global champions” through master classes, industry networking sessions and an annual “immersion program”. which should give participants the opportunity to connect to foreign markets.
MPA, Pier71 and Enterprise Singapore have also raised grant capital in the amount of $ 80 million for start-ups to be distributed following other networking and investor pitching events, while a Previous program that gave up to $ 50,000 to start-ups, called Mint- The seed grant has been extended so that start-ups that join other recognized initiatives can also receive the money.
These other initiatives include the Ocean of Opportunities Challenge by Ocean Network Express and Symphony Creative Solutions, PSA unboxed, Eastern Pacific Shipping Ventures and Rainmaking Innovation.
Mr Chee said the move would encourage the industry to partner, mentor and incubate small start-ups, encouraging the sharing of experiences and the exchange of ideas.
In addition, Pier71 start-ups will also be linked to the National University of Singapore and technology experts, and MPA will continue to support the testing of new technologies such as underwater robotics and autonomous ships by ensuring that that the regulations concerning them are adapted.
Mr. Chee said, “MPA is developing its physical and digital sandboxes to support testing and experimentation. Earlier this year, we launched the maritime drone business at Marina South Pier to provide a space for the development of drone technologies for maritime applications, such as on-board deliveries and remote vessel inspections. “
The Maritime Drone Estate is a space for maritime drone pilots to test their cargo, such as the delivery of 3D printed shipping parts to ships moored near the shores of Singapore.
This is the first space of its kind in Singapore, although industry players have said they want a larger and more permanent facility. These proposals are still awaiting approval by the authorities.
Amid an increase in the number of support programs, the MPA announced on Tuesday it has launched a MarineTech Getting Started Manual that compiles relevant information for easy reference by start-ups.