EDB launches second leg of its corporate venture building programme
A total of $20m of fresh funding will be received by the program beneficiaries.
The Singapore Economic Development Board (EDB) has launched the second leg of its corporate venture building programme, Corporate Venture Launchpad 2.0 (CVL 2.0).
Under CVL 2.0, a total of $20m of fresh funding will be received by the programme beneficiaries; this is double the amount committed during the pilot.
Apart from larger funding, EDB has also opened the programme to regional businesses, high-growth companies, and ventures in any industry that have breakthrough potential in global markets. During the pilot, EDB’s focus was just on large established corporations.
Over the next two years, EDB will provide selected companies ”support in different stages of their venture experience,” which include funding support of up to $500,000 for each concept validation sprint.
High potential ventures can also receive an additional $500,000 to be used for Minimum Viable Product development, and the hiring of their founding team.
“A self-help toolkit will be made available to better scope venture concepts, evaluate organisational readiness for venture building and select the right venture studios,” EDB added.
For CVL 2.0, EDB appointed six venture studios: BCG Digital Ventures, FutureLabs Ventures, Leap by McKinsey, Next by Bain & Company, and Rainmaking and Wright Partners.
“With CVL 2.0, EDB aims to provide stronger venture building support and co-sharing of risks for companies’ corporate venturing efforts to strengthen the innovation ecosystem. We are keen to invite more companies with ambitions to grow globally leading new businesses to do so from Singapore,” EDB Managing Director Jacqueline Poh said.
Businesses who wish to apply for the programme can visit EDB’s website for more details.