It partnered with EDB who will participate in the strategy, network and risk-sharing capital of the firm.
Procter & Gamble (P&G) has announced that it invested $12m in developing the ‘Next Billion Dollar Opportunities’ through its intrapreneurship and venture-building unit GrowthWorks
The investment is made in partnership with the Economic Development Board (EDB), who will participate in the strategy, network and risk-sharing capital of P&G endeavors. It also includes a seed fund of $8m for its ‘intrapreneurs’ to run lean experiments and closely collaborate with Singapore-based enterprises.
P&G aims to grow at least three new businesses with billion-dollar opportunities, which are created, validated, incubated, scaled and globally-headquartered in Singapore.
GrowthWorks aims to enable new brands, new technology platforms and new business models with a dedicated team of ‘intrapreneurs’. This would also be one of the first large corporations in Singapore that works towards developing new businesses from Singapore.
This follows EDB’s recently announced intention to work with corporations in Singapore to grow Corporate Entrepreneurship and create new ventures.
P&G GrowthWorks will accelerate the speed and quality of innovation to create the next Billion Dollar Opportunity from Singapore to the rest of the world.
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