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Deep TechVC

Singapore’s Deeptech Ambitions Face Hurdles Despite Massive Investment

Rary Maharani
Last updated: July 5, 2024 2:01 am
Rary Maharani
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1 Min Read
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  • Singapore invests big in depth.
  • Startups face talent shortages and funding challenges.
  • Global expansion necessary but risks ecosystem growth.

Contents
Talent crunch and funding woesGoing global: a necessary evil?

Singapore’s S$300 million commitment to deeptech development in 2020 has led to nearly US$1 billion invested in the sector.

However, the city-state now grapples executing its ambitious plans. Data from SGInnovate reveals that approximately 10% of companies incorporated between 2019 and 2023 have closed shop, indicating significant challenges in the ecosystem.

Talent crunch and funding woes

The deeptech sector faces a pronounced talent shortage, competing for a limited pool of specialized scientists and researchers.

This scarcity has led to high-profile exits, such as Entrepreneur First’s departure in 2022.

Additionally, the “valley of death” phenomenon plagues many startups, struggling to translate research into viable products before securing funding.

Going global: a necessary evil?

Enterprise Singapore acknowledges that the city-state’s small market often necessitates startups to expand beyond its borders.

This strategy, though beneficial for individual companies, presents a dilemma for the ecosystem’s maturation.

The challenge lies in retaining talent and companies to foster a robust local deeptech environment.

To read the original article: https://www.techinasia.com/hurdles-dent-singapores-deeptech-ambitions-blueprint-takes-shape

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