Singapore Budget 2020 is packed with good news amid the COVID-19 pandemic. The country’s ecosystem for startups is vibrant with about 3,800 companies and 150 capital funds investing in startups in the region.
Deputy Prime Minister Heng Swee Keat announced that the government will set aside S$8.3 billion over the next three years, including sums that were allocated in previous years, to help with the transformation and growth of companies – from startups to small and medium-sized enterprises (SMEs).
Startup SG Programme
The Startup SG programme has helped startups to get their ideas off the ground. Through co-investment schemes like Startup SG Equity, some S$560m in private sector funding has been raised over the last four years.
This 2020, an additional $300m will be set aside under Startup SG Equity for deep-tech startups that deal with emerging technology, including:
- Pharmbio and medtech
- Advanced manufacturing and agri-food tech
The funds will allow startups to get better access to capital, expertise, and industry networks.
Enterprise Grow Package
A recent initiative of the government, the Enterprise Grow Package aims to:
- Help enterprises identify business needs
- Adopt pre-approved digital technologies
- Take the first steps to enter new markets.
This package will include the launch of the GoBusiness platform, which is a single touchpoint for enterprises to transact with the government digitally.
Enterprise Transform Package
To strengthen the leadership and management capabilities of enterprises, the government will introduce an Enterprise Transform Package. This will include the launch of the Enterprise Leadership for Transformation Programme by Enterprise Singapore to support business leaders of promising SMEs.
The government aims to support business leaders of 900 enterprises in business transformation with training and mentorship over the next three years by collaborating with Institutes of Higher Learning, banks, and industry experts.
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