Last week’s “Funding the Future” event brought together a passionate crowd of deep tech founders, investors, industry experts and ecosystem partners all ready to dive into the deep tech landscape in Singapore and the region. The energy was contagious, and we had a great panel discussion with the speakers.
We’re in the early days of deep tech growth in Singapore. Business Times reported that in 2023, there is a 31.4% surge in deep tech deals even though the overall funding value dipped slightly. This is because 90% of the deals were with early- stage startups.* Here are some of the key takeaways for the speakers :
Problem- Technology Fit: As highlighted by CL Goh, Managing Partner, Blue InCube Ventures, ensuring a problem- technology fit is essential, especially in the B2B deep tech startups in the industrial tech space. He emphasised that having advanced technology doesn’t guarantee success, it must address a real and relevant societal need.
Identify your key stakeholders: CL also stressed that although inventors and employees are important stakeholders, engaging suppliers, and distributors are just as important.
Navigating government funding: Nur Iman Aris, Deputy Director, Enterprise Singapore, and Deputy General Manager, SEEDS Capital provided valuable insights on navigating the Singapore government funding landscape. He highlighted that SEEDS Capital is one of the most active tech investors in Singapore, and between 2017 - 2023, they made 253 new & follow-up investments with S$ 233M in investments.
Funding tips: Alexandra Zhang, CoFounder, and CEO, Factorem generously shared her experience with fundraising and the impact it had on growing Factorem. Deriving from her personal experience, here are her practical tips for preparing for your raise:
Set-up investor CRM - just like a sales funnel
Tier your investors and ask specific questions
Take ‘smart’ money at an early stage.
Prepare objections sheet - a playbook to answer common questions asked.
Set reasonable valuations for investors here in SEA. It is influenced by the degree of business risk.
Don’t be afraid to walk away! Investor-founder fit goes a long way.
We’re still in the early days of a vibrant deep tech ecosystem in Singapore. With such a strong community, we are excited to keep the conversation going and foster the growth of thriving deep tech startups and communities in the region.
Do you have a deep tech idea or problem you’re passionate about solving? We’ll love to hear from you. Follow Blue InCube Ventures on LinkedIn to stay updated on future events and opportunities. We hope to see you at the next event!
The Venture Builder Advantage:
This informative and engaging event was organised by Blue InCube Ventures under the ongoing series ‘From Concept to Launch: The Venture Building Event Series’. Blue InCube is a boutique venture builder with over 30 years in building B2B businesses in logistics, healthcare, material science, built environment, robotics, argitech and cleantech. We work with founders to discover, collaborate and scale a sustainable business together.
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