Singapore Administration College (SMU) has launched the City SustaInnovator (USI), a deep tech accelerator aimed toward supporting startups centered on city options and sustainability.

The programme was launched on the twelfth Lee Kuan Yew World Enterprise Plan Competitors (LKYGBPC), which this yr drew 1,572 purposes from 91 international locations.

Minister for Nationwide Improvement Chee Hong Tat officiated the launch, highlighting the accelerator’s position in anchoring promising startups in areas equivalent to decarbonisation, vitality transition, sustainable development and mobility.

The initiative is backed by a consortium of private and non-private companions together with A*STAR, Antler, the Constructing and Development Authority, ST Engineering, TRIREC and Wavemaker Companions.

Sixty university-linked deep tech startups have been shortlisted as finalists for the competitors and are at the moment in Singapore to pitch for a share of S$2.5 million in money, mentorship and different help.

The finalists can even achieve entry to the brand new accelerator, which affords a year-long programme with mentorship, business connections and steerage on fundraising and commercialisation.

SMU stated the programme is designed to strengthen Singapore’s place as a hub for deep tech and to supply a pipeline of startups addressing sustainability challenges.

Practically 40 p.c of ventures nurtured by SMU’s Enterprise Improvements Generator incubator have labored on sustainability-related objectives, elevating greater than S$1.15 billion over the previous 5 years.

The LKYGBPC, organised biennially by SMU’s Institute of Innovation and Entrepreneurship, has grow to be one of many area’s key college startup competitions.

The Grand Finals Week runs from 29 September to 2 October, with prime groups competing for the Chancellor’s Cups and different prizes.

“Innovation is not only necessary; it’s important. This accelerator programme brings collectively enterprise capitalists, R&D consultants, main corporations and public businesses to mentor promising city options and sustainability startups.

Contributors will obtain steerage on fundraising, market entry, and R&D as you construct and launch your ventures,”

stated Chee Hong Tat, Minister for Nationwide Improvement.

Featured picture: (From left) Professor Lim Solar Solar, Vice President of Partnerships and Engagement, Singapore Administration College; Professor Alan Okay L Chan, Provost, SMU; Minister Chee Hong Tat, Minister of Nationwide Improvement; Beth Henderson, Lead, Startup Programmes, The GEAR by Kajima; Khoo Teng Lip, Head, ST Engineering Ventures; Jonathan Cheng, Chief Expertise Officer, Constructing and Development Authority