New Venture Launching Program Supported by EDB

Launching a new venture whether arising from an already existing business or a completely new concept is not a walk in the park. Hence, the Economic Development Board, actively promotes the Corporate Venture Launchpad 2.0 (“CVL 2.0”), encouraging qualified and Singapore-based companies to consider seeking new ventures opportunities.

This program specifically targets established corporates, regional family businesses and high growth companies to build new ventures quickly and effectively, create new growth and revenue streams, and join a growing corporate venturing movement.  

New venture launching will tap the support and expertise of pre-selected venture studios. The EDB-identified venture studios will showcase its venture-building experience, methodologies and multidisciplinary talent from start to finish, enabling participating companies to thrive and succeed. 

To qualify for the program, check the following criteria:

• Established corporates, regional businesses and high-growth companies with significant revenues or market capitalization.
• Companies that have Singapore operations, with clear mandate for new business creation and demonstrate commitment to corporate venturing.
• Venture concept addressing a large opportunity space in any sector, with the aim of creating new revenues outside of the parent company’s existing core business. It needs to have strong breakthrough potential and ability to leverage the company’s assets and resources.
• Venture concept must be sufficiently differentiated from any previously supported ventures /projects by the EDB.

The program also demands the participating companies to hire full-time employees serving as venture leads and the new venture should be headquartered in Singapore. 

Tranches to succeed

The Corporate Venture Launchpad 2.0 (CVL 2.0) program is divided into two tranches.

The first tranche is known as Concept Validation Sprints which covers the infancy stage of a venture. It puts emphasis on the corporate venturing goals of the company. In this stage, the new venture undergoes scrutiny by industry experts guided by researched-based validation processes.

Coverage:

• 50% co-funding of qualifying costs (up to S$500,000)/concept validation sprint​

Source: Economic Development Board (EDB)

In the second tranche called Venture Build and Launch, the product or service to be offered to the market is unveiled. New ventures which have successfully completed tranche 1 and considered as high-potential projects advance to the second tranche. 

Coverage:

• 30% co-funding support on qualifying costs (up to S$500,000)/pre-seed builds.

The leader of the band

As mentioned above, the launching of new ventures will be facilitated and guided by dynamic venture studios. Six venture studios are tasked to assist new ventures from ideation, incubation to building of new ventures. They will provide relevant and industry-based capability building offerings, methodologies, people and resources.

These venture studios were selected based on three criteria such as  venture-building expertise, track record, and level of commitment. To get more information about the six venture studios, check  this.

Every year–new companies emerge in the market–offering varying products and services. In Singapore through EDB, new venture launching is wholeheartedly supported by its government through Corporate Venture Launchpad 2.0 (“CVL 2.0”) program. From its infancy stage to the official launching phase, EDB will provide support for participating companies seeking new business ventures in Singapore.

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