NASSCOM Deeptech Webinar: Funding Pathways for Deeptech Companies Building in Singapore

Real Inbound Consulting founder Gerald Yap recently spoke at a NASSCOM Deeptech Global Market Discovery session focused on the Singapore opportunity for Indian deeptech companies. The session brought together three complementary perspectives: go-to-market strategy, capital pathways and government funding.

Alongside Gerald, Steve Dawson, founder of Asian Market Entry and co-founder of GTM Studio, covered market-entry and partner-led go-to-market strategy. Bill Patfield, CEO and founder of Salamander Advisory Services, shared how investors in Singapore assess regional expansion stories and what companies should prepare before seeking capital.

Singapore can be more than a sales market

Gerald’s presentation focused on a simple idea: deeptech companies should not look at Singapore only as a place to sell. Depending on the company’s strategy, Singapore can also become a base for R&D and engineering, technology commercialisation, talent development and regional expansion.

He highlighted three common ways foreign technology companies use Singapore: to build R&D and engineering capabilities, to develop and commercialise new technology, and to establish a regional base serving ASEAN and wider Asia.

The first decision: Path A or Path B

A major part of the presentation was the distinction between two funding pathways.

Path A applies to foreign-owned companies that do not intend to meet the 30% Singaporean ownership threshold. These companies can still access selected EDB-led incentives designed to attract substantive foreign investment into Singapore.

Path B applies where the Singapore entity meets the relevant 30% local ownership requirement. Gerald explained that this test is based on ownership traced through to the ultimate individual shareholders, not simply whether a Singapore holding company appears somewhere in the corporate structure. Meeting this threshold opens access to a broader pool of Enterprise Singapore and other SME-oriented schemes.

Path A: funding foreign-owned deeptech companies

For foreign-owned companies, Gerald introduced several schemes that can support meaningful Singapore activities without requiring 30% local shareholding.

EDB’s Research and Innovation Scheme for Companies (RISC) can support companies establishing or expanding R&D capabilities in Singapore. The Refundable Investment Credit (RIC) is broader and can support substantial investments spanning activities such as regional headquarters, centres of excellence, productive capacity, digital operations, innovation and other strategic functions.

He also covered the Enterprise Compute Initiative (ECI), which combines cloud credits, AI tools and subsidised consultancy support for qualifying AI projects; the Career Conversion Programme (CCP), which can offset part of the cost of hiring and reskilling local mid-career workers; and EDB PACT, which supports capability-building and co-innovation partnerships.

The key message was that a foreign deeptech company does not need to restructure its ownership simply to have a grant pathway in Singapore. The more important question is what substantive activities, investment and capabilities the company intends to anchor here.

Path B: a broader innovation and expansion grant stack

For companies that meet the local ownership requirement, Gerald then mapped a broader set of grants that can support product development, co-innovation, piloting and overseas expansion.

The Market Readiness Assistance (MRA) grant can support Singapore companies expanding into new overseas markets. EDG Product Development can support the development and commercialisation of innovative products and technologies. The Co-Innovation Programme can support joint R&D with overseas partners, while EDG Pilot Project & Test Bedding can help companies validate new solutions in real-world environments.

A*STAR’s Technology for Enterprise Capability Upgrading (T-Up) was also highlighted as a particularly relevant option for deeptech companies that need specialist scientific or engineering capability. Under T-Up, qualifying companies can embed A*STAR or AISG research talent into their teams to accelerate R&D and technology transfer.

The bigger opportunity is the funding architecture

Rather than treating each grant as a one-off opportunity, Gerald encouraged companies to think about how multiple schemes can fit together over time. A company may begin by establishing an R&D or strategic function in Singapore, then hire local talent, develop or validate new technology, build partnerships and eventually expand into other markets.

This is where grant planning becomes more valuable than grant hunting. The objective is to map the company’s real business plan, investment commitments and growth milestones first, then sequence the relevant government funding around that roadmap.

During the Q&A, Gerald also clarified that some Path A schemes can be explored before a Singapore entity has even been incorporated. In other words, incorporation should follow the company’s strategy and operational purpose, rather than being treated as a prerequisite for every funding conversation.

Go-to-market: build partner leverage, not just presence

Steve Dawson’s presentation complemented the funding discussion by focusing on how companies actually enter and sell in Singapore and the wider region. He stressed the importance of trust, physical presence and a partner-led go-to-market model, particularly when scaling across multiple Southeast Asian markets.

His message was that market-entry preparation should go beyond incorporation. Companies need clear positioning, strong home-market references, market-ready pricing and contracts, and a compelling proposition for local partners. For service companies in particular, he cautioned that differentiation needs to extend beyond access to lower-cost talent. Proprietary IP or a genuinely differentiated capability matters.

Capital: investors want a regional story backed by numbers

Bill Patfield then looked at Singapore through the investor lens. He outlined the different pools of capital available, from angels and venture funds to corporate investors, family offices, venture debt and government co-investment.

A recurring theme was that investors want evidence of regional scalability, not simply a Singapore address. Bill emphasised measurable partner-sourced revenue, revenue across multiple markets, clean cap tables, clear IP ownership and genuine operating substance. His advice was to build the regional strategy first, then align the company structure and funding approach around it.

One Singapore strategy, three connected questions

Taken together, the three presentations addressed three questions that every inbound deeptech company should answer: How will we enter and win customers? How will we fund the company and its regional growth? And how can Singapore government support reduce the cost and risk of building meaningful capabilities here?

For RIC, the grant question sits inside that wider strategy. Our role is not simply to identify a grant after a project has been decided. We help companies map and sequence the available funding around their R&D, technology commercialisation, talent, strategic investment and regional expansion plans.

About the session

The webinar was organised by NASSCOM Deeptech as part of its Global Market Discovery programme for Indian deeptech startups exploring Singapore. We thank NASSCOM Deeptech for the invitation, and Steve Dawson and Bill Patfield for sharing their perspectives alongside us.