SINGAPORE--The National Science and Technology Board (NSTB) will manage a quarter of Singapore's US$1 billion Technopreneurship Investment Fund while the rest will be managed by the Government of Singapore Investment Corporation (GIC).
At the launch today of TechMonth 1999, deputy prime minister Dr Tony Tan revealed that the NSTB would use the US$250 million to co-invest with the private sector to develop Singapore-based startups with ideas at seed-stage.
The remaining US$750 million will be managed by GIC through two funds--a US$500 million broad-based Fund of Funds and a US$250 million Strategic Fund.
The Fund of Funds is for attracting local and foreign venture capitalists to invest money in Singapore-based companies while the Strategic Fund seeks alliances with, and technology transfer from, top-tier venture capital companies in the world.
Dr Tan said both bodies had received numerous proposals from local and foreign venture capital companies, financial institutions and industrial corporations.
The proposals are being studied and an announcement would be made later this month, he said.
He noted that Singapore was interested in expertise as well as capital, so it was important that venture capital firms provided the start-ups with a broader perspective of the product-market fit, advice on management tecniques, problem solving and industry contacts.
"The venture capital firms chosen as partners by NSTB or GIC under the TIF iniotiatives should therefore exhibit depth and breadth of experience in guiding technology businesses through different stages of growth," he said.
TIF was announced in April as part of the Technopreneurship 21 concept plan to jump start the development of a vibrant venture capital industry in Singapore.
Also announced today were the 10 winners of the inaugural Technology Achievement Award (TAA) 1999. They are AEM-TECH Engineers, ASM Technology Singapore, GES Singapore, Hewlett-Packard Singapore, Hitachi Consumer Products (S), Infineon Technologies Asia Pacific, Matsushita Electronics (S), Motorola Electronics, Serial System, and STMicroelectronics Asia Pacific.
Launched in March this year, TAA is organised by NSTB, Arthur Andersen Business Consulting and The Straits Times. The national award recognises Singapore-based companies for their achievement and contribution to Singapore's economy through research and development.
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