The Singapore Government has launched a new initiative to encourage medical technology startups, offering a S$40 million (US$32.6 million) fund under the Biomedical Science Accelerator (BSA) Program.
Singapore’s entrepreneurship promoter SPRING Singapore said its investment unit SPRING SEEDS Capital will manage the program, identifying ‘high-potential med-tech startups’, investing in them on a one-to-one basis and assisting the sector to better commercialize the intellectual property it develops.
Biotech is a key contributor to Singapore’s economy, consisting of 10% of Singapore’s manufacturing output and employing 13,000 people. The BSA program acknowledges that startups in the field often struggle with its knowledge and capital intensive nature, and aims to help those with innovative ideas succeed.
source & article: Today Online