Singapore Develops $100 Million Fund for Successful Technology Ideas

By in

30.09.2013The Deputy Prime Minister of Singapore, Teo Chess Hean has announced at the opening of the Tech Venture – start-ups will benefit from a pool of funds for product and commercialization development. Mr Teo, who also chairs the National Research Foundation (NRF), stated at the Tech Venture ‘Start-ups have to try very hard to get the attention of VCs – Venture Capitalists give full name from other parts of the world in order to secure funding’. As Singapore’s economy is blooming the government is now trying to address difficulties in the region which can help stimulate the economy even further. The pool of funds will be a co-investment containing $50 million from the government and further $50 million will be raised from other leading venture capital firms whom wish to partner in the fund. The NRF have been appointed managers of the fund.