As part of of its drive towards creating Southeast Asia’s answer to Silicon Valley, the Singapore Government has announced the creation of a $1bn Technopreneurship Investment Fund (TIF) as a key plank in the Technopreneurship 21 Concept Plan, a four-prong strategy for developing and attracting technology-oriented business talent. The other parts of the plan pull together existing initiatives in education, the creation of the $5bn Buona Vista Science Hub and changing laws and regulations where necessary.
Calling the TIF an umbrella fund of funds, deputy prime minister Tony Tan, who is also chairman of the Technopreneurship 21 Ministerial Committee, said: It will work with the private sector funds in Singapore, it will co-invest in them, it will be prepared to start specific venture capital funds in collaboration with private sector partners.
Tan said these activities aim to attract venture capitalists from outside Singapore and also to encourage some of their local counterparts to expand their operations. I think we can safely say that at least an additional $1bn to $2bn will come from the private sector to be made available for investment in the technopreneurship projects, he said but observed we will be doing very well indeed if the $1bn can be actively utilized within a period of 18 to 24 months.
