Singapore's first start-up valley over-subscribed

20140925-bt-singapore-jtc-launchpad-oversubscribed-pic SINGAPORE'S Silicon Valley-inspired start-up cluster, JTC LaunchPad @ one-north, has been oversubscribed, and over 90 per cent of the space will be occupied when it is ready by the end of this year.

In fact, demand for the country's first start-up valley has proven so great that more could be built in the future, said Minister of State for Trade and Industry Teo Ser Luck on Monday.

"We're very happy (and) overwhelmed by the response so far, and LaunchPad will be a very exciting start-up ecosystem," said Mr Teo of the three adjoining buildings in Buona Vista. They will house over 500 start-ups and 2,000 entrepreneurs when complete; more than 65 per cent of these start-ups will be local.

"If we pilot it and it goes well, and we refine some of the policies, measures, and the way we run it, and we learn from it, then I think we are ready for (LaunchPads) 2 and 3. Because I think there's demand for it," added Mr Teo, who was speaking on the sidelines of a visit to home-grown engineering firm Hope Technik.

With food points, sports facilities, and plenty of collaborative spaces for meetings and parties, LaunchPad @ one-north aims to be a vibrant community for start-ups and incubators in the biomedical sciences, infocomm, media, electronics and engineering industries.

Mr Teo also revealed that he is setting up an advisory panel within the Action Community for Entrepreneurship (ACE), made up of eight to 10 "prominent" entrepreneurs from Singapore and around the world.

Support from these individuals will go a long way in helping Singapore become the global entrepreneurship hub it aspires to be, said Mr Teo.

"We're going to do something to help Singaporeans actually take this entrepreneurship journey, but at the same time we will also position Singapore worldwide," said Mr Teo.

Source: Business Times, 25 Sep 2014