From COVID to trade wars, innovation can help startups stay ahead of the curve

In today's volatile environment, startups face unprecedented challenges. From navigating the disruptions of the COVID-19 pandemic to dealing with geopolitical tensions like the US-China trade war, agility and adaptability are essential for survival. While much attention has been given to digital banking and fintech’s response to immediate consumer needs, clean-tech companies have been quietly innovating behind the scenes.

We have seen firsthand how the pandemic has spurred technological advancements. For example, our KILSA-backed startup Embiome, a spin-off from Hyundai Motors, partnered with Singapore’s Lumens to deploy a unique microbial coating technology for car cabin filters, ensuring cleaner air in vehicle cabins. IPI, part of Enterprise Singapore, facilitated this collaboration, helping companies integrate new technologies. It’s an illustration of how innovation can thrive even during turbulent environments like the 2020 pandemic.

To enhance the startup ecosystem, governments should encourage collaboration between startups and larger institutions, including multinationals and educational entities. Establishing testbed sites for proof-of-concept trials and offering incentives for these partnerships will drive innovation and resilience.

For this purpose, our partner IPI has been running TechInnovation since 2012 as a platform to showcase cutting-edge technology and deep tech. It connects corporations, startups, SMEs and government entities, fostering commercial partnerships and knowledge sharing through exhibitions, conferences, and pitch sessions.

This year, TechInnovation 2024 will showcase many such startups, including Green-Da, which recycles discarded fried food scraps into high valued biodiesel raw material, and Prevenotics, an AI-based gastric cancer prevention software provider backed by KILSA. As part of the event, KILSA will also host a networking lunch for invited guests on 28th October 2024, providing a platform for meaningful connections and collaboration.

The future of innovation lies in localising business models and developing region-specific strategies. That’s why we are partnering with IPI for TechInnovation 2024. We are committed to supporting both startups and SMEs at every growth stage to drive long-term success in a perilous world.

Startups and SMEs today face challenges beyond technology. Entering new markets requires not just research but deep local insights with on-the-ground execution team. Trusted local teams and partners are crucial in this landscape. At TechInnovation 2024, we hope we can meet and guide other startups and SMEs in navigating regional complexities. We don’t just connect startups with opportunities; we pre-invest in local teams to ensure they are equipped to succeed. Our presence in key growth markets allows us to provide the agility necessary for startups and SMEs to thrive.

We also help startups and SMEs become aware of the geopolitical landscape they must navigate, given that the geopolitical trade war presents both challenges and opportunities. Startups that maintain neutrality and target markets like ASEAN, where governments support entrepreneurship, are better positioned for success. Singapore, in particular, has bolstered SME growth through initiatives like Market Readiness Assistance (MRA) grants and government-to-government collaborations, creating hubs that attract family offices and venture capitalists.

As South Korea’s President recently highlighted during his visit to Singapore, "Korean startups can use Singapore as their test bed, while Singaporean startups can partner with established Korean companies to enter the high-tech industry," reinforcing Singapore's role as a key launchpad for innovation and collaboration in the region.

By fostering collaborations, leveraging local expertise, and adopting flexible strategies, startups can not only survive but thrive in turbulent times. TechInnovation 2024 provides a valuable platform for startups to learn from industry leaders and forge partnerships that will propel their success.