ST Engineering today announced the official launch of Innosparks, an ST Engineering Open Lab and first-of-its-kind engineering based incubator. The launch was officiated by Minister for Trade and Industry (Industry), Mr S Iswaran and attended by more than 100 chief executives, senior management of Singapore’s Government agencies and members of the innovation ecosystem comprising startups, accelerators/incubators, venture capital/investment groups, research institutes, institutes of higher learning, and other business partners.
“Technology and innovation have always been the lifeblood of ST Engineering. With the launch of Innosparks, we look to further support and enhance innovation both within and beyond the Group,” said Vincent Chong, President & CEO of ST Engineering. “Through Innosparks, we want to grow the innovation ecosystems by rallying like-minded innovators to co-create breakthrough, world-class solutions together.”
Innosparks currently focuses on developing solutions that address urban needs and challenges, in the domains of mobility, energy & environment, healthcare and security & emergency management.
Through-train incubator programme to accelerate technology innovation
Innosparks offers a through-train incubator programme enabling individuals/startups to accelerate technology innovation from idea to market within 18 months or less. The innovation process for a comparable product will typically only reach prototyping phase in the 18th month. The key differentiation is the open innovation architecture that Innosparks offers to individuals/startups throughout their innovation journey – covering (1) up to S$500,000 in funding and resources, (2) access to Innosparks’ multi-disciplinary engineering expertise as well as (3) integrated innovation capabilities, equipment and space for ideation, design, building, prototyping and launching. This open innovation architecture is unique in that it drives a fast-fail fast iteration approach, helping individuals/startups to design for market right at the start, iteratively building and testing their prototypes to be commercially viable products within 18 months or less.
Finally, for individuals/startups who reach or enter at the commercial scaling stage, Innosparks will connect them to ST Engineering’s Corporate Venture Capital unit, ST Engineering Ventures. Selected individual/start-ups will be able to integrate into the Group’s ecosystems for broader business capabilities to compete globally as well as tap on the Group’s technological expertise. They will also be able to access the Group’s established business network and distribution channels.