ENABLING ENTERPRISEOCTOBER 2017

SHOWCASETHE “SPOTIFY” OF INVESTMENT RESEARCH: SMARTKARMA

SHOWCASEHELPING MEDTECH STARTUPS TO FLOURISH: TRENDLINES MEDICAL SINGAPORE

IN CONVERSATION WITHTHE KEY TO STARTUP SUCCESS: LIM DER SHING Watch SPRINGnews

on YouTube!

REALISING SINGAPORE’S STARTUP VISION

CONTENTS

EDITORIAL TEAM Marion ABRAHAM (marion_abraham@spring.gov.sg)Amelia AW (amelia_aw@spring.gov.sg)CHAN U-Gene (chan_u-gene@spring.gov.sg)CHOW Zhi Ting (chow_zhi_ting@spring.gov.sg)Fazilah LATIF (fazilah_latif@spring.gov.sg)Felicia LEE ( felicia_lee@spring.gov.sg)Fizzah RAHMAN (fi zzah_rahman@spring.gov.sg)ZEE Soh Fun (zee_soh_fun@spring.gov.sg)

EDITORIAL & DESIGNNewBase Content thenewbase.com

OCTOBER 2017

10 SHOWCASE THE “SPOTIFY” OF INVESTMENT RESEARCH

12 PICKING TECH WINNERS

14 HELPING MEDTECH STARTUPS TO FLOURISH

16 IN CONVERSATION WITHTHE KEY TO STARTUP SUCCESS

6

PUTTING IN PLACE THE BUILDING BLOCKS TO DEVELOP SINGAPORE’S STARTUP ECOSYSTEM

FEATURE STORY

REALISING SINGAPORE’S STARTUP VISION

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2 | October 2017

BUZZ

October 2017 | 3

FROM LEFT: Mr Kow Juan Tiang, Group Director for Technology Business Group of IE Singapoe; Mr Edwin Chow, Group Director for Industry and Enterprise / Innovation and Start-ups of SPRING Singapore; Dr Koh Poh Koon, Senior Minister of State for Trade and Industry and National Development; Dr Mark Hon, Chairman of Action Community for Entrepreneurship; Mr Edmas Neo; Executive Director of Action Community for Entrepreneurship; and Ms Khoo Wee Lin, Director for Infocomms, Media and Startups Cluster of JTC.

One-stop centre launched to support startups in international growth and expansion

The ACE International Centre (ACEIC) was launched on 6 September, with the aim of strengthening Singapore’s position as a leading startup hub and a launchpad for the

region. It will also help foster and deepen connections with other global startup ecosystems, and bring in new ideas and innovations.

The one-stop centre supported by IE Singapore, JTC and SPRING Singapore will help local startups seeking regional growth and international startups in setting up their bases in Singapore.

Specifically, the centre will assist Singapore-based startups to connect to new networks, partners, overseas markets, and access programmes such as market awareness workshops and networking sessions. International startups can leverage the centre’s co-working space and local connections to find investment, discover new technologies and gain business opportunities.

Located at the JTC LaunchPad @ one-north, the ACEIC will serve startups from diverse industries, including info-comms technologies, media, engineering, biomedical, financial technology and urban solutions.

FOURTH FROM LEFT: Mr R Dhinakaran, Managing Director, Jay Gee Melwani Group and SRA President; Minister S Iswaran, Minister for Trade and Industry (Industry); Mr Ted Tan, Deputy Chief Executive, SPRING Singapore; with SRA Council Members and Mrs Kee Ai Nah, Group Director, Industry and Enterprise Development, SPRING Singapore (first from right).

Championing retail transformation

The Singapore Retailers Association (SRA) will be embarking on the LEAD+ programme to upgrade its capabilities. This was

announced by Mr S Iswaran, Minister for Trade and Industry (Industry) at the Singapore Retail Industry Conference (SRIC) 2017 on 8 September. The association will take on a greater role to champion industry transformation and undertake specific initiatives to drive the adoption of retail technologies. This includes back-office solutions to enhance productivity and to develop omni-channel capabilities among retailers.

Five startups emerged winners at the inaugural SLINGSHOT@SWITCH competition powered by Startup SG on 20 September.

After the three-day event, Sophie’s Kitchen, a food-tech startup that produces plant-based seafood alternatives was awarded the grand prize of a $200,000 Startup SG grant. The four runners-up, Blitab Technology, LPixel, Lucence Diagnostics and Smart Animal Husbandry Care, received $100,000 Startup SG grants each. They received their prizes from Guest of Honour Mr S Iswaran, Minister for Trade and Industry (Industry).

The competition received interest from more than 900 startups from over 30 countries.

Recognising promising startups

Mr Eugene Wang (Left), CEO and Founder of Sophie’s Kitchen, receiving the grand prize from Mr S Iswaran, Minister of Trade and Industry (Industry) at SLINGSHOT@SWITCH competition powered by Startup SG.

BUZZ

4 | October 2017

KEEPING YOUR MACHINES IN TIP-TOP CONDITION

Poor equipment maintenance always leads to unnecessary

business downtime, dip in productivity, and in some cases, loss of business and additional operating cost. To avoid such situations, companies can adopt the Maintenance Management System

(MMS) to digitalise and automate their maintenance activities.

Targeted at SMEs in the Engineering Services, Construction and High-Value Equipment Manufacturing, the MMS helps companies monitor machine performance and quickly identify machine

problems. The solution also tracks equipment breakdown and maintenance activities, performs diagnosis and root cause analysis, triggers maintenance activities, and auto-generates equipment maintenance reports. This enables businesses to make eff ective maintenance decisions and reduce time needed for diagnostic and maintenance, ultimately helping them improve their operational effi ciency.

Visit www.smeportal.sg/techdepot for more information today! ¢

Tech Depot

Solution of the Month

SPRING’s Assistant Chief Executive for Quality and Excellence elected ISO Vice-President for Technical Management

Ms Choy Sauw Kook, Assistant Chief Executive, Quality and Excellence, SPRING Singapore was elected as the Vice-

President (Technical Management) of the International Organization for Standardization (ISO) for the 2019-2020 term at the ISO General Assembly in Berlin on 21 September. Her appointment refl ects Singapore’s thought leadership in the development and promotion of international standards, and will contribute signifi cantly to SPRING’s work in building trust for Singapore’s products and services and in growing local enterprises.

Ms Choy has been a member of the ISO Council, which is the highest decision-making body for strategic, policy and governance work in ISO, since 2015. As a Council member, she contributed to the

LEFT: Ms Choy Sauw Kook, Assistant Chief Executive, Quality & Excellence, SPRING Singapore was elected as the Vice-President (Technical Management) of the International Organization for Standardization (ISO) for the 2019-2020 term at the ISO General Assembly in Berlin.

development and implementation of the ISO Strategy 2016 – 2020.

As ISO Vice-President (Technical Management), Ms Choy will be responsible

for leading the ISO Technical Management Board (TMB) in setting the direction, policy and governance of ISO standards development work. ISO TMB oversees some 250 Technical Committees (TCs), each of which

addresses a specifi c sector of business or technology. As a key committee under

the ISO Council, ISO TMB will play a crucial role in the implementation of the deliverables

under the ISO Strategy 2016-2020. These include the development of new standards in emerging areas for trade facilitation, more timely and e£ ective standards development process and more e£ ective cooperation with other international standards organisations and consortia bodies.

For more information, please refer to www.spring.gov.sg/consultant-quality

Upgrading Your Business with Certified Management Consultants

Management consultants play a pivotal role in Singapore’s enterprise development landscape. Partnering quality management consultants can help SMEs achieve meaningful business outcomes.

SMEs embarking on business upgrading journey and seeking support for consultancy-related costs under SPRING’s Capability Development Grant (CDG) will need to engage management consultants with SPRING-recognised certification.

This certification for management consultants helps SMEs select the right partners who meet the minimum competency and ethical requirements to deliver on project outcomes.

SPRING-Recognised Certification for Management Consultants provides quality assurance to SMEs.

Appointed certification bodies for SPRING-recognised certification: • Institute of Management Consultants (Singapore) • Singapore PMC Certification Pte Ltd• TÜV SÜD PSB Pte Ltd

SMEs can view the lists of certified management consultants on their websites.

6 | October 2017

Singapore's quest to become one of the world's leading startup hubs has gained

much traction in recent years. With the government and private sector working together to put together the pieces, the key

aspects of the local ecosystem have been put into place over the past few years. The emergence of more infrastructure and channels for funding have also seen a growing number and variety of tech startups being set up.

The results so far have been encouraging. In 2017, the Republic's startup ecosystem was ranked 12th in the world, up from 17th in 2012, according to Compass Global Startup Ecosystem Report.

Putting in place the building blocks to develop Singapore's startup ecosystem

REALISING SINGAPORE'S STARTUP VISION

October 2017 | 7

FEATURE

The number of tech startups rose to around 4,300 in 2016, up from just 2,800 in 2003, as reported by the Department of Statistics. Startups, defined to be up to five years old, also provided 24,300 jobs last year, of which 62% provided employment to locals. However, the government and industry partners have set their sights higher. Singapore is envisioned to be a vibrant and self-sustaining tech startup hub by 2027.

Meanwhile, more venture capital (VC) is flowing, where the amount of new investments and number of exits have increased. In 2016 alone, a record US$3.5 billion of VC funds was invested in Singapore startups. The momentum has carried over into 2017, with

total VC investment surging to US$725.3 million in the second quarter of the year.

The numbers in the second quarter were boosted by a hefty US$550 million funding round by Internet platform provider Sea (previously known as Garena), one of the four Singapore-based unicorns. The other three unicorns are gaming company Razer, ecommerce player Lazada and ride hailing app Grab.

"Singapore startups have moved on to next-generation solutions in the space of Artificial Intelligence and Internet of Things," says Mr Vicknesh Pillay, Managing Partner at Singapore-based VC firm TNB Ventures.

Focusing on deep technology While the number of tech startups has doubled in recent years, the growth of deep technology enterprises has remained largely unchanged. The government is working to channel e£orts to the deep technology industries, where solutions are based on scientific and engineering innovation. Three such high-growth sectors include - Clean Technology (cleantech), Advanced Manufacturing and Engineering (AME) and Medical Technology (medtech).

By working with accelerators that specialise in these areas, there is a potential to generate significant economic and social impact, whether it involves boosting productivity at a manufacturing facility or enhancing environmental sustainability. These accelerators, such as the NUS Enterprise run by the National University of Singapore and the Action Committee for

Entrepreneurship (ACE), provide advice and mentoring to help startups scale.

Since 2012, SPRING Singapore has strengthened the base for startups, with more partners joining the startup ecosystem. It appointed five medtech accelerators to nurture local startups. They are Clearbridge BSA, Zicom Medtacc, VentureCraft, Singapore Medtech Accelerator and MedTech Alliance, which co-invest with SPRING SEEDS Capital Pte Ltd (SSC) in medtech firms.

SPRING also appointed accelerators for the AME and cleantech sectors in May this year. They are Greenmeadow Accelerator, Wavemaker, Jungle IOT Plus, Trirec and TNB Spring. Thus far, SSC, together with its partner accelerators, have co-invested in six companies from these sectors.

Venturing to global markets Increasingly, local startups are eyeing the international market from an early stage of their growth, while more global startups are using Singapore as a

SINGAPORE STARTUPS HAVEMOVED ON TO NEXT-GENERATIONSOLUTIONS IN THE SPACE OF ARTIFICIALINTELLIGENCE AND INTERNET OF THINGS

MR VICKNESH PILLAY Managing Partner, TNB Ventures

FEATURE

base to realise their ambitions."As a global financial

centre, Singapore is an ideal springboard for Smartkarma's expansion into the Asia and the rest of the world," says Mr Raghav Kapoor, CEO and Co-Founder of Singapore-based Smartkarma, a financial technology startup that is looking to disrupt the market for investment research. In the past year, the company has expanded to Hong Kong.

Several initiatives have been rolled out to help local tech startups like Smartkarma, showcase their products and solutions on a global stage. Under the Global Innovation Alliance, for instance, SPRING will work with the Economic

Development Board (EDB) and International Enterprise Singapore (IE) to identify promising local startups and SMEs to access global markets.

The government has also established a brand identity for the Singapore startup ecosystem, known as Startup SG, which o£ers a range of support schemes that cover needs from early-stage funding, to the provision of working spaces and overseas expansion.

Adding to this ecosystem to boost startups regional expansion under the Startup SG brand, the ACE International Centre (ACEIC) was unveiled in September this year to support startups in their forays overseas by providing access to resources, advice, new

networks and markets. The one-stop centre will enable startups to leverage partners such as local and overseas incubators and investors. Global startups can also use the ACEIC's co-working space and local connections to find investment, technology solutions and business opportunities in Singapore.

Partnering with the private and public sector To facilitate further collaboration, there are schemes that encourage partnerships between startups, SMEs, and large corporates or government bodies. For instance, the Gov-PACT initiative announced at this year's Budget aims to help companies collaborate with public sector organisations.

The eight agencies that are currently part of the initiative are the Housing & Development Board, JTC Corporation, Land Transport Authority, GovTech, Building & Construction Authority, National Environment Agency, Defence Science and Technology Agency, and National Parks Board. The target is to develop at least 60 Gov-PACT projects by 2020.

SPRING also works with EDB to encourage large companies to establish corporate ventures and incubation activities with startups here. They are currently working with more than 20 corporates, including General Electric, L’Oreal and PSA.

Private sector players are also doing their part to promote tie-ups. ACE and KPMG signed a deal earlier this year to explore the setting up of a shared co-innovation space for enterprises and startups, and provide more opportunities for collaborations between corporates and startups, especially for those in deep technology sectors.

Together, the government and private sector players are putting in place the building blocks to grow a vibrant tech startup eco system in Singapore.

8 | October 2017

10 | October 2017

Smartkarma is disrupting the marketplace for investment insights with

a simple yet e£ective business model: Through an annual subscription, asset managers gain unlimited access to a wide range of analysis instead of paying a high price per report to the banks, which is the usual industry practice.

"Our business model is similar to what Netflix and Spotify do," says Mr Raghav Kapoor, CEO and Co-Founder of the Singapore-based financial technology. Fintech startup Smartkarma is changing the way investment research is accessed with its subscription service.

Users access Smartkarma’s platform by paying a yearly fee, while Smartkarma pays a monthly fee to all its contributing research analysts based on the reach and influence

Fintech startup Smartkarma is changing the way investment

research is accessed with its subscription service

THE "SPOTIFY" OF

INVESTMENT RESEARCH

10 | October 2017

October 2017 | 11

SHOWCASE

• Taking bold steps to reinvent old or inefficient market practices can create new business opportunities.

• Visit www.startupsg.net/startupsg-founder to access mentorship and startup capital grant for entrepreneurs with innovative business ideas.

keytakeaways

WE REALISED THAT THE INVESTMENT RESEARCH MARKET IS DYSFUNCTIONAL, WITH A REPLICATION OF CONTENT AND HIGH COST OF BUYING RESEARCH. THE CHALLENGE WAS TO DARE TO CHANGE A MARKET THAT HAS NOT CHANGED FOR CLOSE TO 30-40 YEARS.

MR RAGHAV KAPOOR CEO and Co-Founder, Smartkarma

of their articles. The platform which was launched in April 2016 enables investors to access a wide range of global analysis, while reducing the amount that investors spend on research. Their customers are institutional asset managers including sovereign wealth, hedge and mutual funds.

“The idea is that you pay a subscription and get unlimited access to research inputs from a range of top providers. But unlike Spotify, research providers and end clients can engage with each other, to assist with data and other needs.”

Research providers, meanwhile, are paid from the subscription pot using a proprietary algorithm that assesses the value they add to the platform in terms of meeting needs and providing the most relevant content to clients. “We o£er a holistic solution for the research providers, from how they gather, distribute and market their research, to how they get paid,” explains Mr Kapoor.

Founded in 2014, it received co-investment from SPRING SEEDS Capital. Explaining his rationale for starting the company, Mr Kapoor says, “we realised that the investment research market is dysfunctional, with a replication of content and high cost of buying research. We wanted to rectify this and the challenge was to dare to change a market that has not changed for close to 30-40 years.”

Reinventing investment research To improve the situation of a marketplace with information that was not accessible by all market players, Mr Kapoor and his team of 28 developed Smartkarma as a “collaborative marketplace" for research. The platform enables payment for research to be freed from trading commissions that banks charge. With the goal of changing how investment research is shared, the company

aims to replace the banks' research teams and become the sole provider of information and data to asset management companies and more.

The gamble seems to be paying o£. In December 2016, the company struck a major deal with Societe Generale. The French-based global bank will o£er its clients on-demand equity research through

Smartkarma's platform. “We see research as a core

building block of capital markets. As such, we hope to achieve e²ciency, transparency and provide a new economic model with our o£ering,” says Mr Kapoor.

Smartkarma's platform curates research from about 400 individual analysts - from established independent research firms to research boutiques and independent analysts - across Asia that are handpicked based on the quality of their content.

Moving forward As a global financial centre, Singapore is an ideal springboard for Smartkarma's expansion into the Asian market. In the past year, the company has opened an o²ce in Hong Kong. “However, investment is a global mandate and we believe in the international growth mindset,” says Mr Kapoor.

The firm is also looking beyond institutional fund managers, and aims to add corporate and other market segments to its pool of clients. In the longer-term, Mr Kapoor foresees Smartkarma expanding to other asset management segments, such as family o²ces that manage the wealth of a³uent families.

ABOVE: Mr Raghav Kapoor (right), CEO of Smartkarma, and Mr Jon Foster, Co-Founder and Chairman.

12 | October 2017

Development Bank's smart city programme in Vietnam.

Founded in 2014, TNB focuses on investing in startups from Southeast Asia that are involved in frontier technologies such as artificial intelligence and Internet of Things. The firm is managed by Mr Pillay and his partners, Michael Yap, Kelvin Ong and Charles Wong. All four of them have experience managing funds or running companies that they have exited successfully.

TNB’s first fund, the TNB Aura Fund 1, was set up in partnership with Australian boutique investment bank Aura. Headed by Mr Pillay, the fund invests anywhere from SGD$500,000 to SGD$3 million in early-stage companies from Southeast Asia or those interested in entering the region. As the fund recently completed bringing on board its first round of investors at the

When it comes to grooming tech startups, Singapore-based

venture capitalist and incubation firm, TNB Ventures (TNB) provides beyond the usual financial investment and mentoring support. TNB has established innovation programmes that match promising startups with larger corporates and MNCs. “Startups are chosen for these programmes primarily based on their ability to add value by addressing core challenges faced by the corporates they work with.

TNB Ventures goes the extra mile in grooming startups in frontier technologies

PICKING TECH WINNERS

The corporates, meanwhile, are keen to plug into the innovation space for strategic reasons," says Mr Vicknesh Pillay, Managing Partner at TNB Ventures.

As a result, the large companies are exposed to new technologies that could benefit their business while tech startups get a chance to test the technologies that they have developed in real-world conditions. For example, TNB is behind the Maritime and Port Authority of Singapore's smart port programme and the Asian

October 2017 | 13

SHOWCASE

• A startup's ability to raise funds and gain the trust of investors is key to its success.

• Visit www.startupsg.net/startupsg-founder to access mentorship and startup capital grant for entrepreneurs with innovative business ideas.

keytakeaways

THE MANAGEMENT TEAM AND THE ABILITY OF THE TEAM TO RAISE FUNDS IS PIVOTAL TO THE SUCCESS OF ANY STARTUP. THE CEO MUST ALSO HAVE THE ABILITY TO GET PEOPLE TO TRUST HIM, TO CHARM AND CONVINCE STAKEHOLDERS.

MR VICKNESH PILLAY Managing Partner, TNB Ventures

trust him, to charm and convince stakeholders. If he is too tech focused and not business minded then it will not work," explains Mr Pillay.

Due to the knowledge expertise and network of the firm, TNB was recently appointed by SPRING Singapore as a sector-specific accelerator that will co-invest and incubate startups in focus sectors with frontier technologies such as advanced manufacturing and engineering, virtual reality and augmented reality, as well as Internet of Things and Artificial Intelligence.

Moving into Next Generation Solutions While startups in other countries are focused on solving "emerging market" ine²ciencies - such as a lack of transparency in consumer services - those in Singapore have moved on to next-generation solutions in the space of Artificial Intelligence and Internet of Things.

On the evolution of the Singapore startup landscape, Mr Pillay believes that the days of the B2C focused tech solutions - such as the proliferation of food and transportation apps - is over. In its place are more B2B

startups that are leveraging advanced technologies. This trend arises as industry challenges are increasingly being addressed by emerging and disruptive technologies, with a great potential to scale.

“The B2C market here is too small, and it is harder to scale because there is a lot of localisation needed when you enter other markets. A lot of capital is also required to gain market share. As such, the growth is now in B2B markets and Singapore is well-positioned in this space due to the proximity to surrounding markets and the sound legal and tax systems," he reveals.

TNB chose to base itself in Singapore due to the attractiveness of the location to investors. He noted that the tech scene here is also more advanced than those in other markets in the region.

"Even if we invest in startups in the surrounding markets, we would typically set up a holding company in Singapore for them. It is the perfect place to execute our strategy in Southeast Asia," says Mr Pillay.

Meanwhile, he also believes that the funding scene for startups in Singapore has matured in recent years, with more professional venture capitalists entering the market and stricter due diligence being performed on startups before investments are made. Today, higher quality startups are now better funded and advised, and managed more professionally. More are also attracting the attention of global venture capitalists as well as MNCs looking for acquisitions.

"We foresee a lot more acquisitions in this part of the world. We have seen more Venture Capitals and the Merger and Acquisitions teams of MNCs moving their teams into Asia and Southeast Asia," he says.

"Due to these factors, we expect the emergence of more unicorns coming out of Singapore over the next four to eight years."

end of October, Mr Pillay and his team are currently onboarding a new round of investors and are busy scouring the region to invest in potential high-growth startups with a focus in frontier technologies. Selecting Emerging Startups TNB assesses potential investments through a screening process that looks at every aspect of a business, from valuation and recurring product revenue to the ability to scale and the strength of the management team. Beyond the deep dive into the company, TNB also takes the cue from other co-investors or strategic partners who might join the investment.

"The management team and the ability of the team to raise funds is pivotal to the success of any startup. The CEO must also have the ability to get people to

14 | October 2017

Trendlines Medical Singapore actively supports medtech startups in Singapore

HELPING MEDTECH STARTUPS TO FLOURISH

14 | October 2017

October 2017 | 15

SHOWCASE

• Good ideas alone aren't enough. Medtech startups must also have the right support and people working for them.

• Visit www.startupsg.net/startupsf-founder/ to access local support initiatives and connect to global opportunities.

keytakeaways

IN A STARTUP ENVIRONMENT, THE USE OF CAPITAL IS VERY IMPORTANT BECAUSE FOR THE NEXT DOLLAR YOU ARE TRYING TO RAISE, YOU CAN ONLY RAISE IT WHEN YOU HAVE CREATED VALUE.

MR ERIC LOH CEO, Trendlines Medical Singapore

For entrepreneurs that use government grants to launch their businesses, Mr Loh recommends that they first instill the necessary discipline in their companies to ensure that the money leads to a productive outcome. “In a startup environment, the use of capital is extremely important because you can only raise the next dollar when you demonstrate that you have created value.”

In Israel, government grants are administered through startup incubators and not given to the startups directly as they are in Singapore. Mr Loh believes that giving out grants this way enhances the use of capital.

Trendlines Medical Singapore also prepares its startups to launch their solutions in the global market, and works closely with them on business development by providing them with market intelligence.

The incubator plans to invest in three Singapore-based companies this year. Trendlines Medical Singapore will also partner with various local universities, research institutions and hospitals to jointly develop healthcare technologies for commercialisation in the region and beyond.

Startup incubator Trendlines Medical Singapore, was set up in 2016 to discover,

invest in and nurture Singapore-based startups involved in the medical technologies, or medtech sector, with the aim of helping them succeed in the global market.

Located on Block 77 at the JTC LaunchPad @ one-north, Trendlines Medical Singapore is backed by Israel-based, Catalist-listed The Trendlines Group and global medical device company, B. Braun. Catalist is the secondary board of the Singapore Exchange that aims to attract young and fast-growing companies.

Trendlines Medical Singapore joins Trendlines Medical and Trendlines Agtech, based in Israel, making it the Group’s first incubator outside of Israel. Similar to these incubators, Trendlines Medical Singapore is deeply involved with the companies it invests in, guiding them in the development of market and commercialisation strategies, finance planning, business development and communications.

As part of Startup SG Founder - an initiative providing mentorship and a capital grant to first-time entrepreneurs with innovative business ideas - SPRING Singapore appointed Trendlines Medical Singapore as one of 17 Accredited Mentor Partners (AMP) in May this year. The intent is for AMPs to identify qualifying applicants and assist them with advice, learning programmes and networking contacts.

Trendlines Medical Singapore was chosen due to the Trendlines Group's strong track record of successfully bringing technologies to market in the medtech sector.

“The AMP scheme is very good because it gives entrepreneurs a chance to start testing their ideas,” says Mr Eric Loh, CEO of Trendlines Medical Singapore.

"As the Trendlines’ model of incubation derives its strength and success from intensive, hands-on mentoring of entrepreneurs,

we are excited to adopt a similar model of mentoring for first-time entrepreneurs and guide them towards commercial success."

Helping to create value As an AMP appointed to help local medtech companies create value, Trendlines Medical Singapore plans to bring the best practices from the vibrant Israel startup ecosystem to Singapore. One important practice is for startups to use their capital as e²ciently as possible.

Stay in touch with market changesMr Eric Loh, CEO of Trendlines Medical Singapore, says that it takes an average of five years to commercialise a medtech solution, compared to a few months for an app.

“It takes a longer time to launch a medical technology solution, so over time the market may have shifted slightly. As such, you want to calibrate your solution for the market,” he explains. “An incubator provides a company with invaluable market connections and insights to make your journey smoother.”

Answer a real market needMr Loh notes that entrepreneurs are often overly concerned about developing groundbreaking technologies. "Often, a medical solution does not need to

be powered by the sexiest technology." Rather, it should be a solution that answers a real market need and is user-friendly for clinicians so that the patients’ quality of life is improved."

Find the right talentBeyond technology, Mr Loh believes that even if you have a great idea you need to have good people to help you implement it. He recalls identifying two entrepreneurs who showed a lot of passion, but whose ideas were not viable for the market.

“I told them that they could run one of the companies we are incubating. Of course, it is more satisfying to work on your own idea because then the sense of ownership is stronger. However, talent is hard to come by.”

Expert Advice For Medtech Startups

16 | Octocber 2017

company and even just plain personality conflicts. Very often, stressful situations in the first few years of businesses exacerbate co-founder di£erences, so it is very important to have common understanding and strong co-founder communication.

How does good partnerships with government play a role in seeding the growth of a new generation of startups?The government continues to play a positive role as an enabler in the startup ecosystem. These include rolling out many new initiatives to foster stronger corporate partnerships between startups, SMEs and large corporations, talent development, and international market access. However, the private sector can do more to invest in startups, explore partnerships and also become their clients.

How has Singapore developed as a launch pad of startups? What more can be done to grow the scene here?Singapore’s innovative policies towards its growing startup ecosystem has been gaining recognition globally. The growing community at JTC LaunchPad @ one-north, is a testament to the benefits of a startup ecosystem. Since it was launched in 2015, it has been strategically plugged, with access to research institutes, institutes of higher learning and knowledge-based corporations.

The technology startup ecosystem is a great example where knowledge gets spread rapidly via sharing sessions, media and online communication tools. I remember hosting visits for Internet-based companies that wanted to understand how JobsCentral had built its business. Specifically, they

If someone told you they wanted to start a business today, what’s the first piece of advice you would give them?Entrepreneurship is a long learning journey. Have a marathon mentality and be prepared to always be learning, iterating and improving.

Having the right team around you is critical too. Most startups have two or more co-founders who have complementary skillsets and temperaments. Your co-founders should be aligned in shareholding and share a common goal for the company. Finally, a clear division of roles among co-founders is necessary so that each co-founder is responsible for KPIs (key performance indicators).

The next key thing is to have a scalable business model. There should be a clear value proposition that customers are willing to pay for. Finally, a business plan with best e£ort strategies on manpower, organisational structure and a go-to-market plan will help tremendously. And the team must also be prepared to make changes and corrections along the way to stay on track.

What are the key challenges facing startups today?The key challenges that startups

face today have to do with talent. A high performing startup not only needs to have an excellent complementary founding team, it also needs to attract driven talent that can help execute at a breakneck pace. Most startups share that hiring and retention are the biggest issue they face.

The other major challenge is scaling across the ASEAN region. We are not a homogenous market and so e£ort needs to be made to localise business models in various countries.

What do you think are the key reasons that startups fail?Many startups fail because they run out of money and do not have the metrics required to raise more capital. Many startups take too long to find product market fit, or they spend more than needed on marketing and manpower, or they simply underestimated the cash needed and raise too little money. Whatever the reason, running out of cash usually spells doom.

The other major reason for failure is co-founder disagreement. Fallouts between partners can happen for many reasons. These include disagreements over roles, di£ering visions for the

Mr Lim Der Shing is Co-Founder of JobsCentral Group and a recognised angel investor in the local startup space. As a member of the Committee on the Future Economy, he was also involved in developing strategies that help local companies create value through innovation. SPRINGnews caught up with him to get his views on the challenges facing local startups and what it takes to succeed in today's environment.

THE KEY TO STARTUP SUCCESS

IN CONVERSATION

WITH

October 2017 | 17

gained insights on how we leveraged sales and marketing to scale up. I think more cross learning and sharing of experiences from various stakeholders will help our ecosystem to grow even more.

Where do you see exciting business opportunities in Singapore and the region for aspiring entrepreneurs? There are many promising sectors in software, e-commerce, logistics, deep technology, healthcare, and general digitalisation of SMEs. I believe there is great growth to be tapped by selling to the burgeoning consumer market in ASEAN. There is also much opportunity in using technology and analytics to improve industries and corporate processes and workflow. Lastly, Singapore is facing an aging population and there will be opportunities for companies that cater to this segment.

What was your takeaway from being the co-lead of the startup deep dive under the Committee on the Future Economy (CFE)?The primary aim of the startup deep dive under the CFE was to explore what can be done on a national level to grow our startup ecosystem. Startups are necessary to ensure our economic vibrancy and innovativeness. We identified three key areas and made recommendations to improve talent, funding and market access.

I feel the e£ort must be a whole of nation one. The government’s role is to enable and catalyse. Not to take the lead. At the end of the day, entrepreneurs must take risks, find co-founders and capital, and grow their businesses into the giants of tomorrow.

A HIGH PERFORMINGSTARTUP NOT ONLY NEEDS TO HAVEAN EXCELLENT COMPLEMENTARYFOUNDING TEAM, IT ALSO NEEDS TOATTRACT DRIVEN TALENT THAT CANHELP EXECUTE AT A BREAKNECK PACE.

MR LIM DER SHING Co-Founder of JobsCentral Group

SME InfolineTel: (65) 6898 1800Email: smeinfoline@spring.gov.sgWebsite: www.smeportal.sg

SME CentresSME Centre@ASMEAssociation of Small and Medium Enterprises (ASME) 167 Jalan Bukit MerahTower 4, #03-13Singapore 150167Tel: (65) 6513 0388Email: enquiries@smecentre-asme.sgWebsite: www.smecentre-asme.sg

SME Centre@SCCCISingapore Chinese Chamber of Commerce & Industry (SCCCI)9 Jurong Town Hall Road, #04-01Trade Association HubJurong Town HallSingapore 609431Tel: 6337 8381Email: enquiry@smecentre-sccci.sgWebsite: www.smecentre-sccci.sg

SME Centre@SICCISingapore Indian Chamber of Commerce and Industry (SICCI) SICCI Building31 Stanley StreetSingapore 068740Tel: (65) 6508 0147Email: sme@smecentre-sicci.sgWebsite: www.smecentre-sicci.sg

CONTACTS

SPRING Singapore is an agency under the Ministry of Trade and Industry, responsible for helping Singapore enterprises grow and building trust in Singapore products and services. As the enterprise development agency, SPRING works with partners to help enterprises with financing, capability and management development, technology and innovation, and access to markets. As the national standards and accreditation body, SPRING develops and promotes an internationally recognised standards and quality assurance infrastructure. SPRING also oversees the safety of general consumer goods in Singapore.

SME Centre@SMCCI Singapore Malay Chamber of Commerce and Industry (SMCCI) 15 Jalan PinangSingapore 199147Tel: (65) 6293 3822Fax: (65) 6293 3905Email: gadvisory@smecentre-smcci.sgWebsite: www.smecentre-smcci.sg

SME Centre@SMF Singapore Manufacturing Federation (SMF) 2985 Jalan Bukit Merah Singapore 159457Tel: (65) 6826 3020Fax: (65) 6826 3021Email: query@smecentre-smf.sgWebsite: www.smecentre-smf.sg

For assistance, you can visit satellite SME Centres located at the Community Development Councils (CDCs), Changi Simei Community Club and Ang Mo Kio Community Centre.

Sales of StandardsToppan Leefung Pte LtdGreat World City East Tower 1 Kim Seng Promenade, #18-01Singapore 237994Tel: (65) 6826 9691Fax: (65) 6820 3341Email: singaporestandardseshop@toppanleefung.comWebsite: www.singaporestandardseshop.sg

Standards CollectionNational Library BoardLee Kong Chian Reference Library 100 Victoria StreetLevel 7Singapore 188064Tel: (65) 6332 3255Email: ref@nlb.gov.sgWebsite: eresources.nlb.gov.sg/standards

SPRING Singapore1 Fusionopolis Walk, #01-02 South Tower, Solaris, Singapore 138628

Tel: +65 6278 6666, Fax: +65 6278 6667www.spring.gov.sg