ST Engineering Champions Open Innovation
Offers Through-train Incubator Programme To Innovators
Singapore, 3 October 2017 – 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.
An open innovation space that tolerates failure
Innosparks is an additional innovation space that ST Engineering has carved out for its engineers. Through Innosparks, it also aims to seek new technologies and ideas outside the Group that complement its internal capabilities. Individuals/startups with technology innovation at any stage of maturity, be it at the idea, prototype, minimum viable product, or commercialisation stage can enrol with Innosparks.
Innosparks, an ST Engineering Open Lab, is the first of its kind engineering-based incubator in Singapore. As a dynamic innovation platform and springboard to new and disruptive technologies, the Open Lab offers a pool of skilled engineers, beyond just advanced equipment and labs to support innovators in accelerating the development of their ideas to prototypes and products. The Open Lab has opened its doors to engineers from ST Engineering, as well as to start-ups / early stage companies locally and internationally to collaborate, research and develop new concepts with this expert team of engineers at the Open Lab.
Designed for open access, the Open Lab serves to accelerate technology innovation, encourage experimentation, foster entrepreneurialism and collaboration among its team of engineers while attracting the best and brightest engineering talent and ideas to the Group. Innosparks offers multi-disciplinary applied engineering capabilities through facilities such as a Mechanical & Control Lab, Electronics & Electrical Lab, Material & Chemical Lab, Software Lab and Design Lab, and a full suite of prototyping and development equipment. It is sited in Singapore’s JTC LaunchPad @ one-north, a vibrant and nurturing environment for start-ups and incubators.
About ST Engineering Ventures
ST Engineering Ventures Pte Ltd is a Corporate Venture Capital unit set up by ST Engineering, with a venture capital of US$150m (S$200m). It will scout for and invest in promising technology start-ups that are developing new technologies or creating innovative solutions complementary to the Group’s strategic capabilities in higher growth areas, such as in the areas of robotics and autonomous technology, data analytics and cyber security. Scouted 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.
About ST Engineering
ST Engineering is an integrated defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. It has global presence with offices in Asia, the Americas, Europe and the Middle East and employs about 22,000 employees. Across the globe, its employees bring innovation and technology together to create smart engineering solutions for its customers in the defence, government and commercial segments. Headquartered in Singapore, ST Engineering reported revenue of S$6.68b in FY2016 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore and the SGX Sustainability Leaders Index. Please visit www.stengg.com for more information.
Assistant Vice President, Corporate Communications
Tel: (65) 6722 1683