Today, Enterprise Estonia board member Liina Maria Lepik and Singapore Deep Tech Alliance (SDTA) co-founding partner Clara Chen signed a memorandum of understanding (MoU) at the Latitude 59 technology conference to promote cooperation between the two countries in the deep technology sector.
The Singapore Deep Tech Alliance, supported by the Singapore business agency Enterprise Singapore and a strong ecosystem of business and research partners there, collaborates with Enterprise Estonia. The agreement aims to support Estonian deep technology companies entering the Singapore market and contribute to the commercial implementation of innovation.
According to Liina Maria Lepik, a board member of Enterprise Estonia, the deep technology sector in Estonia has experienced significant growth. It increased by nearly 40% in the first quarter compared to last year and reached a turnover of 87 million euros.
“Increased investor interest and investments in this sector clearly show the growing importance of deep technology in our economy. The Memorandum of Understanding signed today with Singapore is another step to help Estonian deep technology companies grow and expand to new markets,” said Lepik. The field of deep technology in Estonia includes approximately 159 companies and today accounts for more than 10% of the total volume of the start-up sector.
„With striking similarities as small nations, our goal is to collaborate with Enterprise Estonia to adapt to a changing environment much faster. Technology is an undisputed factor for productivity growth and we can make use of our respective capabilities to widen our economies, which is a tall order but not impossible,” commented Clara Chen, the co-founder of the Singapore Deep Tech Alliance.
“The collaboration stands to develop our respective deep-tech sectors by contributing crucial entrepreneurial resources to creating new markets or improve existing ones to solve societal problems on a global scale. When each of us prosper, there will be a beneficial spillover effect in our respective regions,” added Chen.
Enterprise Estonia board member Liina Maria Lepik (left) and Singapore Deep Tech Alliance (SDTA) co-founding partner Clara Chen signed a memorandum of understanding to promote cooperation between the two countries in the deep technology sector.
The agreement helps to open doors for Estonian companies in Singapore market
The MoU includes several cooperation initiatives between the two countries that will accelerate the development of innovation and deep technology. “For instance, Estonian companies receive support for market access, research collaboration, development of targeted marketing strategies, and investment advice. All this helps to ensure smooth and successful entry of Estonian companies into the Singapore market,” said Lepik.
“Increased investor interest and investments in this sector clearly show the growing importance of deep technology in our economy.”
Liina Maria Lepik, board member of Enterprise Estonia
Additionally, SDTA will assist Estonian research partners in establishing spin-off companies in Singapore, utilizing Estonian state-of-the-art solutions. This initiative supports the dynamic development of the Estonian research and business environment and fosters the creation of world-class companies. The collaboration also combines the expertise of Estonian and Singaporean deep technology, laying the foundation for next-generation technological innovations and business development. Through open dialogue, research collaboration, and business development initiatives, innovative cooperation is promoted.
“Through this strategic cooperation agreement, Singapore and Estonia emphasise their commitment to developing deep technology, mutual learning and cooperation. The purpose of the partnership is to create a favourable environment for Estonian and Singaporean companies, which allows them to grow and compete globally,” added Liina Maria Lepik.
GOOD TO KNOW
- Singapore Deep-Tech Alliance (“SDTA”) is a venture builder supported by Enterprise Singapore (“EnterpriseSG”) and an ecosystem of Corporate and Research Partners to take advanced technologies to market and fast-track global goals.
- SDTA partners entrepreneurs to rapidly build, validate, and scale climateTech startups from technologies aimed at engineering sustainability in the energy, healthcare, manufacturing, and semiconductor industries, leveraging on its public-private partnership with corporates, investors, research institutions, and government and regulatory agencies.
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