SG expects more university spinoffs as innovation support grows

The biggest push will come from the National GRIP.

Singapore is set to see a surge in startups originating from its Institutes of Higher Learning (IHLs), as universities step up outreach for innovation and entrepreneurship programmes, according to the SGInnovate Singapore Early-Stage Emerging Tech Startups 2024 Landscape Report.

The biggest push will come from the National Graduate Research Innovation Programme (National GRIP), launching in January 2025.

Led by the National Research Foundation (NRF), NUS, and NTU, the initiative will provide $50m in financial and in-kind support over five years. By 2028, it aims to train 300 startup teams, and by 2030, nurture over 150 spinoffs.

This focus on commercialising research builds on a broader ecosystem supported by accelerators, incubators, and venture builders such as SGInnovate and the Singapore Deep Tech Alliance (SDTA).

Startups formed in recent years are already attracting stronger investor backing. Half of all startups incorporated between 2020 and 2024 secured institutional funding.

Agrifood startups recorded the highest success rate at 61%, whilst advanced manufacturing followed at 51%, with sensors and electronics startups making up more than half of the funding rounds.

Health and biomedical sciences startups secured funding at a rate of 44%, whilst sustainability startups trailed slightly at 40%, with decarbonisation firms accounting for nearly half of that group.

Notably, startups in advanced manufacturing and sustainability secured first funding within a year on average, faster than in 2023 when it took 1.5 to 2 years.

Analysts point to new mechanisms driving this acceleration, such as the dual pathway funding model, piloted with SGInnovate in 2024, which allows companies to tap both private and grant funding at the same time.

Tranche-based investments tied to milestones, often linked to accelerator or venture-building programmes, are also reducing risks for investors.

With stronger university engagement and national-level initiatives like National GRIP, Singapore expects more research-driven startups to emerge in the coming years, reinforcing its position as a hub for deep tech and innovation.

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