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Singapore creates S$1 Billion Innovation Fund to drive growth.

Photo Credits: Bloomberg

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Singapore is creating a S$1 billion ($718 million) fund to help innovative companies develop their businesses and expand overseas, part of the city state’s drive to boost economic growth.

The Makara Innovation Fund – a collaboration between the Intellectual Property Office of Singapore and local private equity firm Makara Capital will invest S$30 to S$150 million each in 10 to 15 companies with globally competitive technologies over the next eight years.

“IPOS will build up from a regulator into an innovation agency,” said IPOS Chief Executive Officer Daren Tang. “This is a concrete and tangible way to show that Singapore can be a hub for intellectual property commercialization.”

Original article by David Roman