Lianhe Zaobao, 25 Nov 2019, SUTD partners corporation to establish space business incubation centre (translation)
The Singapore University of Technology and Design (SUTD) collaborated with a corporation to set up Singapore’s first space business incubation centre, to create an incubation ecosystem for space technology on its campus, further promoting Singapore as a space technology hub in the region.
SUTD recently signed a memorandum of understanding with Business Innovation Centre Pte Ltd Singapore (BIC Singapore). The two parties have agreed to set up Singapore's first Space Business Incubation Centre in the first half of next year to support local students and start-up companies involved in this field.
During his speech, SUTD’s Interim Provost, Prof Lim Seh Chun said: “This collaboration creates a gateway for SUTD start-ups to the various business incubation centres across Europe under the European Space Agency (ESA). Areas of joint research and development will include deep tech, med tech, AI and more. Furthermore, this partnership can open up international partnership and Space Competitions, internships and summer experiences for SUTD students.”
Currently, ESA has over 20 BICs in 50 locations in Europe, which support over 500 start-ups and over 300 business cases that promote space applications, spin off and technology. It is the world’s biggest space related entrepreneurship network.
BIC Singapore is a joint partnership between Asia Financial Consulting Pte Ltd (AFC) and ROCKIT Venture Pte Ltd (RV), to strengthen the interaction between the students, start-ups and experts from Europe and Singapore.
AFC’s Chief Executive Officer, Marvyn Lim Seng (58) said in an interview: “The possibilities of space are limitless. There were space drones, space internet, supersonic space tourism and space solar energy proposed in recent years and these are some of the opportunities that Singapore can seize. We hope that this collaboration will bring together like-minded space talents to come up with novel ideas. When that happens, our two companies will help bring in investments and promote the commercialisation and application of these ideas.”
Also the Founder of IN.Genius, Marvyn Lim Seng attempted his third try at becoming the first Singaporean to go into space on 31 May 2019, which ended in frustration due to the loss in pressure from the helium balloons during the launch.
Although the mission was not completed, Marvyn Lim Seng deemed the attempt a “big success”. He does not plan to invest further in this project. He said: “My purpose has been achieved and the technology used has been verified. I just wanted to prove to Singaporeans that as long as they hold the belief, we can make a difference in the field of space, so I don't need to spend any more money to complete the last 1%. I also need the funds to invest in small satellite launchers in Southeast Asia, which will be a profitable business in the future.”
