Singapore Creates S$1 Billion Innovation Fund to Drive Growth
- Fund will invest in firms with strong intellectual property
- Innovation seen as key to economy’s next growth path
A woman on the waterfront boardwalk of the Marina Bay Sands shopping mall takes in the view of the central business district skyline, in Singapore, on Wednesday, Oct. 13, 2010. Singapore's economy contracted last quarter as manufacturing eased, and the central bank said it will widen the range its currency can trade in to absorb greater volatility in global financial markets.
Photographer: Munshi Ahmed/BloombergSingapore 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 said in a briefing on Wednesday.