Nordic Singapore Innovation Days - Forging new frontiers in innovation and sustainability

With a diverse population that communicates mainly through “Singlish” - the unofficial fifth language of Singapore - Singapore has solidified its position as Asia’s gateway for innovation, while the Nordic countries are recognized for their commitment to sustainability, technological advancement, and a strong collaborative ethos. The startup ecosystems in Singapore and the Nordic countries, each brings unique strengths to the global innovation landscape. The recent Nordic Singapore Innovation Days , with 32 Swedish and Finnish founders, incubators and investors visiting Singapore on October 28-30, highlighted opportunities and synergies between these regions. At the inauguration, held as part of Singapore Week of Innovation and Technology (SWITCH) , we witnessed the convergence of Nordic and Singaporean ecosystems, setting the stage for impactful collaborations in deep tech and climate tech.

With Singapore’s $25 billion R&D commitment and its role as Asia’s innovation gateway, the event highlighted opportunities for cross-border partnerships aimed at addressing global challenges. Key discussions underscored the importance of Triple Helix collaboration - government, industry, and academia - and focused strategies for scaling innovation, particularly in sustainability-focused deep tech.

Through rapid pitches during the inauguration, Nordic startups showcased solutions across renewable energy, sustainable materials, and advanced AI, driving home the potential for shared growth. As Nordic and Singaporean stakeholders continue to build these bridges, they’re paving the way for a sustainable, innovative future powered by collaboration.

Singapore's ecosystem: A gateway to southeast Asia and Beyond?

Singapore’s startup ecosystem is a powerful launchpad, offering startups unparalleled access to Southeast Asia’s dynamic market of over 670 million consumers. Known for its robust regulatory environment, the city-state ranks high globally for ease of doing business, innovation, and intellectual property protection. The Singaporean government has aggressively invested in research, innovation, and enterprise - allocating around S$25 billion for the 2021-2025 period. Such investments, combined with strategic funding programs, make Singapore particularly attractive to startups focused on deep tech and sustainable solutions.

This supportive framework fosters partnerships with corporations and research institutions, and the country's commitment to Open Innovation Platforms allows startups to connect with corporate partners and access funding, facilities, and expertise necessary for scaling. As part of the Nordic Singapore Innovation Days, Ignite Sweden organized a matchmaking event with Nordic and Singaporean startups meeting large Singaporian corporations. SISP - Swedish Incubators & Science Parks organized an Investor matchmaking where Nordic and Singaporean startups, as well as Nordic investors, met with Singaporian investors. A total of 16 startups (6 Swedish, 2 Finnish, and 8 Singaporean) participated, along with 5 investors and 9 large corporations. A total of 61 meetings were held in one afternoon.

A model of sustainable innovation and advanced technology?

The Nordics, known for their rich history of collaboration across academia, government, and industry, have developed a fertile environment for innovation, especially in sectors like fintech, climate tech, and health tech. In 2023, Nordic startups raised substantial venture capital investments, with Sweden alone attracting €5 billion, largely concentrated in fintech, green technology, and sustainable transportation. Moreover, Nordic countries consistently lead in sustainability and have ambitious goals aligned with the UN’s Sustainable Development Goals (SDGs).

A notable strength of the Nordic ecosystem is its strong alignment with sustainability-focused investors and policies that prioritize environmental and social impact. This cultural and strategic emphasis on sustainability is highly complementary to Singapore’s focus on green growth and its plans to become a net-zero emitter by 2050.

Ecosystems collaboration opportunities in deep tech and climate tech

One of the most promising areas of synergy lies in deep tech, particularly in sustainable technology, where both regions are making significant strides. Nordic investors have expressed interest in Singapore’s advanced technological landscape, particularly in AI, cybersecurity, and advanced manufacturing. Singapore’s sandbox regulatory environment provides an ideal setting for Nordic deep tech startups to test and refine solutions in fields such as renewable energy, carbon capture, and green materials.

Through Enterprise Singapore ’s Global Innovation Alliance , Singapore’s corporate innovation programs are also attracting Nordic startups and investors looking to expand into Asia. These programs facilitate connections between Nordic startups and Singapore-based corporates, creating opportunities for co-innovation and joint ventures that address pressing global challenges, such as climate change and sustainable urban development.

Building cross-border success for investment and talent flow

For sustainable partnerships, investment and talent exchange are essential. Singaporean and Nordic investors are increasingly seeing value in cross-border opportunities, particularly in climate tech, a sector that requires long-term investments and collaborative funding efforts. Nordic startups have the potential to benefit from Singapore’s venture capital landscape, which raised approximately $14.2 billion USD in 2023 (compared to Sweden’s €5 billion). Programs that provide seed funding, like those available in Singapore, could be particularly advantageous for Nordic startups that often face funding challenges in early stages.

Talent mobility between these regions can further enhance collaboration. Singapore, with its multilingual workforce and connectivity to Southeast Asia, offers a diverse talent pool, which is highly attractive for Nordic companies aiming to scale internationally. Conversely, Nordic countries, with their expertise in sustainable development and innovative engineering, offer a strong knowledge base for Singaporean startups seeking European expansion.

Enhanced cooperation moving forward

The Nordic Singapore Innovation Days 2024 served as a springboard for what will hopefully become a long-term effort to promote climate technology innovation between the Nordic countries and Singapore. Here’s concrete efforts to deep dive into for further collaborations:

• Thematic events and matchmaking: Regular events like the Nordic Singapore Innovation Days and themed demo days can bridge networks and foster direct engagement between investors, corporations, and startups from both regions.
• Soft funding and incentives: Singapore has a great offer of "soft money" options for startups, such as grants and incentives. If this can be available for early-stage Nordic startups to enter Singapore, and for Singaporian startups to enter the Nordics, it could create a smoother path to market, while also creating a better deep tech talent exchange to both the Nordic and the Singapore’s ecosystem.
• Shared knowledge platforms: Tools like the Swedish Climate Startup Map, which visualizes key sustainability-focused startups, can serve as models for shared databases. Such platforms could provide visibility and easy access for investors from both regions to identify potential collaboration opportunities(NSID).
• Focused reports: Joint reports on sector-specific performance, challenges, and solutions that can help investors from both countries understand each other's markets better and foster strategic investment.
• Regulatory harmonization: Harmonizing regulations to ease cross-border investments would reduce barriers for Nordic and Singaporean investors, creating a more integrated investment landscape.

Singapore and the Nordics are uniquely positioned to be leaders in sustainable and deep tech innovation. By leveraging each other’s strengths - Singapore’s dynamic market access and regulatory support, and the Nordics' expertise in sustainable technology - both ecosystems can cultivate new paths for global impact. Through strategic partnerships, cross-border investments, and talent exchange, Singapore and the Nordic countries have the potential to redefine the future of innovation, creating solutions for a more sustainable and connected world.

Nordic Singapore Innovation Days aims to shape pioneering efforts and creating lasting impacts, paving the way for meaningful innovations and a future filled with sustainable solutions. A huge thanks to all partners for making Nordic Singapore Innovations Days 2024 happen! Vinnova , SISP - Swedish Incubators & Science Parks , Ignite Sweden , Business Sweden , Business Finland , Nordic Innovation House - Singapore , SGInnovate , and Enterprise Singapore .