AI with a Purpose: Singapore's Startups Seek Funds Through Innovation!

Singapore's AI industry is being nudged to concentrate on building applied, real-world solutions in order to attract funding. Experts in the industry stress that startups that can showcase concrete uses of AI technology are most likely to receive investment from venture capital and state grants. This move is in line with the Singapore government's initiative as stated in Budget 2025 to promote innovation and facilitate tech-led growth.

 

The recent discussions emphasized the necessity of collaboration between startups and incumbents to develop effective AI solutions that solve concrete industry problems. Initiatives such as the forthcoming GenAI Open Innovation matching event are designed to bring startups together with companies looking for innovative AI solutions, reinforcing the local ecosystem even further.

 

While Singapore pushes to solidify its place as a tech hub on the global stage, emphasis on applications of AI in the real world is regarded as key to supporting growth and foreign investment.

 

Source: Straits Times