The Enterprise Singapore (ESG), in association with energy company partners, government agencies, and innovators, is launching The Energy Open Innovation Challenge with the mission of boosting innovation in the global energy industry.
Over the past century, the energy sector has been one of the significant contributors of industrial growth, fuelling the rapidly growing global economy. Singapore has developed an extensive and integrated value chain that spans refining, crackers, petrochemicals, and specialty chemicals manufacturing that is supported by R&D and innovation.
The challenge is inviting local and international startups and small-and medium-sized enterprises (SMEs) to improve the energy sector and provide solutions to four key industry needs.
- Asset Management
Funding & Incentives
- Up to S$1M of funding support and S$100K of Startup SG Grants
- ESG will support eligible and selected companies with up to S$1 million of funding through grants for product development per problem statement;
- 4 startups from across all problem statements will win S$25,000 Startup SG Grants each
- Access to leading energy companies’ leading R&D expertise
- Opportunities for conducting a proof-of-concept with energy companies’ hubs
- Develop long-term strategic partnerships
- Gain deeper understanding of industry challenges and needs
- Increase prospects for co-creation or co-development activities
- Corporate deals with participating energy companies
- Secure test-bedding opportunities for suitable technologies
- Funding support to be granted to the finalists
- Mentorship & Industry Network
- Shortlisted startups/SMEs will have one-to-one meeting sessions with energy companies
- Continued online mentorship and guidance prior to the final pitching day to all finalist companies
- Industry Exposure
- Opportunity to pitch solutions to the energy companies’ top management and during SFFxSWITCH 2020 (Singapore Fintech Festival x Singapore Week of Innovation and Technology)
- Access to a diverse pool of ecosystem partners such as accelerators, incubators, venture capital investors, IHL and research institutes
- This competition is open to all Startups and SMEs across the world.
- Startups are companies that have been incorporated for less than 5 years
- SMEs are companies with less than 200 employees or less than S$100 million annual turnover
- For research teams, regardless of the country of residence, only one person is to register on behalf of the team members. Upon registration, the research team will need to be ready to incorporate a company in Singapore should they be shortlisted to work with the energy companies and offered the grant support.
- Please note that this Challenge is not open to employees and representatives of the Joint Organisers.
For the Application Phase, your startup/SME must submit a 10-slide PDF that addresses the following:
- Market and total addressable market (TAM)
- Value proposition and positioning
- Go-to-market strategy
- Business/revenue model
- Traction: KPI metrics and milestones
- Forecast 2020/2021
- Team presentation
All submissions will assessed based on the following criteria:
- Technical Depth
- Business/Growth Potential
- Feasibility of Business Model
- Innovation/Differentiation & Impact of Value proposition
For more information, visit https://energy.innovation-challenge.sg/en/challenges/energy-2020