Dive deep into the deep tech space

Opportunities for startups in Southeast Asia

Southeast Asia’s Internet economy could swell to more than S$415 billion (US$300 billion) by 2025. With a growing middle-class income and rapid urbanisation, the region is home to a population of about 641 million people, a size larger than North America or European Union, and is gearing towards becoming the fourth-largest economy by 2030.

Half of the population is under the age of 30; the digital economy offers opportunities in e-commerce, ride-hailing, online media and online travel, with 350 million internet users in 2018.

The Southeast Asian region has spawned 12 unicorns in the past year, with analysts projecting at least another 10 set to join the club in the next five years. Whether it’s artificial intelligence (AI), big data, or deep learning, many of these 12 unicorns utilise deep tech in their products and services.

In July, Trax became Singapore’s second unicorn through a US$100 million Series D funding round after Grab. Singapore is now home to five of the region’s unicorns — with Trax joining the ranks of Grab, Lazada, Razor, and SEA (Garena).

With a robust ecosystem comprising industry partners, incubators, accelerators, research and academic institutions and professional services, Singapore’s vibrant startup and landscape complements Southeast Asia’s booming tech ecosystem, and is poised to become a global-Asia node for innovation, technology, and enterprise.

Part of the reason is that research, innovation, and enterprise (RIE) form the cornerstones of Singapore’s national strategy to develop a knowledge-based, innovation-driven economy. Its RIE 2020 Plan calls for S$19 billion to boost the growth of industries across four deep tech domains — Advanced Manufacturing & Engineering, Health & Biomedical Sciences, Services & Digital Economy, Urban Solutions & Sustainability.

What is deep tech?

Deep tech may be 2019’s buzzword, but how did it come to be?

The term was coined by Swati Chaturvedi, founder of the world’s first platform dedicated to angel investment in deep tech startups, Propel(x). The term deep tech takes the concept of innovation to a higher plane by pushing boundaries and developing new products based on scientific discovery or meaningful engineering innovation.

Deep tech (or deep technologies) are new technological applications with the potential to create a profound impact on people’s lives. Deep tech is different from tech or consumer industries, as it is based on technology breakthroughs and proprietary technology. The fundamental difference lies in the fact that deep tech is defined more as inventions, and not simply technology adoption.

Deep tech companies are built on empirical scientific discoveries or engineering innovations. Deep tech and innovation-driven by market forces and relevant in addressing global issues can transform the way we live and better our lives. The invention of new medical devices, medicine, and data analytics that can help farmers grow more food sustainably, or the invention of clean efficient energy solutions to lessen the human impact on climate change, are just some of the ways deep tech is closely intertwined with our lives.

A closer look at deep tech

1) Healthtech, Biotech, and Medtech

In the areas of healthtech, biotech, and medtech, we see emerging fields such as computational biology and biological engineering as new frontiers being wielded particularly in first-world contexts to diagnose and treat certain health issues. The problem, however, is that ventures in these areas are risky as they are concerned with the preservation and survival of actual human lives — making them both necessary and yet extremely difficult to pursue.

2) Agri-Food Tech

With the global population expected to spike at 9.7 billion by 2050, agritech and foodtech have become increasingly important. Agri-food tech contributes to the world’s food development process, from farm to table. Agri-food tech concerns itself with globally important challenges such as land and water use, climate change, health, and well-being — ultimately interested in rendering a safe and sustainable production of food supplies to our growing population. With the aid of deep tech, food production processes become more swift, less vulnerable to risks, and require fewer resources from our scarce supplies.

3) Urban Solutions

Urban solutions is an interdisciplinary domain, spanning sociology, architecture, environmental sciences and engineering sciences to enhance our living environment. Some of the best examples to posit when it comes to how urban solutions affect our lives are breakthroughs in urban mobility (not only transportation innovations for the everyday commuter, but as well as mobility solutions for different-abled people), building smart grids, water treatment, and many others.
How SLINGSHOT 2019 seeks to empower deep tech
Established in 2017 by Enterprise Singapore, SLINGSHOT powered by Startup SG — Asia’s most exciting deep tech startup competition — returns for the third year running in 2019 with more perks and prizes. This year’s Top 100 Global Startups have been shortlisted from over 2400 submissions and 120 countries. They will be pitching their innovative solutions to more than 200 judges comprising industry leaders, investors, and corporates, including Mistletoe, ST Engineering, and Vickers Venture Partners.

More than S$2 million worth of prizes is up for grabs. Startups stand a chance to win the grand prize of a S$200,000 Startup SG grant. Other perks include up to 18 months of free access to co-working spaces and sponsorships.

SLINGSHOT 2019 will be held from 11 to 13 November in Singapore as part of the Singapore Fintech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH). Swing by to catch the Top 100 Global Startups in action, and learn more about the kind of support Startup SG offers startups — from mentorship to funding, to infrastructure and global connections.

If you want to be the first to find out about disruptive technologies and ideas that redefine the way we live, register now to attend SLINGSHOT 2019 at SFF x SWITCH this November!

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