Enterprise Singapore and Stellar Lifestyle unveil S$500K funding to accelerate start-up innovation within the MRT network
1. Singapore, 25 October 2022 – Enterprise Singapore (EnterpriseSG) and Stellar Lifestyle, a business arm of SMRT launched a joint funding partnership to support start-up innovation within the MRT network. The partnership focuses on start-ups with novel yet practical solutions that can be deployed at stations, including helping MRT tenants lower operational costs, improve profitability, enhance customer data analytics, and implement sustainable practices.
2. The joint funding partnership is a culmination of Stellar Lifestyle’s plan this year, to form an ecosystem of support and potential tie-ups between start-ups and Small and Medium Enterprises (SMEs).
3. With Stellar Lifestyle managing majority of transit retail spaces within the MRT network, President of Stellar Lifestyle, Mr Tony Heng, shares, “We are delighted to partner Enterprise Singapore, as our shared belief in a practical innovation approach will help start-ups conceptualise, prototype, and develop their solutions. We will also validate these solutions in a real-world environment through our living lab ‘Hive by Stellar Lifestyle’ located at Esplanade MRT Station. Co-locating the start-ups within our MRT network will help them better understand the unique transit environment, as they help our tenants who are mostly SMEs, become more resilient in today’s highly disrupted industries.”
4. Mr Tan Boon Kim, Executive Director, Start-ups, and Innovation Ecosystem at EnterpriseSG, said, “Early-stage start-ups often face challenges in securing clients due to their lack of commercial track record and experience. At the same time, corporates keen to experiment may not have access to relevant solutions provided by innovative start-ups. Working with partners such as Stellar Lifestyle allows us to intensify efforts in open innovation and connect more solution providers to commercial opportunities. Testing and validating their solutions under real-world commercial conditions enables the start-ups to refine their solutions, go-to-market, and scale more quickly.”
5. Kicking off the joint funding partnership is support for five start-ups – 1Cool, Reachbots Automation, Singrow, Teredo Analytics, and Waffle Technologies (refer to Annex for details).
6. Stellar Lifestyle first started its active scouting for start-ups via the Technology Access Programme (TAP) with NUS Enterprise. Out of the 30 start-ups that applied for TAP, five start-ups were selected and has received $30,000 funding support each, from the start-up fund by Stellar Lifestyle and EnterpriseSG. Criteria included innovation quality, adaption to the needs of a retail transit environment, scalability, and sustainability.
7. The next call-for-collaboration cycle for start-ups to seek opportunities with Stellar Lifestyle is slated for the second quarter of 2023.
8. Start-ups that wish to participate in next year’s funding cycle register their interest at https://stellarlifestyle.com.sg/contact-us .
About Stellar Lifestyle
Stellar Lifestyle, a business arm of SMRT Corporation Limited, has expertise in property and retail management, media, and digital advertising solutions. We create vibrant transit destinations and lifestyle experiences to make our everyday touchpoints better. Our growing portfolio includes mall management and outdoor media & digital engagement platforms. We are also the largest managing agent of retail and advertising spaces in Singapore’s rail network.
Enterprise Singapore (EnterpriseSG) is the government agency championing enterprise development. We collaborate with committed companies to build capabilities, innovate, and internationalise.
We also support the growth of Singapore as a hub for global trading and startups and build trust in Singapore’s products and services through quality and standards.
Visit www.enterprisesg.gov.sg for more information.