Bosch in Southeast Asia launched its regional headquarters for grow – the company’s global in-house innovation and start-up incubation network. grow Singapore, set up in partnership with EDB New Ventures, aims to launch at least five new ventures by 2023 from Singapore, each with the potential to scale as new businesses for Bosch.
As one of eight carefully selected innovation hubs globally, grow Singapore aims to capture future growth within the region for the world by leveraging on Singapore’s thriving innovation landscape.
“Singapore’s grow hub is unique for us strategically – not only is Singapore home to Bosch’s regional office, it is also one of the world’s most prominent innovation powerhouses reflected in the robust local start-up scene,” said grow’s global head, Karsten Roenner. “We continue to see strong government support on innovation, coupled with an organic network of founders, investors and mentors that continues to bring about positive and sustainable change in the region, making Singapore an ideal testbed for grow.”
Singapore has been investing heavily in providing the right infrastructure, capital access, stability, and governmental support to attract some of the best start-up talent in the region, evident by the relocation of regional start-ups to Singapore to capitalize on the great ecosystem, capital markets, and proximity to market that the country provides.
“Singapore is not only able to enhance domestic start-ups through fast pace and ever evolving ecosystem, but also to build new ventures that see the entire Asian market as a focus area”, adds Roenner.
Singapore start-up makes strides in sustainable innovation
AquaEasy is the first spin-off innovation under grow and has secured funding from EDB New Ventures and Bosch.
AquaEasy combines sensors, software, and services based on data analysis capabilities using Artificial Intelligence (AI) to transform aquaculture from art to science. It helps the region’s shrimp farmers increase yield, predictability, and implement sustainable aquaculture practices, while reducing risks and costs. The solution has since been deployed at many shrimp farms in Indonesia, Vietnam as well in Singapore such as Qian Hu, a local aquaculture company to achieve an efficient and sustainable farming system which is in line with Singapore’s goal of attaining food security and sufficiency by 2030.
Aside from leveraging Bosch’s cutting-edge competencies in sensor development and AI, Bosch has also supported AquaEasy since 2018 via go-to- market support, business development and strategies, recruitment, networks and partnerships.
“Through corporate venturing, Bosch has been able to expand into new domains such as aquaculture in an agile way. Our joint investment into AquaEasy reflects the strong market potential in Asia where the majority of global shrimp production takes place. As a corporate venture, AquaEasy leverages Bosch’s deep sensor and AI expertise for its competitive edge, and is well-positioned to tap into this market from Singapore,” said Mr. Choo Heng Tong, executive vice president, New Ventures and Innovation, EDB. “With grow Singapore, Bosch now has a ‘Venture Engine’ here to create high growth new businesses and we are excited that AquaEasy is the first of many ventures to come.”
