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First Space Business Incubation Centre to be set up in Singapore

20 Nov 2019

Business Innovation Centre Pte. Ltd. Singapore (BIC Singapore) is working on setting up a space incubation centre in Singapore. The Centre aims to be a network of partners who will cooperate with the European Space Agency (ESA). The Singapore University of Technology and Design (SUTD) is joining this initiative to further support its students and start-ups in the space sector in Singapore. The official launch of BIC Singapore will take place next year.

BIC Singapore is a joint partnership between Asia Financial Consulting Pte. Ltd. (AFC) and ROCKIT Venture Pte. Ltd. (RV), to strengthen the exchange of knowledge, students, start-ups and experts between Europe and Singapore.

Mr Marvyn Lim Seng, Head of AFC Space Business, said: “This will strengthen Singapore’s push into space tech, creating more SPACE for Singapore. And the plans going forward is to grow this BIC Singapore to create a space tech incubation ecosystem benefiting Singapore and Europe. This is essentially about connecting people finding passionate founders.”

Professor Lim Seh Chun, Interim Provost, SUTD, said: “SUTD is pleased to join this partnership with BIC Singapore in collaboration with ESA. Through this collaboration, relevant start-ups from SUTD could jointly synergise innovative ideas to create a vibrant space tech incubation ecosystem at the SUTD campus. Furthermore, this partnership can open up international partnership and Space Competitions, internships and summer experiences for SUTD students, on top of the mentorship provided by BIC Singapore to SUTD start-ups.”

(L-R) Mr Marvyn Lim Seng, CEO of AFC Space Business, Professor Lim Seh Chun, SUTD Interim Provost and Associate Provost of Student Affairs, and Ms Hazel Kuok, Chief Executive of Rockit Venture Pte Ltd, signed the MOU on 20 November 2019 at SUTD.

Today ESA has over 20 ESA BICs in 50 Locations in Europe, which support over 500 start-ups and over 300 business cases that promote space applications, spin off and technology. It is the world biggest space related entrepreneurship work.