"In the next five to 10 years, the old traditional VC model will be challenged. Investors are getting more sophisticated so they can start making their own investments and bypass VCs - that's one challenge. Another challenge is the rise of artificial intelligence (AI). Some of the things that we do will slowly be replaced by robotic analysts." says Ong Jeong Shing, Investment Director of Venturecraft
"It is maturing a little bit, but there needs to be fundamentals in place. First of all, [as a startup] you need to know that the market is not in Singapore. It is either in the U.S. or China. These are the biggest healthcare markets. We should learn from similar markets such as Israel and Taiwan. Right from day one, they know their country is not the right starting market, so they capitalize on their historical and cultural linkages with Israelis overseas. Similarly, Taiwan has historical and cultural linkages with China." says Ong Jeong Shing, Investment Director of Venturecraft
"You need a few key elements: a pipeline of projects, talents, and partners such as early-stage investors, prototyping workshops and incubators. We don't have a lot of these in Singapore. There have been success cases of overseas medtech companies coming to Singapore and going public, such as QT Vascular and Trendlines Group, but there are fewer cases of home-grown successes." says Ong Jeong Shing, Investment Director of Venturecraft
"Even if you successfully test-bed a product here, the small population in Singapore means you will not be prepared for large volume transactions. This could result in under-building a product. If startups test-bed here, they will need to expend effort to undo what they've built for use in other markets, increasing business expenditure. Instead, they should go quickly into the global markets where they want to be anchored." says Isaac Ho, CEO of Venturecraft
The MIT Hacking Medicine Robotics hackathon brought together developers and healthcare professionals in Singapore to brainstorm the use of robots for the care of the elderly. The participants of the event had a first-hand look at the uses of Segway Robot in the management of healthcare. Singapore is an ideal location to hold the hackathon as it faces an ageing population that can benefit from the use of robots as companions or for monitoring the health of the elderly. Venturecraft is proud to be one of the partners of this initiative, which was hosted by MIT and SG Innovate.