Singapore to launch first cyber-security start-up

Singapore, March 6: As the nation strives to carve out a role for itself in the new digital economy, Singapore is setting up its first cyber-security start-up incubation hub, with funding to be provided for new inventions.

Dubbed Innovation Cybersecurity Ecosystem will open its doors to cyber-security entrepreneurs next month. It will be located in a cluster of industrial buildings; the area is currently home to about 700 technology start-ups.

The aim is to hand-hold aspiring entrepreneurs to ensure their business ideas are sound, and to ensure they have the necessary financial and business know-how to take their ideas to the next step. Help will also be given for expansion to overseas markets and access to venture funding.

Minister for Communications and Information Yaacob Ibrahim announced these moves during the debate on his ministry's budget on Tuesday. He said, "A vibrant cyber-security ecosystem is an important factor contributing to robust national cyber security.”

Separately, Cyber Security Agency will also roll out a new funding scheme to spur developments that would meet national security needs, believing that innovation is the key to stay ahead in the arms race against cyber attackers. The areas of focus include forensics, authentication, Internet of Things and managed security services.

This will create 20,000 training places by 2020, with a focus on company-led courses and emerging areas such as cyber security, data analytics, artificial intelligence (AI) and the Internet of Things.