GCV Connect Singapore - Where Corporate Venture Capital Meets Southeast Asia's Innovation Engine

The humid Singapore air carried more than just the usual tropical warmth on that May afternoon—it buzzed with the energy of dealmakers, innovators, and corporate strategists converging at GCV Connect: Singapore and proudly hosted by Vertex Holdings.

As the city-state continues to cement its position as Southeast Asia's undisputed innovation hub, this gathering of corporate venture capital (CVC) minds offered a fascinating glimpse into how global corporations are reshaping their approach to innovation in one of the world's most dynamic regions.

The Singapore Advantage: More Than Just a Small Market

Sony Ventures CEO Kaz Hadano opened the first panel with refreshing candor: "I don't have an office here... I'm expecting you could convince me Singapore could attract CVC to be here." What followed was a masterclass in why Singapore punches far above its weight in the global innovation ecosystem.

Cindy Ngiam from Enterprise Singapore painted a compelling picture: "Singapore is a small market, I don't think we shall talk about that, but I think we are small, nimble, but extremely flexible." In this tiny nation of 6 million, over 4,500 startups have found their home—a density that would make Silicon Valley envious. But it's not just about numbers; it's about accessibility. As Ngiam noted, corporates can find an entire ecosystem of partners, accelerators, and VCs within a single event or location.

The real Singapore story, however, goes deeper than convenience. Kee Lock Chua from Vertex Holdings delivered perhaps the most insightful observation of the day: "Two-thirds of the capital consistently over the last 5 years invested in Southeast Asia have flowed through Singapore." This isn't just geographic happenstance—it's strategic positioning at its finest.

What makes Singapore truly special, according to Chua, is its unique demographic makeup. Of the 6 million residents, only 3.5 million are citizens, with another half million permanent residents. The remaining 2 million represent a global melting pot. "It's not difficult for you on the street to bump into somebody from India, bump into somebody from Malaysia," Chua explained. This diversity isn't just cultural window dressing—it's a business advantage. Singapore has become a training ground for understanding how to navigate the complex cultural and business landscapes of Southeast Asia's 11 countries.

Deep Tech's New Frontier: From Lab to Market at Warp Speed

The second panel shifted gears into the realm of deep tech, where Singapore is making audacious bets on the future. The government's commitment is staggering—1% of GDP dedicated to R&D, resulting in nearly 40,000 researchers, scientists, and engineers calling the island home.

Suchitra Narayan from SGInnovate shared a fascinating evolution in the deep tech landscape: "Four years ago we used to call AI deep tech—it's shallow tech today, everything is AI." This rapid mainstreaming of once-exotic technologies speaks to the acceleration happening in Singapore's innovation ecosystem.

But perhaps the most intriguing development is SGInnovate's "dual pathway" approach to commercializing deep tech. As Suchitra enthusiastically explained, they're taking intellectual property from universities and research institutions—ideas that might otherwise languish in academic papers—and building full-fledged companies around them. With millions in non-dilutive grants and a team that acts as surrogate CEOs, they're compressing the typical deep tech timeline from decades to years.

Kum Tho Wan from Singtel Innov8 brought a sobering reality check to the deep tech discussion. His experience on the board of Nanofilm Technologies—a company that took 21 years from founding to IPO—illustrates the patience required in this space. "The gentleman got his PhD in the UK, came to Singapore as a professor and decided to set up a business in 1999. The company was finally listed on the stock exchange of Singapore in 2020," Khoo recounted. The founder outlasted two complete sets of investors before finally reaching the public markets.

Yet despite these long horizons, or perhaps because of them, CVCs are increasingly drawn to deep tech. As Ravi Jain from TDK Ventures noted, "If you look at the proportion of CVCs that participate in deep tech versus conventional, you will see a more disproportionate partnership with CVCs because they know this from their internal learnings—it is a harder journey, it requires a lot more patience."

Sustainability: Where Crisis Meets Opportunity

The third panel on sustainability and cleantech revealed perhaps the most urgent—and promising—area for CVC investment in Southeast Asia. The statistics are sobering: of the 20 cities globally most at risk from major environmental impacts, Southeast Asia hosts 15 of them. Whether it's land scarcity, water stress, rising sea levels, or health issues from microplastics and e-waste, the region sits at the epicenter of the climate crisis.

Yet as Saemin Ahn from Rakuten Capital eloquently put it, "To care about climate is also to care about your bottom line, especially in 2025 and on." This isn't corporate greenwashing—it's hard-nosed business logic. Rakuten, despite being known for e-commerce and fintech, is making 10 to 15-year bets on sustainability because that's where the future lies.

The panel revealed fascinating investment trends emerging in the region. Sophia Nadur from bp Ventures shared his personal journey: "I spent 8 years having an EV and my EV transition journey was followed globally. I have just put solar panels on my roof... and I've realized that as I sit here, I'm making money, my house is making money." This shift to decentralized energy production is happening at breakneck speed across Southeast Asia, with countries like Pakistan adopting residential solar "like nothing yet."

Dmitry Govorov from Aramco Ventures highlighted another trend: the move from corporate-level to product-level decarbonization. "Instead of going on corporate level decarbonization, it's a product level... I think this is a great opportunity for Asia where most of the supply chains are." With Singapore sitting at the nexus of global trading flows, it's uniquely positioned to lead this transformation.

Perhaps the most surprising revelation came from Saemin Ahn, who connected sustainability to aerospace and satellite technology. "When you think about laser communication and satellites... you don't have to dig hundreds and thousands of miles of ground anymore. You don't have to have massive negative economic impact to actually put dark fiber to the ground." This convergence of technologies—where sustainability meets deep tech meets traditional industries—represents the future of CVC investment.

The Art of Corporate-Startup Collaboration

Throughout all three panels, a consistent theme emerged: successful CVC isn't just about writing checks. It's about creating ecosystems where startups and corporations can genuinely collaborate and scale together.

bp Ventures' investment in Zingbus, an Indian electric bus company, exemplifies this approach. As Nadur explained, they didn't just invest $7 million—they brought in their JV partner Reliance BP to install EV charging infrastructure at bus stops. The impact? Each converted bus displaces 53,000 liters of diesel annually and saves 20-100 tons of CO2. "Everyone wins, but the idea is that you as a venture capitalist don't just think only around putting cash in but how do you help that company scale faster using other people's balance sheets as well."

Navigating Uncertainty in a Changing World

The elephant in the room during the event was the changing global trade environment. With new tariffs and rising protectionism, how should CVCs think about investing in Southeast Asia?

The panelists' responses were remarkably optimistic. Nadur from bp Ventures was particularly bullish: "I think this is noise, awful noise, but it will clear up... We've just invested or we're about to announce an investment in a fund here because we don't have the answers, but we believe very much Southeast Asia is part of what is going to drive positive change in the world."

Govorov from Aramco Ventures saw it as an opportunity to be more selective: "Look at it more like option theory in a way where you don't commit too much going too far but for those steps which make more sense in the near-term perspective."

Ahn offered perhaps the most contrarian view: "I see that as a great investing opportunity because you're able to essentially invest in companies with less competition... your views really haven't changed about how strong the companies are, but the marketability has weakened."

Conclusion: More Than Money

Perhaps the most profound insight from GCV Connect: Singapore came from a seemingly simple observation by Kee Lock Chua about Singapore's immigrant culture: "We all accept that we are all immigrants in some way or another." This acceptance of diversity, this comfort with complexity, this ability to navigate difference—these aren't just cultural niceties. They're competitive advantages in a world where success increasingly depends on crossing borders, bridging differences, and building coalitions.

For CVCs considering Southeast Asia, the message from Singapore is clear: come for the market opportunity, stay for the ecosystem, and succeed through genuine partnership. The region doesn't need more tourists with checkbooks. It needs committed partners willing to roll up their sleeves, navigate complexity, and build for the long term.

Watch the full sessions below: