Opening Remarks by Senior Minister of State for Transport and Law, Mr Murali Pillai, at the Pier71 Smart Port Challenge 2026 Launch

Ideas, Money and Markets 

1.           Distinguished guests, good morning, and welcome to the launch of the PIER71 Smart Port Challenge 2026.

2.           This year marks the tenth edition of the Smart Port Challenge. What began in 2017 as a pilot has grown into a global platform that brings together startups, industry leaders, and investors to create solutions for the maritime sector. Today, PIER71 stands as a key pillar supporting Singapore’s ambition to be a leading global maritime innovation hub.

3.           At its core, PIER71 encourages innovation by bringing together three critical groups – innovators, investors and industry partners. Ideas, money and markets. Innovators develop solutions, investors provide the capital to scale them, and industry partners validate and adopt them in real-world settings. Each strengthens the other, ultimately contributing to the vibrancy and energy of the maritime sector. This is what PIER71 is designed to do, and why it grows from strength to strength.

4.           For us, dreaming is a team sport. The Smart Port Challenge sits at the heart of this effort. Each year, it connects bold ideas with real industry demand. To date, over S$150 million in venture capital has flowed into more than 170 PIER71 startups. Last year alone, we saw over 280 submissions from 35 countries – a strong signal of global interest and confidence in this platform.

5.           Innovation does not happen in silos. Breakthrough ideas may not necessarily originate in the maritime sector – but can be applied to it with great impact. Likewise, innovations developed within maritime often find valuable applications in other industries. While PIER71 focuses on maritime, we remain open to ideas from all sectors. In that sense, the world is truly our oyster.

6.           Take GroundUp.AI, a Singapore-based startup from our 2020 cohort, as an example. Using artificial intelligence to predict equipment failures and optimise asset performance, the startup has expanded across Asia and Middle East, growing from a S$2.3 million seed round to a S$5.4 million Series A. Their journey began here at PIER71.

7.           This morning, 26 startups will take the stage to present their solutions, visions and bold ideas in response to challenge themes on next-generation port, smart ships, maritime green technologies, and digitalisation. Today, we will be able to, not just listen to pitches and visit their exhibition booths, but also engage directly with the founders. Often, it is not just the power of the ideas, but the human dimension that gives you the confidence to invest.

8.           As our ecosystem grows, we are introducing three new initiatives to strengthen our support for innovators, investors and industry partners.

9.           First, to support our innovators, we have developed the Mentors-in-Residence Plus programme, which will connect startups with experienced maritime leaders and global accelerator partners to help them refine their strategies and expand internationally.

10.        Second, to crowd in more investors, Venture2Capital bridges funding gaps by providing startups with structured support from pitch preparation to direct access to investors. This gives startups a better shot at securing the funding they need, while also giving investors access to stronger, more investment-ready opportunities. Over time, this builds confidence on both sides and helps to grow a more vibrant and supportive innovation ecosystem.

11.        Third, to support industry partners, we have launched an innovation track under the MPA Maritime Cluster Fund Business Development scheme. This will provide funding support for maritime companies to establish innovation desks and corporate venture capabilities in Singapore. We hope that this will drive more collaborations, pilots and ultimately adoption of new solutions, and help startups secure key reference customers.  

12.        This year’s themes reflect where the industry must go, and where the greatest opportunities lie.

13.        At a time where structures are being remade, and where the future looks very different from the past, when the old order is dying and a new one is struggling to be born;

14.        This is a time of disruptors and innovators, inventors and entrepreneurs. Today is the start of the journey. May your ideas meet money and markets, and may we together change the future of maritime innovation. Thank you.