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Ladies and gentlemen,

1.     Good afternoon. I am pleased to join you for the launch of this year’s PIER71™ Smart Port Challenge (SPC). This is the sixth edition of SPC. It is timely to take stock of our progress thus far, and look ahead to new possibilities.

Developing Singapore’s MarineTech Ecosystem

2.     The first SPC started in 2017, with the vision to bring together start-ups and industry players to work together to develop practical solutions for real-life challenges in the maritime sector. At that time, the start-up scene for maritime technology (or MarineTech) was nascent. SPC was our response to the industry’s growing demand for technological solutions to its operational challenges. We want to provide a platform for start-ups to be a dynamic force of change and innovation. 

3.     Soon after, we quickly realised the value of productive collaboration in this space. MPA had the resources to support MarineTech start-ups and the networks to bring in useful perspectives from the maritime industry. That is MPA’s strength. But we needed a partner with expertise and experience in entrepreneurship, to foster the ecosystem in which these start-ups could grow and flourish, and that is where we found NUS Enterprise. With its established connections to the larger innovation ecosystem in Singapore, NUS Enterprise is an ideal partner for this initiative. 

4.     Together, we launched PIER71^TM in 2018, and this has become our central platform for attracting, connecting, and grooming tech start-ups and entrepreneurs to build stronger capabilities and innovative solutions for the maritime industry. 

5.     We have refined our approach over time as we learned more about the key success factors and enablers for innovation. For example, technology developers need to test-bed their solutions in real-life operating environments. Otherwise, they look good in theory and in the lab, but may not work in reality. However, existing regulatory standards may not allow such new technologies, at least not without testing. So, we are faced with a chicken-and-egg problem: if we do not test we would not know whether it works, and if we do not know whether it works, we would not dare to let people try.

5.     This is where regulatory sandboxes become important enablers. MPA has been an advocate for greater regulatory flexibility, encouraging and working with other government agencies to provide safe spaces for technology developers to experiment. And if you fail, you can fail in a safe environment. 

6.     MPA has put in place regulatory sandboxes, such as the MPA Living Lab which consists of physical test-beds at sea to facilitate the trials of drones, autonomous vessels and wireless communication technologies in the port environment, and the Maritime Drone Estate for the development of drone technologies for maritime applications.

7.     I am glad to report that we have had a promising start in developing our MarineTech ecosystem so far. Since the inception of the SPC in 2017, MPA has awarded a grant of $50,000 under the Maritime Innovation and Technology (MINT) Fund to 50 participating start-ups for prototype development and test-bedding. This includes 11 new MINT-STARTUP grant recipients from previous editions of SPC. The projects from our latest crop of start-ups span a wide range of uses, such as enhancing the productivity of our companies, improving the safety and training for maritime workers, and reducing the environmental impact of our sector. 

8.     A total of 76 start-ups have benefited from PIER71^TM Accelerate since 2018. This is a market and business model validation programme that helps start-ups to improve their technologies and build up strong business teams, under the mentorship of industry partners. Our efforts are bearing fruit. To date, 17 start-ups have deployed their solutions in maritime companies, and six of the solutions have been fully developed into commercial products. And four of the start-ups incubated here have ventured into overseas markets.

9.     One such company is Portcast, an alumnus of SPC 2018. Portcast uses machine learning and artificial intelligence to analyse data in order to predict the volume and arrival times of cargo across the world. By providing a dynamic and accurate picture of global trade flows, Portcast empowers its customers with greater insight and visibility to make better business and supply chain decisions.

10.    Portcast made good use of PIER71^TM to access markets, funding, technology, and importantly, talent. In addition to receiving a $50,000 grant from MPA, Portcast used SPC 2018 as a platform to showcase their technology to potential customers and investors around the world. The Portcast team also received guidance in their entrepreneurship journey through masterclasses and mentorship from an experienced industry professional. Portcast has since raised a total of US$3.2 million in investments from partners like Wavemaker, Newtown, and Innoport, and they have expanded their services to eight other countries in Asia and Europe.

11.    Now, I want to be clear that not every start-up will be as successful as Portcast. Some of the start-ups that participate in SPC may have very promising ideas, but some of these ideas need more time to become successful commercial products. Some may meet roadblocks, and later may not succeed, but this is all part and parcel of casting our net wide, and trying out different ideas. Some will not succeed, some might need more time, and some, like Portcast, will do well and flourish. But as an ecosystem, we want to continue to invest in, support, and nurture more of these start-ups.

The Next Steps for Our Ecosystem

11.    Our efforts to build the maritime start-up ecosystem have been acknowledged internationally. In 2021, Inmarsat published a report on Singapore’s maritime start-up and innovation ecosystem, describing us as a “start-up magnet” and a “modern-day David” in a world of innovation Goliaths. We will build on this momentum and support promising start-ups to scale up their business solutions.

12.    During the Grand Finals of the SPC in November last year, I announced the phase 2 development of PIER71™ to support MarineTech scale-ups through PIER71™ Ascend. PIER71™ Ascend is a bespoke programme to help promising start-ups acquire new customers, scale their capabilities, grow their team of talent, and secure new investments. 

13.    Founders will be supported through curated masterclasses, industry networking sessions, and an annual immersion programme to help them connect with overseas markets and government stakeholders. Start-ups selected for the Ascend programme will also be able to apply for the enhanced grant support of up to $100,000 under the MINT-STARTUP grant. MPA targets to have up to five start-ups in the first cohort, which will be unveiled in September 2022.

Launch of SPC 2022

14.    On this note, I am pleased to launch the sixth edition of SPC this year, where we have 15 challenge statements that have been co-created with 16 maritime companies. This edition of SPC takes place as the world emerges from the COVID-19 pandemic, and faces multiple challenges like supply chain disruptions, inflation, labour shortages and geopolitical conflicts. The challenge statements this year focus on three key issues which are top-of-mind for the maritime sector.

15.    First, companies are looking for solutions that enhance supply chain efficiency, visibility and resilience. This topic has gained renewed urgency amidst the uncertainties in global trade over the last two years. The pandemic has brought to the forefront, very clearly, why this is so crucial to society, to companies, and to all of us as consumers. 

16.    For example, ship suppliers currently rely on their last-mile delivery vendors to obtain signatories on paper-based documents from the captain or the crew. This results in manpower and administrative burden and causes a strain on efficiency, as well as unnecessary congestion and delays in ports. Wilhelmsen Ships Service is seeking digital solutions that can provide a seamless, secure and traceable way to validate the successful delivery of goods.

17.    Second, companies are keen to leverage technology to enhance productivity and operational efficiency. PSA has challenged participants to create technological solutions that augment the skills and accuracy of human operators as they operate quay cranes in our port. The American Bureau of Shipping is looking for solutions to spur the adoption of additive manufacturing for vessel spare parts, which can transform the way vessels are repaired today. With supply chain disruptions, this gives additional resilience to vessel owners. 

18.    Third, companies have called for innovative solutions to improve the safety and well-being of maritime workers. These include enhancing the quality of drinking water on board vessels, and reducing the risk of serious injury for workers when they are cleaning bulk carrier cargo holds or taking draught mark readings. I welcome innovators from around the world, both from within and beyond the maritime sector, and from within Singapore and beyond our shores, to join us in applying your ingenuity to tackling these important challenges.

Conclusion

19.    To conclude, we can be proud of the progress we have made thus far, but there is still much more that we need to do, to realise our vision of becoming the Silicon Valley of MarineTech. That is something which requires all of us collectively to work towards. We cannot know for sure what the next big technology will be, and we also do not know what the exact path is that will lead us to it. What we can do is to build an ecosystem which maximises our chances of nurturing and attracting talented entrepreneurs and innovators, people with vision, know-how and grit, and support them to use Singapore as a launchpad to pursue new ideas and achieve new breakthroughs.

20.    Together, we can continue to learn and grow together, and create new and exciting possibilities in this blue ocean of opportunities. 

21.    Thank you.