In the preliminary report The “Chili Padi” Ecosystem Builder: Big Influence from Small Originspresented at InnovFest 2021 on July 14, findings show that BLOCK71 by NUS Enterprise has been an influential force for entrepreneurship development in Singapore. Start-ups that have been incubated at BLOCK71 Singapore have made notable contributions to the economy by generating close to 25 per cent of the start-up ecosystem’s valuation in Singapore. BLOCK71 is cited to have created significant impact in Singapore’s landscape based on three key factors: Capital, People and Markets.

Often deemed as "the world’s most tightly packed entrepreneurial ecosystem", BLOCK71 by NUS Enterprise has spent the past 10 years investing time and resources into over 600 start-ups in Singapore and birthed more than its fair share of unicorns. NUS Enterprise is the entrepreneurial arm of the National University of Singapore (NUS).

BLOCK71 locations provide a physical locus for expanding start-ups to access new markets while leveraging NUS Enterprise’s global network of resources and contacts. Entrepreneurs in the BLOCK71 family also enjoy comprehensive support services from NUS Enterprise such as dedicated mentorship support, access to funding, exclusive networking opportunities that go beyond physical space, and assistance to integrate into the local ecosystems seamlessly. With BLOCK71 as a network of innovation and entrepreneurial gateways to and from NUS, entrepreneurs can access the university’s technology pool, expertise and business networks to help them create and scale up their ventures.

BLOCK71 takes its name from its birthplace – the Block 71 building within the Ayer Rajah industrial estate in Singapore, where a disused building was repurposed to champion the aggregation and growth of the local technology start-up community. In continuing the support of entrepreneurial journeys beyond Singapore, it is a fitting reminder of its heritage.

Professor Chee Yeow Meng, Associate Vice President (​Innovation & Enterprise) of NUS and Director of NUS Enterprise Academy, highlighted in his presentation that, “We’ve come quite far in 10 years, having supported over 600 start-ups in BLOCK71 since 2011. The 11,000 sq ft. of incubation space our start-ups originate from equates to less than two per cent of the neighbourhood at JTC LaunchPad@one-north. …Yet, they represent 11 per cent share of all equity funding raised by Singapore start-ups since 2011.”

The study was conducted in 2021 based on 10 years of data obtained from a combination of publicly available sources including ACRA, Crunchbase and VentureCap Insights, as well as internal databases of tech start-ups supported by NUS Enterprise at BLOCK71 Singapore. The findings illustrate the economic impact generated by BLOCK71 Singapore start-ups from 2011 to 2020.

A few key findings of the report include:

1) Money: The total valuation of BLOCK71 Singapore start-ups stands at S$7.05 billion, equating to almost a quarter of the total valuation generated by Singapore start-ups in 2020.

Based on valuation generated and equity funding raised, BLOCK71 Singapore’s start-ups have shown to create notable positive economic impact.

Out of five home-grown unicorns and unicorns-to-be in the last three years, two are from the BLOCK71 community – PatSnap (valuation of over S$1.35 billion) and Carousell (valuation of S$1.18 billion).

Start-ups from BLOCK71 Singapore have also raised over S$3 billion in external capital, which is 11 per cent of all equity funding raised by Singapore-based start-ups since 2011.

Funding deals that start-ups from BLOCK71 Singapore have secured involving overseas investors amount to more than S$900 million.

2) People: BLOCK71 Singapore has engaged more than 350,000 people over the last 10 years

Through its international networks, BLOCK71 has established a substantial reach of over 350,000 people through various community platforms. The most significant outreach and engagements were done through more than 4,000 events and networking sessions organised by BLOCK71, both independently and through partnerships, which has contributed to the vibrancy of the wider ecosystem.

Based on official visits by groups including government agencies, educational institutes and business associations, more than 11,000 unique visitors have been to BLOCK71 Singapore. These include well-known governmental figures, corporate leaders and startup thought leaders including

• Lee Hsien Loong, Prime Minister of Singapore
• Dr Nguyen Thien Nhan, Member of the Politburo of the Communist Party of Vietnam
• Anthoni Salim, Head of Salim Group (Indonesia)
• Tos Chirathivat, CEO of Central Group (Thailand)
• Steve Blank, Creator of the Lean Launchpad programme (USA)
• Saul Singer, Author of Start-up Nation: The Story of Israel's Economic Miracle
• Scott Guthrie, Executive Vice President, Microsoft (USA)

This has created opportunities for start-ups to connect, interact, exchange ideas, gain exposure, raise capital and find customers.

3) Markets: BLOCK71 Singapore start-ups generated S$1.04 billion in annual revenue for FY19/20, equating to 0.2 per cent of Singapore’s 2020 GDP for the Information Services sector

Almost a third of BLOCK71 start-ups operate in overseas markets. Some of these have significant reach in markets beyond where they are operating in.

• Lomotif (mainly operating in the US) has had its app installed more than 225 million times in over 100 countries
• PatSnap (mainly operating in China, Suzhou) has more than 10,000 customers in more than 50 countries, supported by over 1,000 employees
• ShopBack (launched in Singapore and operating in eight other countries) has 13 million users in nine countries
• ViSenze (headquartered in Singapore and global presence in six other countries) has over 300 million shoppers using their platform

Overall, the report suggests that over the last 10 years, BLOCK71 by NUS Enterprise has been a key driving force to accelerate the growth of start-ups from the local ecosystem across international markets.

Moving forward, BLOCK71 will continue to nurture high-impact and sustainably built start-ups across Asia.

The full report will be available in Q4 this year and launched in conjunction with BLOCK71’s 10^th year anniversary.

Please download the preliminary report here: https://singapore.block71.co/community/impact

For media enquiries, please contact:

Kathleen Tan                      

Assistant Manager, Marketing & Communications

NUS Enterprise

Mobile: +65 9819 7595

Email: kathleen@nus.edu.sg

About NUS Enterprise

NUS Enterprise, the entrepreneurial arm of NUS, plays a pivotal role in advancing innovation and entrepreneurship at NUS and beyond. It actively promotes entrepreneurship and cultivates global mind-sets and talents through the synergies of experiential entrepreneurial education, active industry partnerships, holistic entrepreneurship support and catalytic entrepreneurship outreach. Its initiatives and global connections support a range of entrepreneurial journeys and foster ecosystem building in new markets. These initiatives augment and complement the University’s academic programmes and acts as a unique bridge to industry well beyond Singapore’s shores.

For more information, please visit https://enterprise.nus.edu.sg/

About BLOCK71

BLOCK71 is an initiative by NUS Enterprise in collaborative and strategic partnerships with established corporates and government agencies. It forms part of a global network of innovation and entrepreneurial gateways to and from NUS, through providing programmes as a technology ecosystem builder and business connector with an objective to catalyse, aggregate and develop competencies of the start-up community. In every location, BLOCK71 provides access to technology, talent, new markets and funding opportunities through gateways to and from NUS.

For more information, please visit block71.co

BLOCK71 has establishments in seven locations:

• Singapore, in partnership with Singtel Innov8
• USA (San Francisco), in partnership with Singtel Innov8
• Indonesia (Jakarta, Bandung, Yogyakarta), in partnership with Salim Group
• China (Suzhou), in partnership with NUSRI and CapitaLand
• Vietnam (Ho Chi Minh City), in partnership with Becamex IDC

About InnovFest 2021

Organised by NUS Enterprise since 2006, InnovFest has become a flagship tech innovation conference in Asia. It was initially named as the Technology Commercialisation Forum, focusing on university innovation and technology transfer. The event was rebranded as InnovFest in 2013 to reflect the growth of the event and incorporate players from the innovation and enterprise ecosystem, including start-ups, IHLs, VCs as well as government agencies. In addition, NUS Enterprise has been organising InnovFest in Suzhou annually since 2015.

For more information, please visit https://asiatechxsg.com/events/innovfest-elevating-founders/