JOINT MEDIA RELEASE
Singapore, 30 May 2024
Smart Port Challenge 2024 Expanding Reach Globally
1. The Maritime and Port Authority of Singapore (MPA) and NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS), launched the Smart Port Challenge (SPC) 2024 today. The annual event to attract start-ups with innovative technology-driven solutions to help address the industry’s key challenges, was held during the InnovFest x Elevating Founders 2024, the official start-up event of Asia Tech x Singapore.
2. Dr Amy Khor, Senior Minister of State, Ministry of Transport and Ministry of Sustainability and the Environment launched SPC24 at the event attended by more than 200 international start-ups, venture capitalists, corporations, and participants. Please refer to Annexe A for the SPC2024 launch programme.
3. Organised by PIER71™1, SPC2024 will for the first time concurrently launch in Singapore and several overseas partner markets. PIER71™ will leverage the extensive network of BLOCK71 and MPA’s new regional offices and organise six international roadshows in key maritime hubs across Asia, Europe, and North America in June 2024, to attract a wider audience of global start-ups, innovators, and venture capitalists to participate in SPC. Apart from forging new networks and partnerships, the roadshows aim to create greater awareness of the vibrant technology and innovation ecosystem, and investment opportunities in Singapore. PIER71™ also hopes to encourage overseas start-ups to incubate and develop their cutting-edge technologies and solutions in Singapore.
Launch of Smart Port Challenge 2024
4. SPC2024 unveiled 14 challenge statements focusing on four key areas: maritime green technologies; smart shipping; next generation ports; and digitalisation, which includes artificial intelligence, cybersecurity and cloud technologies. These challenge statements reflect the key issues facing the global maritime industry and the diverse opportunities that start-ups can participate in to shape its future. Please refer to Annexe B for the challenge statements.
5. Shortlisted start-ups will undergo a 12-week PIER71™ Accelerate programme and may be eligible for MPA Maritime Innovation and Technology (MINT) grant funding of up to S$100,000 for proof-of-concept or pilot projects, and up to S$250,000 for new product development. They will also receive support through PIER71™’s global network of partners. The top three winners for SPC2024 will be awarded with cash prizes at the finals in November 2024. Start-ups interested in participating in SPC2024 can find more information and submit proposals through PIER71™’s website at https://pier71.sg. The deadline for submission is 8 July 2024.
Five Start-ups Awarded MINT Grants
6. At the event, MPA awarded five outstanding maritime technology (MarineTech) start-ups which participated in SPC2023, with grants totalling S$250,000 from the Maritime Innovation and Technology (MINT) Fund. The number of start-ups under PIER71™ has grown from 17 in 2018 when PIER71™ was launched, to more than 100 today. MPA will continue to work with its partners to reach the goal of 150 MarineTech start-ups in Singapore by 2025.
7. The grants will support the five start-ups in developing prototypes and solutions, including a platform for optimisation, evaluation and verification of biofuel blends, a mobile platform for real-time vessel activity monitoring in port, a cybersecurity solution for networks on board a vessel, a digital tool for enhanced ship inspection and auditing, and a digital twin for container depot operations. Please refer to Annexe C for information on the five start-ups.
Quotes by MPA and NUS
8. Mr Kenneth Lim, MPA’s Assistant Chief Executive (Industry & Transformation), said, “The PIER71™ Smart Port Challenge continued to be a relevant platform for innovation in the maritime sector. By attracting diverse solutions from start-ups, SPC promotes innovation and helps accelerate the development of cutting-edge technologies through collaboration with the industry. I am excited about the international roadshows for SPC2024 and look forward seeing more novel solutions to address the industry’s challenges.”
9. Professor Chen Tsuhan, NUS Deputy President (Innovation and Enterprise), said, “Our collaboration with MPA will further broaden the impact within the growing maritime innovation ecosystem in Singapore and beyond. By leveraging NUS’ robust resources and talent, along with our extensive global BLOCK71 network, we are committed to nurturing an environment that supports start-ups and innovators from all over the world, whether they are establishing themselves in Singapore or expanding overseas. With the support of MPA's regional directors worldwide, this partnership extends valuable resources and growth opportunities to maritime talents and start-ups, driving innovation and leaving a lasting impact on the maritime industry.”
1 Port Innovation Ecosystem Reimagined @ BLOCK71 (PIER71™) was jointly established by MPA and NUS Enterprise to grow Singapore’s maritime innovation ecosystem.
