The corporate venture builder aims to accelerate innovation in the region and strengthen Singapore’s position in the global startup ecosystem with support from the Singapore Economic Development Board
Singapore—BCG Digital Ventures (BCGDV), the global corporate venture, investment, and incubation arm of Boston Consulting Group, today announced plans to further expand its operations across Asia with the opening of a new Innovation Center in Singapore in spring 2020. With support from the Singapore Economic Development Board (EDB), BCGDV will aim to accelerate innovation across the region and help to further strengthen Singapore's position as a key hub in the global startup ecosystem.
This expansion also will lead to the creation of new jobs in the region, both within BCGDV and the portfolio companies it launches in collaboration with corporate partners. BCGDV Innovation Center teams are composed of a diverse mix of talent and skillsets, ranging from engineers and product managers, to designers and experienced venture builders.
Recently placed at the top of the IMD World Competitive Center’s ranking in digital competitiveness, Singapore represents a critical hub for BCGDV, one of the world’s largest corporate venture builders with over 90 ventures launched across the globe. With the support of the EDB, the opening of a new BCGDV Center in Singapore will help to further extend its local relationships while also filling a gap in the ecosystem.
“We are excited to partner with BCG Digital Ventures in supporting corporates to explore and build innovative new ventures. BCG Digital Ventures Innovation Center in Singapore will broaden BCG’s capabilities to work with corporates in the region in capturing new growth opportunities,” said Chng Kai Fong, managing director, EDB. “We look forward to the new ventures BCGDV will create and the new and exciting business and job opportunities that these partnerships will bring for Singapore.”
Collaborations with local champions and multinational companies represent a new horizon of corporate innovation in South East Asia, which is rapidly emerging as a key value driver and represents the “next big thing” in the startup ecosystem.
“BCG Digital Ventures is uniquely positioned to leverage our deep expertise in the corporate innovation space across the SEA region, and our relationship with the Singapore EDB only strengthens our position. Southeast Asia is ripe with tremendous opportunities for digital transformation, and we believe corporates will drive the next horizon of innovation. We look forward to growing a significant Innovation Center in Singapore that will enable us to build and launch the next generation of corporate-backed unicorns in the region,” said Rich Lesser, CEO of Boston Consulting Group.
“We are thrilled to work alongside the Singapore Economic Development Board to help Asian and multinational corporations tap into the region’s strong entrepreneurial ecosystem, unlock value, and drive growth while solving real, human problems. By collaborating with these renowned corporate partners in the region, we have the opportunity to do just that—build ventures that have the power to transform their approach to innovation from the inside out,” said Paul Hunyor, regional lead of BCG Digital Ventures in Asia.
In addition to Paul Hunyor, who recently helped WWF-Australia-backed venture OpenSC close a funding round, Peter Cho and Hanno Stegmann will join BCGDV’s Singapore leadership team. Cho currently leads BCGDV Singapore and joined BCG after a five-year tenure at Microsoft, while Stegmann previously served as the CEO of Rocket Internet in Asia, managing its venture-building and venture capital activities.
Chua Yan Yu
Phone: + 65 6429 2544
BCG Digital Ventures is a corporate innovation, incubation, and investment firm. They invent, launch, scale, and invest in industry-changing new businesses with the world’s most influential companies. Their diverse, multidisciplinary team of entrepreneurs, operators, and investors work cross-functionally, rapidly moving from paper to product to business in less than 12 months. Founded in 2014 as a subsidiary of Boston Consulting Group, they have Innovation Centers and satellite locations in four continents and continue to expand their footprint across the globe.
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