Singapore – 27 July 2022 – Bain & Company, the global business and management consultancy, today inked a Memorandum of Understanding with the Singapore Economic Development Board (EDB), to become an appointed venture studio under its Corporate Venture Launchpad 2.0 (CVL 2.0) programme.
Steve McGrath, Partner and Head of APAC Business Building and Corporate Innovation at Bain & Company and Jacqueline Poh, Managing Director of EDB endorsed the agreement at a signing ceremony to officiate the launch of the enhanced programme. EDB, a government agency responsible for strategies that enhance Singapore’s position as a global centre for business, innovation and talent, will provide an additional SGD $20 million in funding for companies to scale from Singapore to serve regional and global markets.
Under this programme, Bain will partner with established companies in Singapore to develop and build new ventures beyond their core businesses to create new products and services and reimagine business models in fresh areas of growth.
“As a global leader with a strong track record in enabling Engine 2 businesses, we are excited to partner EDB. Our NextSM suite of capabilities will enable corporates to envision the future, create new ventures and strengthen their internal capabilities. As companies focus on reshaping their core businesses, new business growth engines can help them stay relevant and ahead of the competition. It is paramount for business leadership to seek out opportunities to innovate and disrupt their industries by expanding their growth models to reach new markets, new customers, and forge new capabilities. This is critical in today’s ever-changing business environment,” said Steve.
Bain is looking for forward-looking corporate changemakers to collaborate with on the CVL programme. Qualified firms will have access to Bain’s NextSM team which includes more than 200 seasoned business builders—entrepreneurs, designers, engineers and venture ecosystem experts – that will support them in their new business venture journey to keep ahead of market disruptions and changes. This includes every phase of new product and business building, including:
- Innovation. Spotting the unmet customer needs a company is best positioned to address, and defining the most relevant and viable value proposition.
- Creation. Iterating the solution to ensure market fit; making critical decisions around building, partnering and buying; and building a team that can deliver
- Scaling. Accelerating customer adoption in new segments and geographies, and continuously improving to realize growth.