Everything you need to know about food tech startups in Singapore
FoodTech was always inevitable, given the role of technology in our day-to-day lives. Despite being a latecomer to the tech-first party, food production and supply have received a new lease of life - thanks to startups revolutionizing space. Of course, as is the case with any other emerging global phenomenon, location plays a big role in determining the rate of human adoption. But, at the end of the day, unless consumers gravitate towards FoodTech - it would go down in history as a revolution that went unnoticed.
Why Singapore is a hub for FoodTech startup innovation
It's why Singapore is in a great position to become a hub of innovation for FoodTech startups.
For startups, Singapore is reputed to be a haven for IP rights protection, which is often under-looked as a major USP since it is the backbone of any business that deals with propriety technologies. Simply put, startups don't have to worry about something that has ruined businesses in multiple tech-based industries - copyright infringement!
Singapore also has a growing talent pool - equipped with suitable skills and tech familiarity - to allow FoodTech startups to penetrate local markets without worrying about a lack of resources.
From the POV of consumers, Singaporeans are known for their "ready to taste something new" mindset.
So, whether it's cell-based lobster meat to plant-based chicken, there will always be a crowd who give it a spirited chance; to see if there's scope for including such dishes on a frequent basis. Plus, sustainability is USP too, given that Singaporeans have proven to be loyal to brands that engage in ethical practices.
The importance of government support in promoting FoodTech
Another important aspect of Singapore's rise as a preferred FoodTech hub is the ample government support during pivotal parts of the journey. Firstly, it attracts investments from foreign countries like USA and Germany looking to expand their brands - including commercial outlets and innovation labs. In fact, recently, the country's Economic Development Board helped set up an R&D center to work with public and private companies to leverage artificial light technology to optimize crop yields.
Secondly, the Singapore Food Agency is focused on offering financial subsidies to FoodTech businesses. This motivates entrepreneurs and directorial boards to readily invest without early-adopter fears. Finally, in order to create a safe ecosystem for innovation, the guidelines for national safety evaluation of new foods have been established. It dedicates a separate section to discussing how cultured meat, a huge part of the FoodTech startup revolution, should be evaluated.
Finally, the matter of food security has been a serious concern in Singapore traditionally. Even today, the sheer size of food imports that cover the average Singaporean's regular diet is startling. It means that FoodTech should be a bigger deal than ever before. The good news is that many have recognized this - and are creating a viable space for tech-powered alternative food startups.
Feed9B Singapore Restaurant Week - eyeing the future of food
Now, in case you're looking for more reasons to be convinced that the FoodTech startup culture is as real as it gets, don't forget to check out the Feed9B Singapore Restaurant Week to be held from September 5 to September 11 - as part of the Singapore Food Festival.
Attend and discover why sustainability and security are the heart and soul of the future of food.