What Singapore needs to make deeptech dream a reality

This week’s On the Rise dives into Singapore’s woes with deeptech, UAE’s efforts to become a global Web3 hub, and the price of power on climate tech. [Read from your browser]( On the Rise 🚀 Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - [Singapore holds onto its deeptech ambitions despite struggles]( - [Singaporean gives up chicken rice for Dubai Web3 boom]( - Surge in power requirements will keep climate tech dependent on fossil fuels Hello {NAME} , I won’t begin with an anecdote like we usually do to ease you into our Big Stories. Instead, I wanted to take a brief moment to thank all our readers for keeping us going, as this month marks the two-year anniversary of the launch of [On the Rise](. But we’ve decided it’s time for some changes, particularly with the format. We’re hoping to infuse a bit more creativity and fluidity into what we write. To be honest, even writing a weekly newsletter on emerging tech can become monotonous and boring after a while. After all, human change is the only constant. While some changes like this can be done quickly, bigger changes often take more time. Take for instance Singapore’s [deeptech]( ambitions. The city-state, which has been pushing to be a deeptech hub for a while, has seen several startups either perish due to lack of funding or exit the country for greener pastures in the US. This is exactly what Elyssa dives into in our first Big Story: [Singapore’s deeptech blueprint takes shape, but hurdles dent ambitions](. She highlights how the city-state has invested close to US$1 billion into the deeptech sector over the last four years. Despite this, even established deeptech ecosystem builders such as [Entrepreneur First]( have exited Singapore due to the country’s small talent pool. But government funding isn’t the answer to Singapore’s deeptech problem, experts say. Keeping the country’s deeptech dreams alive requires a more nuanced approach. Speaking of Singaporeans moving out, our next Big Story looks at [how a Singaporean ex-teacher landed a top Web3 job from UAE royalty](. In this piece, Scott follows the journey of Derek Lim, a former educator turned crypto trader who is heading to Dubai to take the role as head of a Web3 studio run by a member of an Emirati royal family. Drawing foreign talent such as Lim is part of the United Arab Emirates’ ambition to turn the nation into a global crypto hub. Crypto is extremely popular in the country, not only for investments but also for daily use. It’s quite fascinating that the UAE is making a push in the Web3 industry at a time when many other countries are still wary of crypto. And rightly so - the sector has seen countless scams and digital assets remain highly volatile. But Web3 isn’t the only industry facing pushback for its failings. I am also concerned about what is going on in the climate tech industry. Last month, Europe witnessed a [US$5.4 billion fraud]( in the carbon credits market. Trying to make environmental protection part of the market economy seemed flawed to me, and this was bound to happen. Carbon offsets gave companies the opportunity to continue their emissions by just buying their way out of the problem. Another greentech vertical facing backlash is the electric vehicle industry for using diesel to provide power to battery-charging stations. [This is inaccurate]( and several reports have fact-checked the social media posts that spread this falsehood. But the fact is that diesel generators are used as “backup power” for solar in many markets. In California, diesel generators are being [used to “fill in the gaps”]( of renewable energy supplies for EVs. As countries around the world make a push for EVs, it is becoming evident that the world’s energy supply may become strained. Add the demands of a power-hungry AI industry, which [this report illustrates]( and you can foresee the havoc this energy crunch will cause. In Southeast Asia and India, most of the energy still [comes from fossil fuels]( such as oil, natural gas, and coal. Sadly, renewable sources aren’t reliable and enough to power the requirements of the EV and AI industries. Countries will continue to be reliant on both renewable and nonrenewable sources in order to meet the energy requirements of these sectors. – Collin  --------------------------------------------------------------- DEEP READS Also check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ [Reddit’s IPO signals thawing tech winter, but listing game has changed]( The listing of the social media giant on the New York Stock Exchange was one of the most anticipated IPOs of the past five years. And it lived up to expectations - Reddit’s share price rose by over 50% on the first day of trading. As several tech listings on US exchanges haven’t performed well since 2023, Reddit’s market debut builds confidence among other startups looking to go the IPO route. 2️⃣ [Indonesia’s coffee boom enters new phase with affordable brews]( In Indonesia, coffee startups seem to be in a race to introduce affordable brands that offer a brew for less than a dollar. They want to tap into larger market opportunities with less saturation. But the question is whether this play will bring profits. 3️⃣ [The rise of the AI beauty pageant and its complicated quest for the ‘perfect’ woman]( Recently, 10 contestants were selected from over 1,500 entries for the finals of Miss AI, a beauty pageant that showcases AI-generated women. Such contests are a growing trend and reflect the biases and standards of beauty set by the West instead of challenging them. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](. [Tech in Asia Conference Kuala Lumpur 2024 : Malaysia on The Rise on July 24-25Â]( The Southeast Asian tech community is buzzing, and the epicenter is Kuala Lumpur. Tech in Asia Conference is bringing together 2,000 of the brightest minds from big names like Antler, Grab, Sea Money, TikTok, and many more. Don’t miss out, [secure your spot]( and join the conversation. [Tech in Asia’s Founders Meetup in Malaysia on July 25]( What if you could walk into a room filled with Malaysia’s top tech investors and founders, all eager to connect and collaborate on game-changing ideas? Founders Meetup is your opportunity to transform fleeting encounters into lasting partnerships. [Get your tickets now]( – don't let this opportunity pass you by. [KL Conference Exclusive: Networking Night on July 24]( Seize the opportunity to connect with the brightest minds and most influential players in Asia's tech ecosystem, all while enjoying panoramic city views and delicious treats. This exclusive event is only open to Tech in Asia Conference Kuala Lumpur Pro Pass holders. [Secure your spot on our guest list today!]( [KL Conference Exclusive: After Party on July 25]( After two days of high-impact learning, join us at the official closing party to unwind, socialize, and celebrate the thriving startup scene in Malaysia. There’s no better way to do so than by immersing yourself in its vibrant energy firsthand. This exclusive event is only open to Tech in Asia Conference Kuala Lumpur Pro Pass holders. [RSVP now to secure your spot!Â]( [Tech in Asia Conference Jakarta on Oct 23-24]( Where is the next Silicon Valley? It might just be Jakarta! Indonesia's young tech talent is booming, and Tech in Asia Conference Jakarta puts you right in the center of the action. Join us at #TIAConferenceJKT to connect with 4000+ region's brightest minds, 150+ hottest startups, and hear straight from 80+ experts. Early-bird tickets are now available! [Snatch the 75% discount while it lasts!]( ---------------------------------------------------------------  That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preference center. See you soon! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  Copyright © 2024 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894