Singapore still dominates Southeast Asia’s venture‑capital scene, securing over 90 % of the US $2 billion raised in H1 2025. But as Michael Blakey of Cocoon Capital highlighted in his Tatler Asia interview, a hidden crisis is growing: pre‑seed startups are being sidelined, and without that vital base, future innovation could collapse.
Blakey’s words cut to the heart of the matter: first‑time founders—especially in deep tech and enterprise—are “starving for cash.” While later‑stage Series B/C rounds flow freely, the early pipeline is narrowing dangerously. “If the base isn’t wide enough, you won’t have enough winners at the top,” he warned.
This stark metaphor reflects Cocoon’s intentional approach: high conviction, low volume. They back only a few early‑stage bets each year—often university spin‑outs or academic‑led ventures—while many others struggle to get a foot in the door.
At InnoForge, we’re taking Blakey’s insights to heart. Deep‑tech innovators don’t just need funding—they need translation, runway, and structure.
🔹 Tech transfer & commercialisation
We actively scan for IP‑rich university projects with global potential—and help bridge the lab‑to‑market transition.
🔹 Cross‑border acceleration
Through our ties in SSCIP and China’s Tianfu hub, founders gain early insights into real regional demand.
🔹 Operational partnering
We guide teams through go‑to‑market strategy, industry pilots, and even manufacturing scale‑up.
At InnoForge, we’ve seen these principles affirmed at events like the Belt and Road Investment Summit—industry voices like Bertram Lohmueller stressed that without strong tech‑transfer pipelines, innovation stalls.
A silver lining: Blakey also points to a shifting landscape in deep tech.
“Building AI and deep‑tech startups no longer demands huge capital,” he told Tatler Asia. “You don’t need as much money to launch, and you can reach revenue faster.”
Low‑cost, capital‑efficient AI and robotics startups are exactly what we hunt for—from next‑gen healthcare bots to autonomous systems like AEROFUGIA AE200 showcased in Chengdu. These innovations prove that with smart early support, frontier tech can scale even in lean times.
What this means for Singapore’s ecosystem
Blakey’s message is clear: nurturing first‑time, early‑stage founders isn’t optional; it’s essential. For Singapore to genuinely become a deep‑tech powerhouse, we must widen the pyramid’s base—seed more bets, with structured support that extends well beyond funding.
At InnoForge, we embrace the long game. We work closely with universities, policymakers, and cross‑border investors to create lasting runway—not just a check, but a pathway from product validation to first customers, and eventually global scaling.
Because every unicorn begins with that first, fragile step.
For deep‑tech founders building in the pre‑seed stage, this is your invitation: if you’re at the crossroads of lab and market and need a partner who knows that journey inside out, reach out. We’re committed to backing builders from day one—as Michael Blakey’s insights make all too clear, that’s where the future starts.