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Boston Consulting Group’s venture arm plans new Singapore innovation centre

Benjamin Cher
Updated

SINGAPORE (Nov 5): BCG Digital Ventures, the global corporate venture, investment and incubation arm of Boston Consulting Group, has announced plans to open a new Innovation Centre in Singapore in the first half of 2020.

This centre is part of plans to expand operations across Asia and will accelerate innovation across the region. It will also strengthen Singapore’s position as a hub in the global start-up 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,” says Rich Lesser, CEO of Boston Consulting Group.

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“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 Centre in Singapore that will enable us to build and launch the next generation of corporate-backed unicorns in the region,” he adds.

The Singapore Economic Development Board is supporting this move, with new jobs to be created in the region within BCG Digital Ventures and its portfolio companies. The innovation centre will help extend the venture arm’s local relationships while 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 Centre in Singapore will broaden BCG’s capabilities to work with corporates in the region in capturing new growth opportunities,” says 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.”

Peter Cho and Hanno Stegmann will join BCG Digital Ventures’ Singapore leadership team, along with Paul Hunyor, regional lead, BCG Digital Ventures in Asia. Cho will lead BCG Digital Ventures Singapore after a five-year stint in Microsoft, while Stegmann was the former CEO of Rocket Internet in Asia.

“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,” says Hunyor.