SINGAPORE, 31 DEC 2009 – Neoteny Labs is pleased to announce that it has been selected as one of seven technology incubators to participate in the S$50 million National Research Foundation (NRF) Technology Incubation Scheme (TIS).
The recent successes of global platforms such as Facebook, Twitter, Apple iPhone and Google Android, coupled with the advent of the Internet, open standards and advanced software development methodologies such as Agile, have significantly lowered the cost of product development while accelerating the pace of innovation. Entrepreneurs innovating on the Internet are now able to bootstrap with less and get further along than before.
Founded by entrepreneur and venture capitalist Joichi Ito, Neoteny Labs intends to harness these trends in the course of incubating and investing in early-stage startups across Asia, and has selected Singapore to set up its first incubator. The incubator is on track to commence operations in Q1 2010.
“Singapore – with its multi-lingual, multi-cultural society and pro-talent and pro-business government policies – is perfectly positioned,” said Mr. Ito. “We are firmly committed to building an ʻInnovation Ecosystemʼ that will trigger a critical mass of investors and entrepreneurs focusing on Singapore as a leading entrepreneur hub in Asia. This will in turn spur the growth of technology commercialization in Singapore.”