423.4 thousand dollars to develop design solutions and ground-breaking technologies on the port innovation front. This is the substantial amount of funding the Maritime and Port Authority di Singapore allocated to 12 start-ups in 2019.
That’ s 55 thousand dollars for each of the winning companies in the last edition of the PIER71 Smart Port Challenge, the competition set up in 2018 by the “Port Innovation Ecosystem Reimagined Block 71” organization with the aim of encouraging the development of digitization in the maritime port sector and in the field of artificial intelligence, augmented reality, blockchain and automation.
Pier71 (Port Innovation Ecosystem Reimagined @ BLOCK71) Pier71 (Port Innovation Ecosystem Reimagined @ BLOCK71) was the result of a strategic collaboration between the local Port Authority and NUS Enterprise, the entrepreneurial branch of the National University of Singapore (NUS).
“Although the pandemic has created serious disruption in the shipping market, we continue to invest in innovation in the maritime sector,” said MPA CEO Quah Ley Hoon, who added: “Singapore continues to support emerging technologies and their ability to improve companies’ business models by strengthening their resilience.”
Translation by Giles Foster