Singapore based venture building platform, EAT Launchpad is on a mission to empower venture building programmes globally. Their Rescale Lab Platform combines AI and data analytics to enable venture builders to save up to 90% of the cost to run a programme and expands the capabilities of programme staff by 4x.
Gustavo Liu has been working with SUTD and NUS on venture building programs as a consultant and mentor for the past 3 years founded EAT Launchpad in early 2018. The Rescale Lab Platform had a soft launch in Jan 2020 and ran 3 venture building programs with tertiary institutions. To date, the platform has generated over 250 new innovative tech projects: of which 70% progressed further to become potential businesses, with 65% of founders expressing confidence for their businesses for 2021 and beyond.
In response to the financial ramifications of the COVID-19 pandemic, the Singaporean government announced on 20th August 2020 the enhancement of the Startup SG Founder programme founded in 2017. Up to S$150 million and a new track for start-ups to go through appointed venture builders are part of the enhancements aligned with the government’s plans to bolster support for local start-ups, and to fuel the creation of new companies and jobs.
Running a venture building programme with an intake of 20 start-ups can typically go up to US$400K a year (S$533,000), the EAT Comp. platform allows venture builders to fully scale digitally, saving up to 90% of the execution cost. With Singapore set on producing quality start-ups, Gustavo believes that understanding the pain points of venture building programmes, and fixing them from the ground up will give these initiatives greater longevity.
“For 90% of aspiring entrepreneurs out there, the journey to building a business for the first time is costly and antiquated.” Says Gus, “Less than 10% of applicants get accepted to venture building programs, and it takes at least 6 months to build a product and a lot of time hustling around.”
Asides from disjointed communication between mentors and start-ups, the biggest challenge that venture building programmes face lie in the collection and curation of data. Data points come from inconsistent sources physically and digitally and can get fragmented or lost by the end of the programmes. This disconnect creates a pale reflection of the high-touch nature inherent to the programmes, and the interactions and milestones that start-ups experience during the programme. The lack of quality data results in an inability to improve the processes of subsequent programmes.
The platform also greatly improves manpower efficacy. Traditionally 1 staff member will have the bandwidth to manage 5 start-ups with 15 people, utilising the platform, the same staff member can comfortably manage 20 start-ups with 60 people. The implementation of the platform has given programme organisers and mentors greater latitude and flexibility to run the programmes.
“EAT LaunchPad’s platform was useful when I was mentoring several Venture Building Programs run by our local universities, it has improved our workflows and enabled mentors to digitally track multiple teams progress on deliverables and feedback given in previous sessions by trainers and other mentors on areas to improve.” Says Charmaine Lee, a mentor on a programme supported by EATL.
Through their platform, EAT Launchpad aims to give venture building programme managers the tools to turn unbiased data into insights that users can extract accurate information with time and context in mind. This is a pivotal step that is invaluable for potential investors, venture builders, and judges. Allowing them to seamlessly connect the dots regarding the start-ups they are working with, resulting in meaningfully future iterations.
In 2021, EAT aims to support venture building Program Managers, in particular, the 50 Accredited Mentor Partners (AMPs) recently announced to be administering the ESG Founder Grant. Discussions with accelerators and early-stage venture builders in other parts of South East Asia, Europe and North America have started as EAT Launchpad aims to scale in those regions to help venture builders manage online and offline programs smarter. Interested parties can drop a message to Gus Liu