Description Increase the use of blended and creative financing to balance risk between public and private funds and enhance overall investment. Example In Singapore, the government partners with private sector investors to invest in innovative, Singapore-based deep tech start-ups that have strong potential to scale globally.44Recommendation 8 The Startup SG Equity scheme is a government initiative in Singapore aimed at stimulating private sector investments into innovative, Singapore- based deep tech start-ups. Spearheaded by Enterprise Singapore (EnterpriseSG) and the Singapore Economic Development Board (EDB), the programme partners with private investors to co-invest in eligible start-ups. In this co- investment model, the government collaborates with independent, qualified third-party investors, leveraging private sector expertise and capital, reducing the financial risk for all parties involved. The scheme targets start-ups in sectors such as biotechnology and other emerging technology areas that require significant capital and time to develop. Given the significant capital required, the government recently increased the co-investment cap to over $1 billion to support early- to growth-stage companies in validating and commercializing their technologies.45 In this fashion, public-private partnership remains central to unlocking and de-risking investment, ensuring funds are directed in a way that benefits the entire ecosystem and the broader economy. Recommendation 9 Government provision of larger tranches of funding earlier in a company’s life cycle What if governments invested more boldly in early-stage bio-innovation, sharing risk with private investors to fast-track breakthroughs from lab to market? Even with increased partnership between private investors and public entities, a more balanced sharing of risks and increased support earlier in the commercialization journey is needed. While some countries offer tax credits and grants for small businesses, the public sector often offers limited financial support in the early stages of the company’s development, with private investors bearing most of the financial risk. Increasing government funding early in a company’s life cycle can provide the appropriately scaled support needed to navigate the unpredictable, lengthy and capital-intensive path from laboratory research to pilot projects – and, ultimately, commercial scale. Larger public investments are essential to sharing risk and delivering targeted capital, better positioning early-stage ventures for successful translation and long-term growth. Description Government provision of larger funding tranches earlier in a company’s life cycle will share the risk with private capital investors and increase the likelihood of reaching commercial scale. Example The Advanced Research Projects Agency for Health (ARPA-H) provided $25 million to Cellino, a series A company, to scale its biomanufacturing operation and bring the transformational power of bio-innovation to more patients.46Recommendation 9 22 From Policy to Practice: Actionable Recommendations for a Commercial Bioeconomy

From Policy to Practice Actionable Recommendations for a Commercial Bioeconomy 2025