https://sg.finance.yahoo.com/news/5-hour-energy-billionaire-brings-220000091.html(Bloomberg, USA) -- Billionaire Manoj Bhargava, who made his fortune selling 5-Hour Energy drinks in gas stations and convenience stores across the U.S., is turning to Asia to commercialize his latest inventions in health, power and water.
Renew Group Pte, the startup owned by Bhargava and partner Ravinder Sajwan, will produce machines to make saltwater drinkable at a new $120 million plant in Singapore as well as massage bed-like devices aimed at enhancing blood circulation. Separately, in India, Bhargava will begin in March to manufacture and distribute an electricity-generating bicycle for poor households that he plans to sell for as little as $200.
His decision to move most inventions from his laboratory in suburban Detroit to Singapore reflects the city-state’s all-out efforts to attract global technology firms and build its own version of Silicon Valley. The 62-year-old began discussing the move with officials about three years ago and ultimately agreed because of their ability to get things done quickly.
“They had this facility built, up and running in eight weeks,� Bhargava said, referring to the Singapore plant. “In India, it could take a year. In the U.S., we would be waiting for the fire marshal.�
The billionaire’s decision follows investments by other entrepreneurs into Singapore. Roger Egan, a former investment banker who hails from New Jersey, co-founded online grocer Redmart in Singapore. American entrepreneur Razmig Hovaghimian and his two Korean partners in Viki Inc., the global TV streaming service with fan-translated subtitles, chose Singapore as its base in part for the proximity to key markets. Japan’s e-commerce giant Rakuten Inc. acquired Viki in 2013.
“The entrepreneurship ecosystem in Singapore is slowly and steadily growing towards a scenario which appears to be attracting entrepreneurs from outside,� said Arcot Desai Narasimhalu, the director of Institute of Innovation and Entrepreneurship at Singapore Management University. “Such success stories will help position Singapore as an attractive eco-center for entrepreneurs around the world.�