There has been a power shift in research and innovation from the West to the East in the last two decades. This is attributed to the subdued economic growth in the West, along with the transformation in the economic and financial power of emerging economies. R&D spending in Asia has already exceeded that of Europe or the United States (US)1, and if spending in Asia persists at such an aggressive rate, the total expenditure on R&D by Asian countries could double that of both Europe and US by 20172.
Ranked 8th in the world on the Global Innovation Index , Singapore is an innovation powerhouse that aims to achieve its long-term vision of becoming a research-intensive, innovative and entrepreneurial economy. To take the island’s innovation and value creation to the next level, the Singapore government has committed US$1.3 billion to developing the country’s R&D capabilities, enterprise innovation and entrepreneurship through the Research, Innovation and Enterprise Plan (RIE 2015).
Singapore’s vibrant research scene nurtures homegrown talent and attracts leading researchers from all around the world. Research centres, such as A*Star’s Fusionopolis and Biopolis, National Research Foundation (NRF) Create, CleanTech Park, Tuas Biomedical Park, and Science Park, are home to over 1,000 research collaborations with leading players such as Hewlett-Packard, Fujitsu, BASF, Mitsui Chemicals and Nitto Denko. By delivering multidisciplinary, breakthrough science, these hubs allow Singapore to compete with the world’s most advanced laboratories.
Multi-national Corporations like Procter & Gamble and Danone have also established knowledge-intensive regional R&D centres in Singapore to develop Asia-specific products in order to meet the continent’s consumption trends.
To drive the innovation that sustains Singapore’s economy, support is made flexible to meet the varying needs of enterprises, local SMEs and high tech start-ups. Beyond a robust and sustainable R&D system, entrepreneurs benefit from financing schemes, cash grants, incubator programmes and incentive schemes made available by various government agencies.
Singapore’s keen appetite for growing its knowledge-based economy makes it a fertile ground for MICE activity dedicated to innovation and entrepreneurship. Business events on entrepreneurship and innovation, such as EmTech by MIT Technology Review and Echelon by e27, count among the many industry matching platforms and marketplaces for emerging technologies and enterprises.
The resilience of Singapore’s entrepreneurship and innovation landscape has brought about the growth of many thought-leadership events on technopreneurial best practices, showcases on emerging technologies and forums on business re-invention and innovation. Over the years, Singapore has hosted a plethora of research, innovation and technology conferences, bringing together industry leaders and making waves in the innovative arena. Conferences that discuss globally relevant ideas, inspire change and promote exploration or risk-taking also contribute to the building blocks of an entrepreneurial drive.
On the technology front, there also are growing interests in new frontiers, such as wearable technologies, big data and how the next generation of digitally and socially-connected enterprises can leverage new business concepts such as crowdsourcing and crowdfunding to become globally competitive.
Fusionworld features an interactive showcase of the latest in-house innovations and industry-collaboration prototypes brewing in the A*Star’s R&D labs. It is also the best place to start a conversation on the possibilities of partnering one of the many premier research institutes in Singapore. Find out more
The iExperience gallery showcases the benefits of the Next Gen services and Next Gen Nationwide Broadband Network, along with the limitless possibilities of these technologies to enterprises for business adoption, and to consumers for use in their daily lives.
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