In 2014, a quarter of the Most Innovative Companies in the World came from Asia. Increasingly consumer-driven Asian economies are forcing Asian companies to be more dynamic and creative in their research and innovation. R&D spending in Asia exceeds that of Europe and the United States, and is estimated to double that of these two economic powerhouses by 2017.
Dedication to innovation
Singapore is ranked 7th in the world on the Global Innovation Index. In a bid to cement its reputation as an innovation powerhouse, the Singapore government has committed approximately US$14 billion to spur the country's R&D capabilities, enterprise innovation and entrepreneurship through the Research, Innovation and Enterprise Plan (RIE 2020). Research, innovation and enterprise are cornerstones of Singapore’s national strategy to develop a knowledge-based innovation-driven economy and society. With continued commitment to research, innovation and enterprise, Singapore seeks to support and translate research, build up the innovation capacity of our companies to drive economic growth, and leverage science and technology to address national challenges.
Singapore is the nerve centre of R&D and innovation in this region. At the country's stellar research centres such as A*STAR's Fusionopolis and Biopolis, National Research Foundation Create, CleanTech Park, Tuas Biomedical Park and Science Park, highly skilled talent are collaborating with key industry players to produce world-leading innovation. Procter & Gamble and Danone are among companies that have knowledge-intensive regional R&D centres in Singapore to develop Asia-specific products for the region.
Singapore has a stimulating environment to encourage and facilitate entrepreneurship, from a robust R&D system to established incubator programmes. The government offers assistance, financing and incentives to talented entrepreneurs looking to set up in Singapore. Over the past decade, it has put in more than US$22 billion investment in R&D to help companies develop, test and commercialise new products and solutions. Since 2011, public sector investments alone have catalysed S$8.6 billion of industry R&D, supported approximately 400 start-ups and generated 800 licenses. Between 2005 and 2014, the number of start-ups in Singapore rose from 24,000 to 55,000. According to the Asian Venture Capital Journal Research, Singapore-based, technology-related businesses attracted a total of US$1.7 billion venture capital in 2013, putting the country ahead of its other Asian counterparts including Japan, South Korea and Hong Kong. Moreover, 40 per cent of all start-up acquisitions in the Southeast Asian region now happen in Singapore.
Our Focus Moving Ahead
Pushing new frontiers
Singapore’s keen appetite to grow its knowledge-based economy makes for fertile ground for MICE activity dedicated to innovation and entrepreneurship. Singapore has hosted many research, innovation and technology conferences, bringing together industry leaders to discuss globally relevant ideas, and helping to inspire change as well as to promote the exploration of new concepts.