How the Singapore Government is Helping Local Companies Innovate beyond National Borders

Heng Swee Keat, the Minister for Finance of Singapore, has clearly spoken about his and his government’s intentions of helping local companies innovate beyond national borders. He took to the forum of Leaders in Science to speak about building an ecosystem of innovation that would empower entrepreneurs to develop solutions that can transcend limitations and segregations among sectors and within geographical boundaries. The government of Singapore had earlier released a report through the Committee on the Future Economy where internationalization was the key theme. The report illustrates how internationalization of enterprises and people will fuel the growth of a futuristic economy, touching both physical and digital presence in overseas markets.

Mr. Keat has reiterated a number of times the efforts his ministry has been putting in to help public agencies, universities and research institutions in Singapore get access to foreign markets, networks and resources. The theme at the last Leaders in Science Forum was in fact in sync with the present objective of Innovation beyond Borders. The growth in overseas markets is not solely confined to increased profitability or expansion of the local economy. It would have a direct impact on the competitiveness of Singapore, both in terms of technological innovation and the values such developments would create that can benefit domestic and international consumers in respective industries.

The Ministry of Trade and Industry in Singapore has established Intellectual Property Intermediary or IPI to help small to medium enterprises to get access to resources that are hitherto unavailable or beyond reach. Small to medium enterprises are often short on resources and they do not have the financial capacity to work on their own research & development programs. IPI would not only help such firms to gain valuable access to relevant networks, providers and markets but it would also accelerate the whole process of product development. In five years, the Intellectual Property Intermediary has successfully helped more than five hundred technology matches including almost two fifth of cases where foreign providers are involved.

The Intellectual Property Office of Singapore of IPOS is working on patent analytics to assist local companies develop a better understanding of the value of specific types of intellectual property so changing values of every worthwhile product or service can be determined in a dynamic global market. This helps in adequate capitalization of intellectual property. IPOS has teamed up with Singapore Business Federation or SBF to help with awareness pertaining to intellectual property and related competencies. Enterprises can also take advantage of the suite of intellectual property services of IPOS that includes training, complementary clinics and executive education.

There are many such initiatives in place that can empower local companies to innovate and to grow beyond the traditional nationwide market. Global Innovation Alliance is being set up to facilitate partnerships between overseas business associations and regional or local enterprises with a focus on innovation hubs around the world. The Global Innovation Alliance would establish the Innovators Academy, Welcome Centers and Innovation Launchpads. Companies can also explore Market Readiness Assistance and Global Company Partnership Grant programs to deal with expansion costs and manpower development.

About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Credit Score Essentials for Small Businesses, Balancing Work & Life as Business Ownerand all topics related toBusiness and Tech, if you are interested about Company Incorporation Singapore visit our website for more information.

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