The Singapore government is avoiding the grants route to helping tech start-ups and is instead aiming to boost innovation by directly doing business with them and buying in their services. “It’s a demand-driven model: I don’t believe in a grant or grantocracy,” Vivian Balakrishnan, minister in charge of the Smart Nation initiative, told Bloomberg.
The city state is pumping $14 billion into research and development over a five-year period starting in 2016. It is also making open data platforms accessible to the private sector to accelerate the development of new products and services.
Balakrishnan says it’s crucial for Singapore to support innovation and reskill the workforce in order to preserve incomes and employment.
Singapore has the best digital business and innovation environment in the world, according to EY, with the city state driven by its ‘forward-thinking’ government policies and regulatory systems. It also ranks highest for the strong economic and social impact of its digital environment.
For that deeper dive:
International Enterprise Singapore is rolling out a Manufacturer Innovation Centre in Guangzhou to help Singapore tech companies partner Chinese enterprises in Industry 4.0 solutions – Open Gov Asia
DBS bank has unveiled a $20m initiative to provide its 10,000 Singapore-based employees with digital banking and emerging technology skills – Singapore Business Review