Increased Spending In Singapore’s R&D Fuels Economy
As Singapore invests in more research and development (R&D) activities, more and more entrepreneurs are benefiting from the windfall opportunities brought about by the said activities.
According to a recent report by Singapore’s Agency for Science, Technology and Research (A*STAR), Singapore’s total spending on its R&D facilities last year has reached SG $7.4 billion, which is realized as a 14.8 percent increase from 2010’s expenses. The total spending makes up 2.3 percent of Singapore’s GDP last year.
As for the public sector, R&D expenses last year has also made a considerable increase with a 17 percent increase year-on-year, reaching SG $4.6 billion. This reflects the strong entrepreneurial atmosphere as a result of the infrastructure and business-friendly R&D policies established by the government. One of these programs is A*STAR’s Joint Research Initiative, which encourages partnerships and collaborations between private companies and the government’s research institutes.
With the Joint-Research Initiative, companies would be able to develop new innovations because of further funding and new ideas. Well-known examples of this Joint-Research venture are the Singapore Bioimaging Consortium (SBIC)-Nikon Imaging Center and the Clinical Imaging Research Center.
In an effort to help SMEs to develop their products and services, SMEs can take advantage of A*STAR’s technology and business incubation programs. One of the government’s arms for marketing and commercialisation, Exploit Technologies, offers up to S$1 million seed funding to companies to develop market-ready products that can be applied in the commercial and industrial field. Exploit Technologies also help companies make most of their revenues from R&D by offering them intellectual property (IP) rights protection.
SPRING Singapore has also launched a Technology Innovation Program (TIP) to provide co-funding programs for SMEs so they can map out their next technological innovation projects and be able to get all the help they need.
Singapore is gearing up to be known as the world’s knowledge-based, innovation-driven economy.
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