Grooming entrepreneurs requires openness to foreigners, better access to capital

SINGAPORE (March 23): In the face of growing pressure to remain relevant in the changing world economy, Singapore needs to relook at how it is growing its innovation ecosystem. Recently, a report by the 30-member Committee of the Future Economy laid out strategies and recommendations for the country to achieve its vision of a connected and vibrant city. Among them: a need to strengthen our innovation ecosystem.

The country’s start-up ecosystem is a diamond in the rough. With a highly educated population, excellent infrastructure, strong government backing and leading universities and research institutions, Singapore has all the right ingredients to be a global innovation economy. However, we have yet to see many of our start-ups break onto the global scene.

In an attempt to encourage productivity and innovation throughout all of Singapore, the Singapore government has introduced many schemes and grants. These include Operation & Technology Roadmapping, the Tech Access Initiative, the SMEs Go Digital programme, the Headstart Programme, the Capability Development Grant, the Infocomm Media Development Authority’s iSPRINT grant and the ever-popular Productivity and Innovation Credit Scheme.

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