And it seems that the Singapore government aims to promote such collaboration within the up-and-coming blockchain space. On the sidelines of SFFxSWITCH 2020 in December, Enterprise Singapore (ESG) and the Singapore University of Social Science (SUSS) signed a Memorandum of Understanding (MoU) with six commercial partners to “create, trial and implement” the Blockchain for Trade & Connectivity (BTC) Network. The goal is to build a unifying platform to allow blockchains to operate together with other technologies.
Business orthodoxy has always claimed that competition drives the evolution of the modern economy. Propelled by the need to generate profit, among equally ambitious firms, there is a tendency to view competition in the business world as necessary for growth and innovation. But in an age of relentless economic disruption, businesses are increasingly turning to cooperation to adapt and thrive in a digitalising economy.
“Nowadays, the best partner might be your direct competitor. Competitors tend to face similar markets and use similar resources and technologies,” Paavo Ritala, professor of Strategy and Innovation at LUT University of Technology in Finland, tells Forbes. Faced with similar challenges amid rising R&D costs and global competition, there are mutual gains to be made if competitors collaborate on innovation, product development and joint manufacturing.
