Building an environment where innovation blooms

THE capability to innovate and to bring innovation successfully to market will be the definitive mark of global competitiveness of businesses, as seen in the likes of Uber and Airbnb. Through a change in business model, these companies managed to drastically change how things are done, and position themselves well for long-term growth. To thrive in the new global economy, innovation and change are the new rules of the game.

With a slowing economy, sentiments here are understandably subdued about investing in innovation. Companies typically scale back at times like these to focus on core elements of their business and make sure every part of their business is cost-efficient. Innovation typically requires extra resources that are not readily available when a company or market sector is not doing very well.

Addressing the cost of innovation