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There's still value in broad-based approach

What's needed to make it successful in Singapore is a one-stop agency to encourage innovation, like in Australia and the UK.

The PIC scheme could instead be replaced by an "Innovation Credit" for SMEs, a tiered broad-based system to encourage technology adoption in the initial years of a firm's existence and then focusing on innovation, branding and IP acquisition in the later years to be more aligned to the firm's life-cycle maturation process.

IN his Budget 2016 statement, Finance Minister Heng Swee Keat said that a targeted approach to supporting businesses will be the preferred way going forward. At the same time, Mr Heng also announced that the broad-based Productivity and Innovation Credit (PIC) scheme will be discontinued after

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