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Giving SMEs a jumpstart on innovation

One strategy SMEs could use to grow their business is open innovation.

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In Singapore, while open innovation (OI) adoption among SMEs in the ICT sector is moderately high at 60 per cent, most OI activities are limited to getting customer feedback, rather than other forms of OI such as joint R&D with research institutes. Only a minority (17 per cent) of SMEs engage in deeper levels of collaboration like joint research activities for value creation.

WITH the rise of disruptive business models and increasing competition from abroad, moving up the innovation chain is vital to the long-term future of Singapore businesses, particularly the small and medium enterprises (SMEs).

Many SMEs, especially the smaller fledgling firms, are often