Startups and big firms lift innovation tie-ups

[SINGAPORE] Co-innovation - collaborating to introduce new ideas or methods - between startups and large organisations (LOs) is beginning to see acceptance here, even as observers question its feasibility and look for deeper roles from the players and government.

Just last year, Spring Singapore launched its Partnerships for Capability Transformation (Pact) programme to facilitate collaborations between LOs and small and medium-sized enterprises (SMEs) - startups included. Since the launch, over 160 partnerships have been formed.

Pact aims to foster mutually beneficial collaborations to accelerate the innovation process and create new products and services, Ted Tan, deputy chief executive of Spring Singapore, told The Business Times.