Budget 2023: new Enterprise Innovation Scheme a ‘bold and sharp’ move needed in these times

• New scheme a “potential game-changer” that will boost competitiveness, observers say
• Will work well with S$4-billion top-up to National Productivity Fund to support investment promotion
• Together, they are expected to build a more vibrant economy and better jobs

SINGAPORE’S new Enterprise Innovation Scheme (EIS) has been lauded as a bold and sharp move that will help local businesses continue to invest in innovation, at a time when many may be tempted to reel in their spending instead; this will give companies the drive they need to stay competitive in this challenging global environment, observers said in reaction to Budget 2023.

“Our companies need to focus more on innovation and in making use of technology to become more efficient – and this is a clear and sharp signal for them to push ahead on this front,” said Kurt Wee, president of the Association of Small & Medium Enterprises (ASME). “This will make them more productive, turn them into sharper enterprises and make them more competitive in the long run.”

It is an encouraging move, given that the current economic environment may prompt some organisations to delay their investments in innovation, said Pannie Sia, general manager, Asean, of “Technology continues to be a key enabler for growth, and businesses must put in place a strong digital framework that can bring about greater business agility in a fast-evolving world.”