Harnessing collective genius for innovation

WE live in exciting times. The rapid pace of technological evolution has led the world into the age of digital transformation. With the increasing inter-dependence of different disciplines and the advent of technologies applicable to almost every industry, innovators have much to look forward to when creating and engineering breakthrough real world solutions that can impact society, businesses and lives in positive ways.

Against this backdrop, Prime Minister Lee Hsien Loong has announced that Singapore aims to be a Smart Nation. The Future Economy Council led by Minister of Finance Heng Swee Keat is also rolling out recommendations proposed by the Committee on the Future Economy, which includes the strengthening of Singapore's innovation ecosystem.

Previous commentaries have called for the pace of innovation to pick up further, saying we need more original creations and made-in-Singapore intellectual property (IP). Startups are usually seen as the bright sparks that can do this, but some face challenges in funding, the right product development team, or even the business networks to see their products go to market successfully. Larger enterprises, on the other end, have been perceived as having the funds, expertise and business networks, and can partner startups or small and medium enterprises to create new innovative solutions. The government plays a central role by encouraging innovation to happen through the implementation of Industry Transformation Maps. The academics are responsible for the amazing research that fuels the science behind the technologies that enterprises or startups adapt to create solutions to real-world problems. The trade associations and chambers guide their members to transform with the times and move into new markets.