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A new acronym to “EIS” (ease) your innovation journey

The Enterprise Innovation Scheme announced during Budget 2023 can be a game changer for businesses caught between the need to innovate to stay competitive, and watch rising costs.

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    • With the EIS, the government has made clear its intent to embed a culture of innovation and continuous learning across the entire innovation value chain.
    • With the EIS, the government has made clear its intent to embed a culture of innovation and continuous learning across the entire innovation value chain. Yen Meng Jiin, The Business Times

    Yvaine Gan and Eugene Penafort

    Published Thu, Mar 2, 2023 · 05:50 AM

    ONE OF the very few things that Singapore is infamous for is an overuse of acronyms. Singapore Budget 2023 introduced a new one – EIS – that would be EIS-y (read: easy) on the ears of business owners and leaders.

    The Enterprise Innovation Scheme announced during Budget 2023 looks set to be a game changer for businesses stuck between the crucial need to innovate to stay competitive and tackling rising costs amid a tight labour market.

    As Deputy Prime Minister and Finance Minister Lawrence Wong said, innovation is not without risk; and with geopolitical uncertainties and headwinds added to the mix, investing in innovation may be a difficult move to make for many.

    InnovationSingapore Budget 2023

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