In Singapore, open innovation comes of age

ENTERPRISES that partner with problem-solvers with cross-industry expertise are fast-tracking innovation and creating new pathways to growth. Open innovation - a trend that has seen businesses adopting a more inclusive and collaborative approach - will undoubtedly help to ease the global economic dislocation experienced this year.

For small businesses intending on keeping operations lean, especially in tough times, open innovation makes financial sense. Without having to hire more expertise, drawing on external specialists can minimise costs, improve time-to-market and create new revenue streams. IPI - newly rebranded - is a subsidiary of Enterprise Singapore (ESG) that creates Innovation for Impact, and can facilitate open innovation for businesses in Singapore.

IPI acts as a marketplace to broker valuable partnerships for SMEs in Singapore, and is now taking on a greater role to help businesses transform, develop commercialisation capabilities and strengthen go-to-market strategies. IPI's core activities are premised on the recognition that all companies, regardless of size, can benefit from open innovation.