Unlocking a wave of innovation by closing gaps in S'pore's ecosystem

GROWTH in today's knowledge-based economy is not driven by capital accumulation, but through innovative capacity spurred by the appropriate combination of knowledge, technological skills, collaborative mindset and conducive policies that support entrepreneurship and innovation. Such an economic and social framework would support a broad spectrum of activities ranging from evolutionary innovation (continual innovation through many incremental advances in technology or processes) to revolutionary ones (which are often disruptive and new).

Singapore as a country is committed to pursuing such an innovation agenda to achieve a more prosperous and sustainable future, as demonstrated by the recent launch of SGInnovate and the government's commitment to spend S$19 billion over the next five years for R&D initiatives under the Research, Innovation, Enterprise (RIE) 2020 plan. However, the challenges will be manifold: 1) ensuring effective linkages between science and business sectors; 2) introducing appropriate incentives to spur innovative activities; 3) openly acknowledging failures; and 4) achieving the right balance between the promotion of technology import and support of indigenous R&D efforts.

We should put in place a comprehensive framework - an ecosystem approach - that aligns all old and new policies, programmes, and resources in a highly integrated system that encompasses the entire research, development, demonstration and commercialisation process. To develop the infrastructure of innovation, we need innovation engineers, strategists and subject matter experts who understand the science of innovation and complex systems, and who are also able to propagate the system expertise necessary to engineer innovation. Creating a truly innovative society will require large-scale public and private support, with both parties equally committed to a long-term outcome.