Singapore SMEs slow to adopt business model innovation to gain edge

Singapore

LOCAL firms have been slow to adopt business model innovation (BMI), a critical tool during a time of rapid disruption, say innovation pundits.

Michael Teng, chief of the Singapore Institute of Productivity and Innovation (SiPi), a centre of excellence under the Singapore Manufacturing Federation (SMF), told The Business Times that while BMI is not new, local interest in the concept had only grown in the last two years.