Giving SMEs a jumpstart on innovation

By: SARAH CHEAH & HO SEMUN

WITH the rise of disruptive business models and increasing competition from abroad, moving up the innovation chain is vital to the long-term future of Singapore businesses, particularly the small and medium enterprises (SMEs).

Many SMEs, especially the smaller fledgling firms, are often hindered in their growth plans by internal and external obstacles such as size, managerial capacity, skills and access to knowledge and funds.

One strategy they could use to grow their business is open innovation (OI), which is an alternative strategy …