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What more is needed to spur innovation in Singapore SMEs?

Refining the existing IDI and R&D cash incentives can be a way to "reward" SMEs for the success of their R&D commercialisation efforts and continuous investment in R&D.

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As Singapore looks to tap the opportunities in the digital economy, the government can leverage the IDI to promote software-based and digital IP creation and commercialisation among local companies, which in turn will help them to access the regional marketplace virtually.

ACCORDING to the 2016 national R&D survey by A*Star, the average total sales revenue from commercialised products and processes attributed to research and development in Singapore per company grew by about 19 per cent over the preceding five years.

A closer look at the survey reveals

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