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SINGAPORE: Singapore will invest over S$1 billion to grow innovation and entrepreneurship.
A national framework has also been set up, spelling out initiatives to advance R&D-based innovation and enterprise in Singapore.
Prime Minister Lee Hsien Loong said this after a three-day meeting by the Research, Innovation and Enterprise Council (RIEC).
Mr Lee is the chairman of RIEC, which comprises renowned academics and corporate leaders. The RIEC was set up to advise the Singapore government on national research policies and strategies.
One of the key objectives under the National Framework for Innovation and Enterprise (NFIE) is to make sure that research projects undertaken by local universities are commercially viable.
PM Lee said the R&D efforts should lead to consequences which are practical for the economy.
He said: "There is a process for this. From a bright idea to a workable product to a business proposition to a successful start-up, to an IPO, to become Google or Microsoft or Genentech.... You have to have many components of an eco system, so that you start with a good idea, somebody will work with you, take it the next step forward, develop it, get some venture capitalists interested, have a business plan, start the business going and feedback, update, upgrade and so on. Therefore you need a whole intermediate mechanism to make it flow, and that's what we're trying to build up."
Some initiatives under this NFIE include a fund to be set up at each university, a new national centre for innovation studies and a technology incubation scheme.
As Singapore moves to grow entrepreneurship, some RIEC panel members believe it is important for companies and investors to state their needs more clearly.
This will then allow the researchers to be more precise in coming up with marketable solutions that can be applied in the real world.
The RIEC also observed that strategic research programmes, such as Environmental and Water Technologies, have made good progress over the last year.
The others are Biomedical Sciences Translational and Clinical Research and Interactive and Digital Media.
Success is seen in increased research activities, growing investments and new manufacturing plants.
Trade and Industry Minister, Lim Hng Kiang, said: "What we have arrived after three years is a more balanced and a more holistic framework that enables us to evolve our economic development strategy to a new platform and over 5-10, 15 years, our economy will be more resilient with all these work being done."
One example is how Singapore attracted Norwegian company Renewable Energy Corporation (REC), that develops solar cells, to set up here last year.
PM Lee said: "After REC, we've had two or three more other projects come in last year... We've had other companies come in to do research in Singapore. So, I think, for something to get off the ground within one year and to reach this level is not bad. I wouldn't claim for myself, first-class performance, but I'd pass the examination. Therefore I have confidence that for the next plans which we have put forward, we'll spend the money sensibly and results will be achieved."
Mr Lee also gave an update on the Campus for Research Excellence And Technological Enterprise. The design of the research facility will pioneer the use of environmental sustainability and energy efficient technologies in buildings.
The RIEC has so far approved over $4 billion to establish a strong research environment in Singapore. The RIEC is expected to meet again in 2010. - CNA/ir
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