Singapore today stands at a
crossroads. The dynamics that made it one of the world's most competitive
economies and a magnet for foreign companies and investment - an educated
workforce, a modern infrastructure, a pro-business climate and exceptional
efficiency - are increasingly being replicated by other developing
countries. The rest of
the world
is catching up.
This isn't breaking news in
Singapore. Both private and public sectors increasingly understand,
appreciate and embrace the pivotal role that innovation must play in
continued economic growth. But has this awareness translated into action? Is
innovation generating the
growth it could, and should? If not, why not - and what can be done about
it?
Monitor Group, together
with Singapore's Institute of Policy Studies (IPS), led a study to assess
the state of innovation capabilities in Singapore both at firm and national
levels. This flagship study also compares Singapore's innovation
capabilities with those in other leading economies, and has developed a
revealing set of insights on the policies, actions and initiatives needed to
strengthen innovation capabilities and performance in Singapore.
In this report, we detail
the study's findings and conclusions. We also present the results of
interviews and secondary research conducted as part of the study, and offer
Singapore case examples of effective innovation management. Finally, we
submit a series of high-level, conceptual recommendations for driving
strategic innovation and high-impact results - recommendations that we hope
will help Singapore policy- makers support and inspire greater innovation
among local firms.
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