SMEs to tap S$320m technology innovation fund

In recent months, many business owners have raised their concerns about Singapore’s ability to maintain its competitiveness. Many are worried that the newly-implemented enhancements to the Singapore employment visa schemes will increase hiring costs for SMEs and make Singapore a less attractive place to operate from. While it is uncertain whether the Singapore government will rescind the measures in the face of rising concerns, it is making yet another step to help SMEs cope with the changing reality of doing business, not just in Singapore but in the global arena.

 

SPRING Singapore has recently announced a S$320 million funding for SMEs under the Technology Innovation Program (TIP). The funding aims to help as many as 3,500 SMEs to benefit from technology innovation as a competitive strategy over the next five years. The new injection follows the S$220 million funding which has benefited more than 2,500 companies when it was launched in 2006. Analysis from GuideMeSingapore.com shows that this move dovetails with International Enterprise Singapore’s announcement in late June 2011 to nurture high-potential businesses into globally-competitive companies (GCCs).

 

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