Media Releases 14 Mar 2019 Updated 05 Jul 2019 Enterprise Singapore focuses on productivity, innovation and internationalisation as three key levers to drive enterprise growth Share: MR No.: 009/19 Singapore, Thursday, 14 March 2019 1. Enterprise Singapore initiated a comprehensive review of its strategies to ensure that its enterprise development efforts keep pace with the evolving and increasingly complex business landscape locally and globally. Strengthening the focus on productivity, innovation and internationalisation 2. To achieve stronger, more impactful outcomes, Enterprise Singapore will sharpen its supporting approaches through three levers. The key differences include: i) Raising Productivity – helping the large base of micro and small enterprises uplift productivity through technology adoption, automation and digitalisation from the start. This is complemented by training and upskilling of workers to keep pace with technological advancements. ii) Strengthening Innovation – enabling companies to develop new technologies or adopt technology solutions to create their own intellectual property so that they can leverage innovation as a key differentiator. This can be done by speeding up the commercialisation of new technologies, bridging the gap through innovation experts, encouraging market-led innovation where tech solutions are developed based on the opportunities and problem statements faced by industry players, and expanding the innovation networks. iii) Accelerating Internationalisation – to help the broader base of SMEs expand overseas for the first time as well as enable those with existing in-market presence to expand their overseas footprint. This is important due to our small domestic market and proximity to countries in Asia that offers tremendous business opportunities. Supporting local companies through four strategies 3. To better support enterprises in these areas, Enterprise Singapore will adopt 4 key strategies: i) Building enterprise capabilities; ii) Developing human capital; iii) Enhancing enterprise ecosystems; and iv) Establishing strong networks and partnerships. Building enterprise capabilities 4. To increase the mass adoption of digitalisation by SMEs and help them start their digitalisation journey early, we will work with partners like IMDA, banks and telecommunications providers, to uplift basic digital capabilities of newly incorporated SMEs in key areas such as Accounting, Human Resource Management System & Payroll and Digital Marketing. Start Digital, launched in January 2019, enables SMEs to get a head start in these areas. 5. This will be supplemented with readily accessible self-help tools and easy-to-adopt solutions for enterprises requiring basic capability upgrading. The Productivity Solutions Grant and Market Readiness Assistance Grant are some tools that will support these efforts. 6. Enterprises with more complex business and larger development projects will be supported through the Enterprise Development Grant, which provides targeted and customised assistance to help businesses upgrade, innovate and venture overseas. 7. For enterprises that have a proven track record of growth, strong leadership and growth ambition, the new Scale-up SG programme will allow them to become potential industry leaders through customised guidance by public and private sector partners who will help them identify priority areas for growth, key challenges and capability gaps. There will be connected with valuable networks and partners and supported in the execution of their growth plans. Developing human capital 8. Talent management, leadership development and succession planning are critical areas for a company’s future growth. Enterprise Singapore will focus on: i) strengthening the pool of leaders; and ii) growing the talent pipeline for Singapore enterprises through internships and management associate programmes like the Global Ready Talent (GRT) programme. 9. For transformation to be sustainable, we also need to ensure that workers are equipped with the skills needed for new or redesigned jobs. The enhanced PSG supports employer-led training by providing an additional training subsidy that covers out-of-pocket training expenses. Enhancing enterprise ecosystems 10. For enterprises to thrive, they need a strong supporting ecosystem and conducive business regulatory environment. This is one key approach that we will focus on in the new strategy. 11. Enterprise Singapore will strengthen the enterprise ecosystem, across different dimensions. i) Inter-enterprise – facilitate more inter-enterprise partnerships between MNCs or large enterprise and SMEs or startups; ii) Industry – work with various lead agencies and Trade Associations & Chambers to support the ITMs by driving industry-based upgrading and transformation; iii) Cross-industry – drive more collaborations between companies from different industries; and iv) Innovation – expand the network of Centres of Innovation, innovation intermediaries and venture partners. 12. To develop a pro-business environment, Enterprise Singapore works with various government agencies to make the regulatory and compliance landscape in Singapore more business-friendly. We will also look at easing the informational and structural gaps across the financing landscape through the new Enterprise Financing Scheme. Establishing strong networks and partnerships 13. Enterprise Singapore will continue to leverage its strong network of partners locally and internationally, by: i) expanding SME Centre networks to include overseas nodes; ii) enhancing the capabilities and form more strategic partnership with TACs so that they will be able to take on a bigger role to help more SMEs; iii) expanding in-market partner networks through Global Innovation Alliance to facilitate market entry; -End- ANNEX: Enterprise Singapore's Strategic Plan Presentation Deck For media enquiries and/or photos, please contact: Ms Cassandra WONG DID: +65 6433 4618 E: email@example.com About Enterprise Singapore Enterprise Singapore, formerly International Enterprise Singapore and SPRING Singapore, is the government agency championing enterprise development. We work with committed companies to build capabilities, innovate and internationalise. We also support the growth of Singapore as a hub for global trading and startups. As the national standards and accreditation body, we continue to build trust in Singapore’s products and services through quality and standards. Visit www.enterprisesg.gov.sg for more information.