World · Singapore Bureau
EnterpriseSG allocates $120m to boost SME innovation drive
Singapore's enterprise development agency will commit $120 million over five years to support small and medium-sized enterprise innovation efforts. The initiative includes a consolidation of the Centres of Innovation network.
LSN Singapore ·
EnterpriseSG has announced a $120 million investment programme spanning five years aimed at strengthening innovation capabilities among Singapore's small and medium-sized enterprises. The funding represents a continued commitment to enhancing the competitiveness of SMEs through support for research, development and commercialisation activities.
As part of the broader initiative, the agency will consolidate its Centres of Innovation network, which currently operates multiple facilities across the city-state. The restructuring is expected to streamline operations and improve the efficiency of innovation support services delivered to participating enterprises.
Staff members affected by the consolidation will be engaged on fixed-term contracts during the transition period. The move reflects efforts to recalibrate resources and align the network's structure with evolving business needs and market demands.
The initiative underscores Singapore's strategic focus on fostering innovation-driven growth among SMEs, a sector that accounts for a substantial portion of the economy. By concentrating resources on targeted innovation support, EnterpriseSG aims to help smaller companies develop new products, services and business models that enhance their market resilience and growth prospects.