Stimulated to teach: Education sector to receive $10m fund boost

The initiative aims to reach out to 1,000 education private establishments over the next three years.

In a news release, SPRING Singapore announced that it is committing a grant of S$10 million in its Education Innovation initiative to encourage capability upgrading among education SMEs. This was announced by Mr Ted Tan, Deputy Chief Executive of SPRING Singapore at the inaugural Education Innovation Conference, themed "Education Innovation for Sustainable Growth" today at Suntec Convention Centre. The initiative aims to reach out to 1,000 education private establishments over the next three years, supporting up to 50 EI projects in capability upgrading.

The global education landscape is forecasted to be worth US$2.2 trillion annually. The diverse education sector includes institutions in the area of preschool and enrichment learning, those delivering tertiary programmes, as well as organisations offering professional and post-employment training.

Faced with increased competition in the education industry, education enterprises need to differentiate themselves through innovation to achieve market leadership. EI encourages SMEs in the education industry to challenge conventional business models and mindset and think out-of-the-box to deliver quality education. This focused effort helps to strengthen core capabilities to focus on quality learning experiences, exploit knowledge assets to accelerate market growth, and streamline administrative functions, to build an innovative culture from inside out. Through the holistic approach of EI, education enterprises will strengthen their capabilities and carve out strong niches for more sustainable business growth in today’s competitive market climate.

“SPRING Singapore is heartened that the pursuit of Education Innovation by our private education players is widely supported. We look forward to working hand in hand with our valued partners and stakeholders within the industry to strengthen our SMEs’ value propositions and enhance Singapore's thought leadership in Education Innovation. This will in turn encourage the private sector to tap innovation to deliver quality education for long-term growth,” said Mr Ted Tan, Deputy Chief Executive, SPRING Singapore.

Organised by SPRING Singapore and supported by the Council for Private Education, International Enterprise Singapore, National Institute of Education and Singapore Tourism Board, the event brought together some 150 senior management representatives of education enterprises, industry practitioners and experts to exchange insights and share best practices on EI.