Enterprise Singapore commits $120m to SME innovation centres

Tech adoption and ecosystem connectivity sit with tech discovery in the funded scope.

Enterprise Singapore will invest up to $120m over the next five years to boost Centres of Innovation (COIs) and help small and medium-sized enterprises (SMEs) develop and commercialise new products.

The investment will cover technology discovery, technology adoption, ecosystem connectivity, and outreach to SMEs and industry partners, the company announced.

The COIs, which are housed within Singapore’s Institutes of Higher Learning, currently provide SMEs with access to specialised facilities and technical expertise to co-develop, test, and validate innovations.

Enterprise Singapore said SMEs are increasingly pursuing more complex innovation projects that require expertise spanning different parts of the innovation ecosystem.

Under the enhanced model, the COIs will help SMEs identify and access existing technologies from Singapore and overseas, reducing duplication of research and development efforts.

They will also identify proven solutions that can be adopted more widely by businesses and across different industry applications.

The centres will additionally connect SMEs with partners in areas such as manufacturing, regulatory compliance, and market access to support the commercialisation of their solutions.

Enterprise Singapore will also step up engagement with SMEs and ecosystem partners, including SME Centres and Trade Associations and Chambers, to help businesses keep pace with technology trends and navigate available support.

As part of the changes, the COI network will be consolidated from 27 centres to 10 enhanced centres to streamline access for SMEs, bring together specialised expertise and facilities, and reduce overlaps across the network.

The enhanced COIs will also take on relevant services, including technology discovery and matching, giving SMEs a more comprehensive set of services through a single touchpoint.