Challenges hindering innovation

David Mann at The Business Times Leaders' Forum 2016.
David Mann at The Business Times Leaders' Forum 2016. PHOTO: THE BUSINESS TIMES

Business leaders believe Singapore will remain relevant to the global economy but they also point to challenges that obstruct their companies' abilities to innovate.

The chief of these concerns was short-term pressures getting in the way of preparing their companies for the future. A close second was the fear that a company's corporate culture may not be ripe for innovation and generating new ideas, according a survey of 112 business leaders carried out by The Business Times and Standard Chartered Bank this year.

StanChart chief economist David Mann, who presented the survey findings at yesterday's forum, noted that corporate culture and risk-taking emerged as key areas of focus for business leaders.

Survey respondents also said fundamental shifts in attitudes in society and enterprises, such as putting less emphasis on paper qualifications, were more critical for an innovation-driven economy than a government-level mindset change or greater government funding.

Half of the respondents said a diverse political landscape would be more beneficial, while one-fifth were against the prospect, saying that political diversity would adversely impact investor confidence.

Lee Xin En

A version of this article appeared in the print edition of The Straits Times on June 01, 2016, with the headline 'Challenges hindering innovation'. Print Edition | Subscribe