EnterpriseSG to invest $120m over five years to support SME innovation
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Enterprise Singapore chairman Lee Chuan Teck says it “will work closely with our partners to facilitate redeployment opportunities” for affected IPI staff.
ST PHOTO: SHINTARO TAY
Tan Nai Lun
- EnterpriseSG will invest up to $120 million over five years to strengthen Centres of Innovation and help SMEs develop and launch new products.
- The COI network will be cut from 27 to 10 centres, and IPI services will be folded in; IPI will wind down on March 31, 2027.
- EnterpriseSG said it will support affected staff through redeployment, as innovation needs grow more complex for SMEs.
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SINGAPORE – Enterprise Singapore will invest up to $120 million over the next five years to boost its Centres of Innovation (COIs), in a bid to support small and medium-sized enterprises (SMEs) in “developing and bringing new products and solutions to market”.
At the same time, the COI network will be consolidated to 10 centres from 27, and “take on relevant services” provided by advisory services provider IPI – such as technology discovery and matching – to streamline the touchpoints for SMEs, EnterpriseSG said in a statement on Oct 7.
This consolidation will affect staff in the various entities. The agency did not specify the exact number who will be affected, but said it will support those affected through the transition, prioritising redeployment first.
As a result of the integration, IPI will be wound down on March 31, 2027.
EnterpriseSG said that it “is working to redeploy affected IPI staff to suitable roles within the enhanced COIs, the public service and the broader innovation ecosystem”.
All staff in the affected COIs are on fixed-term contracts tied to the completion of their projects, and will be offered roles in institutes of higher learning to complete ongoing projects or take on other suitable functions.
EnterpriseSG’s investment is set to enhance the COIs in four areas: technology discovery, technology adoption, ecosystem connectivity and outreach and industry engagement.
The moves come as SMEs increasingly require expertise across different players and parts of the ecosystem, with innovation becoming more complex.
“Ultimately,” said EnterpriseSG chair Lee Chuan Teck, “we want to make it easier for SMEs to access the support they need to innovate and grow in a more complex environment.”
He added: “We recognise that change of this nature can be difficult, particularly for colleagues who are directly affected... We will work closely with our partners to facilitate redeployment opportunities for staff, matched as closely as possible to each person’s skills and experience.” THE BUSINESS TIMES