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The Business Times

S'pore not seen as very innovative: poll

IT is hugely enthusiastic about how innovation can improve lives, but Singapore's own global reputation for innovation is found wanting, according to a perception survey commissioned by General Electric (GE) and conducted among business executives.

Second to only the UAE in terms of optimism about improving lives though innovation, Singapore was ranked 14th for its global reputation in innovating.

Overall, respondents in Singapore were more satisfied than the global average in aspects like resource allocation, budgets in healthcare, jobs, education and the level of support for research and innovation.

Some 71 per cent of Singapore respondents also saw innovation as a key business driver, in contrast to 49 per cent in France and 43 per cent in Japan.

Stuart L Dean, CEO of Asean for GE global growth & operations, said: 'Singapore's results reflect the country's drive towards innovation, which is growing as a result of strong government support and firm collaborations between the business and the government.'

'Despite such positive responses among local respondents, there is a slight disconnect with the global perception of Singapore as an environment that drives innovation,' he noted.

Conducted among 2,800 senior business executives across 22 countries, the 2nd annual Global Innovation Barometer was conducted by research and consulting firm StrategyOne. The survey identifies drivers and deterrents to innovation. It also analyses perceptions of innovation opportunities and challenges.

About seven out of ten Singapore respondents were positive about the changing nature of innovation but recognised that innovation had to be adapted to local market needs.

Local executives were also upbeat about Singapore's environment for innovation, with a 4th place ranking in satisfaction behind Israel, UAE and Sweden.

Compared to the global average of 82 per cent, 93 per cent of Singapore executives felt that the environment for innovation had improved over the last five years.

The survey attributes this positive response to the recent S$320 million funding for SMEs under the Technology Innovation Programme managed by SPRING Singapore. The funding aims to aid as many as 3,500 SMEs to benefit from technology through innovation in the next five years.

Mr Dean said: 'Singapore represents a strong market for GE and we have been working with local players throughout the years to drive innovations in healthcare and water projects.'