Singapore today stands at a crossroads. The dynamics that made it one of the world's most competitive economies and a magnet for foreign companies and investment - an educated workforce, a modern infrastructure, a pro-business climate and exceptional efficiency - are increasingly being replicated by other developing countries. The rest of the world is catching up.
This isn't breaking news in Singapore. Both private and public sectors increasingly understand, appreciate and embrace the pivotal role that innovation must play in continued economic growth. But has this awareness translated into action? Is innovation generating the growth it could, and should? If not, why not - and what can be done about it?
Monitor Group, together with Singapore's Institute of Policy Studies (IPS), led a study to assess the state of innovation capabilities in Singapore both at firm and national levels. This flagship study also compares Singapore's innovation capabilities with those in other leading economies, and has developed a revealing set of insights on the policies, actions and initiatives needed to strengthen innovation capabilities and performance in Singapore.
In this report, we detail the study's findings and conclusions. We also present the results of interviews and secondary research conducted as part of the study, and offer Singapore case examples of effective innovation management. Finally, we submit a series of high-level, conceptual recommendations for driving strategic innovation and high-impact results - recommendations that we hope will help Singapore policy- makers support and inspire greater innovation among local firms.