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Enterprise Singapore launched as single agency helping companies to build capabilities

Enterprise Singapore launched as single agency helping companies to build capabilities, innovate and internationalise

Enterprise
Singapore
, formed through the merger of International Enterprise Singapore
and SPRING Singapore, was officially launched
today. The merger of the two agencies had been announced
in September last year.

Enterprise Singapore will be the single agency promoting the
growth of Singapore companies of all sizes. It will also continue to establish
Singapore as a leading global trading hub, and build trust in Singapore’s
products and services.

Mr Png Cheong Boon, Chief Executive Officer (CEO) of
Enterprise Singapore, shared the role and focus of the agency at the launch
event today graced by Mr S. Iswaran, Minister for Trade and Industry (Industry)
and 300 industry partners.

“The success of Singapore companies is critical to our
economy and to create good jobs for Singaporeans. Enterprise Singapore builds
on the strengths of IE Singapore and SPRING to drive and shape the future of
our companies. To do this well, the work of Enterprise Singapore cannot be done
alone. We will work closely with partners to help committed companies innovate
and transform, be it to change business models, adopt technology, strengthen
talent pool or deepen global networks,” said Mr Png said.

He outlined the agency’s strategies to take an
enterprise-centric approach in working with committed companies; streamline
assistance for greater effectiveness; and leverage partnerships for greater
reach.

Helping companies of
all sizes

Singapore has around 200,000 enterprises today. Each group
of enterprises are at different stages of growth, face different challenges and
resource constraints, and have different capacities and capabilities.

Credit: Enterprise Singapore

Enterprise Singapore is structured to help companies of all
sizes grow stronger and stay globally competitive. While a one-size-fits-all
approach cannot be used to support all, customised support cannot be provided
for every individual enterprise.

Enterprise Singapore will look at the specific needs of each
group and provide simplified but comprehensive suite of programmes aimed at
helping enterprises in each segment. It will focus programmes and efforts on
helping enterprises upgrade & enhance productivity, innovate & transform,
grow and globalise; and work with public and private sector partners, local and
foreign, to provide domain-specific, industry-specific and market-specific
assistance.

Startups

Credit: Enterprise Singapore

Mr Png said that a vibrant startup ecosystem has been
developed in Singapore in partnership with ACE, A*STAR (Agency for Science, Technology
and Research), EDB (Economic Development Board), the IHLs (Institutes of Higher
Learning), JTC, MAS (Monetary Authority of Singapore), NRF (National Research
Foundation), SGInnovate, VCs, incubators & accelerators, angel investors,
etc., spanning a range of industries like ICT, fintech, biomedical and so on.

Enterprise Singapore will continue to enhance the Startup SG
suite of programmes and strengthen the startup ecosystem in Singapore.

The entity will also work with EDB to expand the Global
Innovation Alliance to more innovation nodes overseas, so that more Singapore
startups can plug into these innovation communities and expand their business
globally. More foreign startups can also tap into the Singapore ecosystem and use
Singapore as a base to connect to the region or to the world.

Micro enterprises & “First-time Upgraders”

Credit: Enterprise Singapore

These enterprises will be supported
in 3 areas. Firstly, they will be provided easy access to advice, information
and help through the SME Portal (a self-help online tool), Business Advisors at
the 12 SME Centres operated by the major TACs (Trade Associations &
Chambers) islandwide, and the Enterprise Infoline (tel: 6898 1800).

Assistance programmes are being streamlined.
Many micro enterprises have tapped on the PIC (Productivity and Innovation
Credit), ICV (Innovation & Capability Voucher) and IMDA’s iSPRINT
in the past few years to upgrade their operations.

The new Productivity Solutions
Grant (PSG) streamlines three existing productivity schemes – SPRING’s
Innovation & Capability Voucher (ICV), National Parks Board’s Landscape
Productivity Grant (LPG) and IMDA’s SME Go Digital Programme and it features a
simplified application process through one grant (via Business Grants Portal). The
PSG provides IT productivity solutions pre-qualified by sector lead agencies
and aligned to industry needs, ensuring these meet companies’ needs and
shortens processing time.

They can also tap on the Market
Readiness Assistance (MRA) Grant if they are venturing overseas for the first
time. And in addition, Enterprise Singapore will connect them to other
agencies’ programmes like Tech Depot
and IMDA’s SMEs
Go Digital
programmes.

SMEs

Credit: Enterprise Singapore

With regards to SMEs, Enterprise Singapore will focus on helping
them innovate and transform their business, through the Centres of Innovation,
A*STAR’s Research Institutes, Productivity Centres, human capital and
leadership development programmes;

They will be helped in globalising further through 35
Overseas Centres and Plug & Play Network.

The existing Capability Development Grant (CDG) and Global
Company Partnership (GCP) grant will be combine into a single Enterprise
Development Grant by October this year, to support capabilities upgrading,
innovation, business transformation and internationalisation, and is
customisable for enterprises. This will also reduce the administrative burden
for enterprises;

Enterprise Singapore will also help SMEs tap on various
programmes offered by the Ministry of Manpower, Workforce Singapore, SkillsFuture
Singapore and the unions, to develop the critical skills and human capital, and
become more competitive in a manpower-lean environment.

Large Enterprises

Enterprise Singapore will continue to assist large Singapore
enterprises to broaden and deepen their global presence. This would include
connecting them to overseas contacts and networks, and supporting and
facilitating their efforts in securing new opportunities and projects.

Beyond this, Enterprise Singapore aims to leverage on the PACT
programme and work closely with EDB, to encourage more large Singapore enterprises
and MNCs to help SMEs upgrade and facilitate their internationalisation
efforts.The enhanced PACT programme
combines the existing Partnerships for Capability Transformation Programmes by
SPRING and Economic Development Board, the Collaborative Industry Projects
under SPRING, and projects supported under the GCP Grant by IE Singapore. It is being broadened to support
collaborations among enterprises of all sizes, inclusive of local and overseas
partners, to pursue business development needs such as knowledge transfer,
capability building, co-innovation and accessing overseas opportunities.

Developing Singapore
as a global trading hub

Enterprise Singapore will
continue to strengthen Singapore as a Global Trade Hub by expanding into new
sectors of growth (e.g. LNG), increasing the networks of enterprises, improving
the trade infrastructure, and building a pipeline of trade-ready talent.

It will also drive the
digitalisation of marketplaces and trade platforms, connecting them to global
platforms and attracting global platform players to Singapore. Enterprise
Singapore will launch the new Trade Infrastructure Development Fund (TIDF) this
year to support enterprises developing B2B e-marketplaces and innovative trade
and financing solutions.

Building talent pipeline and enhancing standards

Enterprise Singapore will work
with Workforce Singapore, SkillsFuture Singapore and the Institutes of Higher
Learning, to help our enterprises build a talent pipeline and groom leaders,
with specific programmes targeted at students/pre-employment candidates,
mid-career professionals and existing business leaders.

As the national standards and
accreditation body, Enterprise Singapore will continue to build a robust
Quality and Excellence ecosystem to strengthen trust in Singapore’s
enterprises, products and services through quality and standards.

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