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SPRING Singapore says capability development projects initiated during 2016 expected to add SG$ 7.8 billion to economy

SPRING Singapore says capability development projects initiated during 2016 expected to add SG$ 7.8 billion to economy

In a press release, SPRING Singapore stated that around 16,300 enterprises initiated nearly 16,700 projects during 2016 to improve their business capabilities, notwithstanding the economic slowdown. These projects from these companies are expected to create an estimated SG$7.8 billion in value added to the economy and around 21,400 skilled jobs, once they are fully implemented.

The projects, primarily directed towards productivity improvement and technology innovation, are supported by SPRING through the Capability Development Grant (CDG), which defrays up to 70% of qualifying project costs such as consultancy, training, certification and equipment costs and Innovation & Capability Voucher (ICV).

Starting from September last year, SPRING launched Industry Transformation Maps (ITMs) for the Retail, Food Services and Food Manufacturing sectors. There are a total of 23 ITMs planned. These roadmaps aim to enable local SMEs to exploit local and global growth opportunities and remain competitive. A range of innovative technologies are incorporated into the roadmaps.

For instance, the Food Manufacturing map talks about using Robotics solutions for scaling business operations through automation and redesigning existing workflow and processes. The Retail map talks about using humanoid assistants to provide customer service, RFID applications for inventory management, automated retail services and cashier-less stores augmented Reality (AR) to enhance seamless experiences in store and at home, along with development of omni-channel retailing, data analytics and digital marketing capabilities.

Re-skilling and up-skilling workers to help workers take up the new jobs that will be created is one of the pillars of the ITMs. About 270 SMEs have used the SPRING’s HR Diagnostic Tool to diagnose gaps in their HR policies and practices and around 920 SMEs embarked on human capital related projects in areas such as strengthening core HR functions like compensation & benefits, performance management and recruitment & selection. SPRING also supported over 1,000 internships to help about 270 SMEs attract young talent.

In 2017, SPRING plans to focus on the implementation of the ITM strategies.

During 2016, SPRING took a number of steps o support and strengthen Singapore’s start-up ecosystem:

  • In May 2016, SPRING appointed seven sector-specific accelerators to incubate and/or co-invest in high potential startups in the Advanced Manufacturing and Engineering (AME) and Clean Technology (Cleantech) sectors.
  • In April 2016, SPRING collaborated with Participating Financial Institutions to launch the Venture Debt Programme (VDP). 13 companies from emerging sectors such as AME, Cleantech or Biomedical have joined the programme, aimed at providing local high-growth enterprises and innovative startups with an alternative financing option to support their expansion plans.
  • During 2016, 42 startups received third-party financing, with support from SPRING. SPRING SEEDS Capital Pte Ltd, the investment arm of SPRING, co-invested SG$10.2 million in 16 early-stage companies, catalysing private investments of SG$26 million.

SPRING also  launched a standard in Last Mile Delivery to support e-commerce retailers and logistics players. It also released two world’s first standards in Remote Vital Signs Monitoring to support smart health and Bunker Mass Flow Metering for marine fuel oil deliveries. During last year, around 770 companies adopted standards with SPRING’s support, reflecting a 15% y-o-y increase.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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