SIIRD

Singapore is recognized as one of the most ideal places for business in the world. Apart from its modern and highly-developed infrastructure, skilled and motivated workforce, political stability, and open business policies, this city-state also provides numerous grants to small and medium-sized enterprises (SMEs).

The government of Singapore offers more than twenty grants to companies operating in their country. These grants are in the form of cash grants, equity financing, business loans, and tax incentive schemes, among others.

Below are some of the top grants that SMEs can tap to upgrade their capabilities, improve their productivity level and competitiveness, and to further expand their businesses:

Enterprise Development Grant (EDG)

The Enterprise Development Grant (EDG) is meant to assist businesses in their efforts to innovate, upgrade, or expand their ventures overseas. Specifically, the EDG supports companies in the following areas:

• Strengthening of business foundations
• Enhancing business efficiency and exploring new areas of growth
• Boosting access to the international market

To be eligible for EDG, the business should be registered and operating in the city-state, have at least thirty percent local shareholding, and must be financially stable enough to begin and bring the project to completion.

For business ventures that qualify under this grant, the company can enjoy funding support of up to 70 percent of the project costs, particularly expenses for software and equipment, manpower, and third-party consultancy fees.

Productivity Solutions Grant (PSG)

The Productivity Solutions Grant (PSG) can be utilized by businesses intending to use IT solutions and equipment to boost their productivity and improve their processes. Note that the PSG provide a maximum of 70 percent funding support for sector-specific solutions such as the following:

• Food
• Retail
• Logistics
• Precision engineering
• Construction
• Landscaping industries

To be eligible for PSG, the small or medium-sized enterprise should be registered and operating in Singapore with at least thirty percent local shareholding. In addition, the purchase or lease of the IT solutions or equipment must be utilized in Singapore as well.

Market Readiness Assistance (MRA) Grant

The Market Readiness Assistance (MRA) Grant is intended for SMEs that are keen on bringing their business on the international level. MRA grantees will receive as much as 70 percent funding support that covers expenses incurred in the following activities:

• Market set-up overseas
• Identification of potential business partners and customers
• Marketing and promotional activities overseas

To be eligible for MRA grant, the business should be incorporated or registered in Singapore, the company should have the minimum thirty percent local shareholdings, and the company’s employment size should not exceed 200 workers or the company’s annual sales turnover should not exceed 100 million Singapore dollars.

Enhanced PACT

The initial PACT was implemented to improve partnerships between multinational companies and local SMEs but since 01 April 2018, the PACT has been enhanced and extended to cover collaborations among all businesses of all sizes. This means that SME companies can now work with one another to innovate, grow their businesses and have the chance to seek funding.

Collaboration under the PACT scheme shall comprise of a Lead Enterprise tasked to lead the projects that would be advantageous to all partner companies. Some of these projects include capacity building or technology upgrade as well as the setting-up of alliances and consortiums for partners to share services and resources. PACT provides a maximum of 70 percent funding for SMEs and up to 50 percent for non-SMEs.

To qualify as a Lead Enterprise in the PACT scheme, the business must be registered as a local company in Singapore or as a Singapore office for multinational companies. Both foreign and local business, on the other hand, can become participating companies under PACT but local projects are given priority.

Venture Debt Programme (VDP)

Due to financial challenges faced by SMEs, the Venture Debt Programme (VDP) was created to provide an additional financing option for companies with high-growth potential. Under the VDP, Singaporean SMEs now have the chance to expand their businesses since they can secure loans of up to 5 million Singapore dollars. The loan can be used for working capital, asset financing, project financing, as well as for mergers and acquisitions.

To be eligible for the loan, SMEs should be registered and operating in Singapore, must have a minimum of thirty percent local shareholding, and their group annual sales should not exceed 100 million Singapore dollars or employment size should be up to 200 personnel only.

If you are planning to start a business venture in Singapore, you can be assured that you will get the support you need in the forms of grants and incentives, among others. The grants discussed above are just some of the tangible assistance given by the government to SMEs to ensure that new business owners like you will have a chance to compete, thrive, and grow. More than any countries in Asia, the government of Singapore truly recognizes the SMEs important contribution in boosting the economy.

To read more about grants for SME under Singapore Israel Industrial Research and Development Foundation (SIIRD), click here.

For businesses to thrive, expand, and succeed, it should continuously innovate and spend serious efforts in its research and development. As business productivity rises, not only the company benefits but the economy of the country also grows.

The government of Singapore fully recognizes the value of innovation as it allocates a sizeable amount of the budget for this purpose. Singapore-based companies are provided grants and incentives to aggressively pursue their research and development efforts including building R& D partnerships.

Research and development partnerships offer numerous benefits. It gives the entity access to resources and know-how that would not have been available otherwise. It also helps expedite the creation phase, thereby, making the new products or systems available to the market much faster. R&D collaboration also gives parties a competitive edge and access to new markets, among others.

Given the many benefits of research and development partnerships and the incentives given by the Singapore government to companies keen on collaborating with other firms across the world, the only thing that Singapore companies need to focus on is finding the perfect country to conduct R&D in. Which country would be more suitable than Israel – one of the leading countries in the world for research and development?

Why Choose Israel for R&D?

Israel is a young and small nation with very few natural resources. Early Israelis have faced numerous adversities and hardships which helped in producing a nation of thinkers, problem solvers, and innovators. Thanks to this innovative spirit and commitment to finding solutions to make their lives better, Israel is now one of the most robust and technologically advanced economies in the world.

For Singapore companies searching for the best country to carry out research and development, here are the top reasons why they should consider choosing Israel for R&D partnership:

Commitment to R&D

Israel’s commitment to research and development is unquestioned. In 2018 alone, the country spent 4.2 percent of its Gross Domestic Product (GDP) on research and development — the second highest spending on R&D in the world by percentage.

Israel’s higher education system is also invested in training scientists and engineers. The government is also implementing different mechanisms to ensure the transfer of knowledge and to encourage partnerships between academic researchers and other members of the economy. The goal of universities is not only to produce graduates but for students to produce quality academic research and intellectual property.

Israel’s strong commitment to R&D is reflected on the remarkable growth of its high-tech sector, the number of its foreign-funded investments, and the achievements and accolades it has received, including the following:

• One of the top 10 countries in the 2018 Bloomberg Innovation Index outperforming the United States
• Ranked first in the world in terms of number of researchers per million population
• Ranked first in the world in terms of number of engineers per capita
• Ranked third in the world in terms of the quality of scientific research institutes
• Ranked third in the world in terms of corporate spending on research and development
• One of the highest in the world in terms of per capita rates of filed patents

 Dynamic R&D Industry

 Israel houses more than 320 R&D Centres, most of which are operated by the world’s leading players in the high-tech industry such as Google, Apple, Intel, Microsoft, HP, and eBay. As of 2018, multinational companies do about 50% of Israel’s civilian R&D, dealing largely with the most cutting-age technologies, according to The Times of Israel.

Considering the importance given to research and development by multinational companies in Israel, the productivity rates of these businesses are much higher even when compared to other developed countries like Germany, France, and England. Given this trend, Singapore companies can be assured of the same positive results if they partner with Israeli companies for their R&D activities.

 Access to Incentives and Benefits

 The government of Israel offers incentives, benefits, and even funding to encourage collaboration on research and development projects with other countries. Singapore companies keen on collaborating with Israeli companies on R&D can access grants, enjoy certain privileges, and be assured of the overall support of the Israeli government.

 Producer of World’s Top Innovations

 Ultimately, the reputation of Israel in the field of research and development can be clearly seen in their contributions to the world. Here are some of the inventions and developments that the world owes to Israel:

• USB Flash Drive
• Wide Format Printing Ink
• Waze – A GPS-based social network mobile app used for navigation
• Iron dome – a mobile all-weather air defense system
• Unmanned aerial vehicle
• PillCam – pioneering solution that features a small camera inside a capsule for an endoscopy procedure
• Portable operation room
• Solar water heating – the use of solar power to heat water
• Water desalination
• Mobileye – vision technology for autonomous driving
• Computerized irrigation system

Given the reasons mentioned above, coupled with Israel’s innovative culture as well as a stable and dynamic economy, it is evident that this country is ideal in carrying out various research and development efforts. Singapore-based companies from various fields and industries can benefit greatly if they partner with Israeli companies in their innovation and R&D efforts.

Though seemingly far apart, Israel and Singapore are “old friends” with a long history of diplomatic and commercial relations. The Singapore-Israel Chamber of Commerce commenced operation in 1990 and the Singapore-Israel Industrial Research and Development Foundation (SIIRD) was established in 1997 to promote R&D collaborations between Singapore and Israeli commercial companies.

The success of the SIIRD programme allowed it to expand beyond the commercial—Israeli companies can now work with non-commercial R&D entities and research institutes in Singapore. Joint Singapore-Israeli ventures can be provided research grants of up to US$1 million by SIIRD.

The close ties and collaborations could have been fostered by similarity. In a joint press conference with Lee Hsien Loong in 2017, Israeli Prime Minister Benjamin Netanyahu said that Israel and Singapore are “kindred spirits”, as both were “small nations that have become in many areas global powers”.

This article will further discuss the effectiveness of collaborative R&D between Israeli and Singapore, and how it would contribute to the two countries’ success.

Israel and Singapore Partnership in Research and Development

Israel ranks second in the world in terms of innovation and availability of venture capital according to the World Economic Forum. The country is known for spending a large percentage (about 4.23%) of their gross domestic product on research and development (R&D) compared with more developed countries like the United States (at 2.79%) and even the European Union (at 1.95%).

Singapore also prioritizes R&D as the country realizes its importance in renewing industries, opening new markets, and increasing productivity, particularly the small and medium enterprises. Recently, the government of Singapore allocated a record budget of 19 billion Singapore dollars to fund research, innovation and enterprise activities in the country until 2020.

Considering how important research and development is to both Israel and Singapore, an R&D partnership between the two can only result in positive things. To date, there is existing formal cooperation between the Israel Innovation Authority and the Singapore Economic Development Board to promote, facilitate, and support collaborative efforts on research and development between companies based in Israel and Singapore.  The partnership also aims to provide research funding for small and medium-sized enterprises.

The current collaboration on research and development between Israeli-based and Singapore-based companies is expected to produce the following benefits:

• Access to knowledge, techniques, skills, and facilities

Every company, including Israel-based and Singapore-based companies, have weaknesses and limitations. These inadequacies can hamper the development of advanced technology and products if the company would carry out the project on their own.

The environment is significantly changed, however, when companies from Singapore and Israel work on a project together since they can share and have access to knowledge, techniques, skills, and facilities that they never have before. As discussed above, each country has something to offer considering the investments they put in on research and development. Thus, given the availability of resources, the companies are poised to create advanced products and technology the world has yet to see.

• Creation of innovative breakthroughs to address issues in existing technology

One of the major advantages of the research and development collaboration between Israeli and Singapore companies is that it helps find solutions to problems in current technology through the creation of ground-breaking projects. The making of such revolutionary projects can only be realized by combining the technological expertise and knowledge of the companies from both countries.

One R&D project that received funding focuses on the development of scents and sensations for inclusion in games and entertainment. An Israeli start-up company involved in digital scent technology and Singapore company from the semiconductor industry teamed up to create an affordable miniature digital scent module that can be mass produced.

The digital scent module would then be integrated into mobile gaming devices, home theatre systems, computers, and similar devices. Through this innovation, users can enjoy a truly realistic/4-dimensional entertainment experience in the comfort of home.

• Creation of new products that significantly help people

While the projects to be created through the collaboration of Israel and Singapore-based companies are primarily intended to increase profit and grow the business of the companies involved, many of the products are expected to directly improve the lives of people from all over the world. For instance, one of the projects that received funding aimed to create a skin cream that would address radiation dermatitis, a skin problem caused by undergoing radiation therapy.

The team of Israeli leaders in skin treatment and a biotechnology firm in Singapore are working on the creation of the topical cream. Once the team has successfully created the skin cream, it would greatly help cancer patients from all over the world find relief from radiation dermatitis.

Another approved project, a cyberbullying detection mobile application, aims to assist parent and their children against cyberbullying. This app would have features that will update parents if their children are experiencing cyberbullying. Essentially, this technology could help parents to immediately take counter-measures so that their children would not be harmed further.

• Boost economic progress and development

One of the major factors in realizing sustainable economic growth is the development of industrial technology that will make business and operational processes more effective and efficient. Through the R&D collaboration of Singapore and Israeli-based companies, technological advancements and enhanced products can be developed and enjoyed by the market much faster. Consequently, it allows both countries to tap the hidden talents and strengths of their people which can also fuel economic growth.

• Build trust and confidence between countries

The collaboration between Israeli and Singapore companies in the area of research and development can also foster trust and cooperation between countries. While Singapore and Israel have amicable relationships now, that does not mean that it will never change. Should conflicts and tension arise in the future, the players involved in the joint R&D collaboration can be useful in restoring trust and confidence between the two nations.

Considering the items mentioned above, it is clear that the partnership between Israeli and Singapore-based companies on research and development projects will yield benefits beyond the companies and countries involved. The results of their collaboration will also positively impact people from across the world as they can use the end-products and discoveries of the Israel-Singapore collaboration.

Singapore may be a small country in Southeast Asia, but it is one of the wealthiest and most advanced nations in the world in terms of education, entertainment, technology, tourism, healthcare, transport, trade, and finance. This city-state has a lot to offer, especially to business leaders and investors who are looking for an ideal location to expand their business to this region.

Ranked by The Economist Intelligence Unit as the world’s most investor-friendly location from 2009 to 2018, Singapore has attracted multinational companies from various parts of the globe to set-up their headquarters in the Lion City with the hope of successfully establishing their mark in the global arena. Owners of Israeli companies, who intend to expand their business, should consider setting up a presence in Singapore or building partnerships with Singapore for the following reasons:

Starting a Business is a Breeze

In the Doing Business data by the World Bank in 2017, Singapore has been ranked as the second-best country to do business in the world. As long as the necessary documents are completed, it only takes a day for any business owner, local or foreigner, to start a company and operate in this state city.

Singapore’s business application process is much faster even when compared with many countries that are known internationally as business hubs. In addition to an already simple and efficient system, Singapore also offers an online application scheme wherein businesses can readily apply and submit documents through the Internet.

Remarkable Talent Pool

Singapore provides a strong, talented, multi-cultural, and highly educated workforce. Their universities and polytechnic colleges have produced and are continuously producing highly-skilled graduates of engineers and other professionals every year. Note that this city-state ranked first in the world in terms of Human Capital Index in 2018 as reported by the World Bank.

Apart from having access to Singapore’s local talent pool, Israeli companies also have the advantage of sourcing their manpower from people of different nationalities and expertise when they choose to do business here thanks to Singapore’s open immigration policy. Given that English is the main working language in the country, foreign companies can easily operate because barriers to communication would be practically non-existent.

Business-Friendly Environment

Given Singapore’s history and current environment, the country offers businesses the best of the Asian and Western worlds. Even though the city-state is in Southeast Asia, Israeli firms can readily adjust to their business climate. Since Singapore used to be under British rule, its financial structure is highly similar to what is existing in the United Kingdom and the United States.

Singapore has consistently received praises from internationally recognized economic institutions and organizations because of its favourable business condition. Such a business-friendly environment can help Israeli companies thrive and reach their fullest potential. Some of the most notable accolades obtained by the Lion City proving its worth as a prominent business centre in Asia include the following:

• Ranked first in the Asia Pacific and the world in terms of Business Environment by The Economist Intelligence Unit
• Ranked first in the world in the Human Capital Index 2018 by the World Bank
• Ranked first in Asia in the Rule of Law Index 2018 by the World Justice Project
• Ranked second in the world in the Economic Freedom Index 2018 by the Heritage Foundation
• Ranked second in the world for Global Competitiveness by the World Economic Forum
• Ranked third in the world in the IMD World Competitiveness Yearbook 2018
• Ranked 6^th in the world for having the least corrupt economy in 2017 as measured by the Transparency International

Strategic Location and Remarkable Logistics Infrastructure

Position-wise, Singapore is at the advantage as it is in the centre of Southeast Asia and relatively close to several promising markets in the region. Israeli-owned businesses in Singapore can readily reach their target countries in Asia whether by land, air or sea.

Note that over a hundred airline carriers traveling to more than 300 cities and 80 countries are being served by Singapore’s Changi International Airport. Despite the airport’s heavy load, it has managed to maintain its standing as the best airport in the world which is a testament to Singapore’s commitment to be a global leader.

Israeli companies that rely heavily on maritime trade will undoubtedly prosper in this city-state. The port of Singapore is ranked as the leading maritime capital of the world as well as the second-busiest port in the world with regard to total shipping tonnage.

Attractive Business Incentives

Unlike other countries that try to attract foreign investments but are still making business owners jump through hoops, Singapore is promoting foreign multinational companies to set-up their regional headquarters in the country by offering numerous incentives.

Israeli companies based in Singapore also have the opportunity to take advantage of the country’s network of numerous Double Taxation Avoidance Agreements as well as Singapore’s many investment guarantee and free trade agreements.

On top of that, the Singapore Israel Industrial Research and Development Foundation also offer co-funding support through government funding for SMEs.

The items above are just some of the many reasons why this wealthy state city in Southeast Asia is the ideal setting for Israeli companies and other foreign businesses to expand their businesses and grow their investments to the fullest. In a nutshell, the value of foreign direct business inflows in Singapore is steadily growing every year because the country has a long-proven record of economic growth, coupled with the right and stable business environment that are advantageous to commercial ventures targeting the global market.

Israel has been dubbed as one of the silent players in technological advancement. Literally hundreds of our modern day innovation has its name attached to the country or originated from the country. Among some of the most notable technological innovations coming from Israel include Viber, Waze and the USB Flash drive

The country also stands as a forerunner in medicine and robotics with literally hundreds of research facilities and laboratories aiming to drive technology and innovation further. In the recent years, Israel has tied up with Southeast Asian technological hub, Singapore. Established in 1997, The Singapore-Israel Industrial Research & Development (SIIRD) R&D partnership has been a driving force in the region.

The collaboration and inter-relationship of both countries aims to develop technologies and innovations and improve the existing ones for its commercialization. Grantees of SIIRD are given funding which will be utilized for R&D projects that pass the Board’s screening. Among those SMEs (Small Medium Enterprises) who have received funding and participated in the program includes BBS Telecommunications developing technologies for the PABX systems, key phone and voicemail systems, and integration of computer-aided telephone systems. Israeli derma-cosmetics company Leorex TLD aimed to develop cosmetic lines for the Asian market. They have tied up with Singaporean APN Nutripharm in the research and development of cosmetics targeted for Asians.

Such collaboration proves vital not just for the companies involved, but for the expansion of technology in the region. Each partner also benefits from the joint effort during commercialization. This might be a good opportunity for Singapore to hold its solid grip on the title of a premier technological hub in Southeast Asia. But for Israel, this is a good way of exposing themselves and enhancing the competitive position they have held for a long time.

Singapore is one of the key players in the Southeast Asian economy. Over the course of the centuries, they have transformed themselves from a poor performing country with a nominal per capita GDP of around US$500 to the fifth highest among the cities in the world.

The country also ranks amongst the top industrial countries in the region with a macroeconomic stability that overpasses some of its neighboring countries. The SIIRD cooperation is bound to be one of the most significant programs for the country as it allows them to venture into a new horizon of focusing on technology. Industrialization through technology and innovation is one of the most viable ways of not just competing in the Southeast Asian region, but also being a key global player.

Singapore companies looking for an Israeli partner for their R&D project will not find it hard to look for one. A multi-faceted country with a great outlook for the future, Israel is a country teeming with talent. Their culture and history stems from the fusion of many different races, religion, and lifestyle. Understanding what your company goals are and the objective of the project can help you determine if you are dealing with the right company. One that shares your company culture and value should be a consideration to build a lasting relationship.

For Singaporeans looking for an R&D partner, a competitive edge needs to be your top highlight. Israeli companies who are in the forefront of their market would be highly beneficial in improving the quality of your project’s outcome. You should have the same goals and these goals are shared equally amongst your teams and key players. A good collaboration helps you stay ahead of the competition and allows you to focus all your energies in maintaining momentum.

Cost and risk sharing also has to be considered when looking for an Israeli R&D partner. Even though SIIRD provides the necessary funding, it is imperative that both companies share at least 30% of the actual project research and development, a solid relationship springs from having the same goals.

SIIRD will not endeavor to acquire any patents produced during the R&D agreement. The companies involved will have sole ownership of their technologies during its commercialization.

Both countries have had a cordial relationship in the past and the SIIRD project will deepen the relationship even further. It showcases the talents of both countries aiming to better existing technology and acquiring new ones in the process. Singapore companies looking for an Israeli partner will not find it hard to look for one just as long as you share the same goals and objectives. Beside providing grants and funding to SMEs,  SIIRD can also help you with R&D partner matchmaking so that you can reach out to more suitable partners.

Companies which would like to collaborate on a technological project has to meet on a specific platform to allow for an effective outcome. Under the Singapore-Israel Industrial R&D Program (SIIRD), joint research and development projects from qualified companies from both countries can receive funding from SIIRD. A Full-Scale R&D and Commercialization Project can get a co-funding cap of up to US$1 million which include up to US$30,000 for its commercialization activities. The agency can shoulder up to 50% of the total qualified project costs for a full duration of up to 2 years.

Under the Mini R&D and Commercialization Project Grant, SIIRD can shoulder up to 50% of the total qualified project costs with a maximum funding cap of US$200,000 which include up to a US$30,000 grant for commercialization purpose. Project duration shall not exceed one year. SIIRD also provides funding for Feasibility Studies provided they meet the qualifying specifications set out by SIIRD.

The amount of funding and the type of grant an SME (Small Medium Enterprise) can receive is dependent on the scope decided. Grant approvals for R&D projects are subject to assessment from independent professionals in both countries. Evaluated proposals are submitted to the Board of Approval which convenes two times per year

Established in 1997, the Singapore-Israel Industrial R&D Foundation (SIIRD) has been continuously accepting grant applications for a decade now. The program is overseen by the Economic Development Board (EDB) of Singapore and Israel Innovation Authority. EDB is Singapore’s leading government agency responsible for outlining strategies and executing plans to anchor Singapore’s global stature as a business and investment hub in the Asian region. The Israel Innovation Authority has been the country’s central agency which helps to manage the technology and innovation sector.

Before SME’s can apply for these research grants and funding, below are some things they will need to take note.

Under the SIIRD funding policies, private companies can apply for assistance by submitting their applications to the agency. Applying companies, both Singaporean-registered and Israeli-registered, are not to have more than 20% shareholding in their partnering companies. Project research and development activities will be done in both countries with each partner sharing at least 30% of the whole effort. Grants are only given to R&D projects that are viable for commercialization.

Singapore is strategically located in the Asian continent situated right within its center. It is the gateway between the East Indies, Central Asia, and almost every corner of the continent. Because of its strategic location, Singapore has played an important role in the continents early history. The country was colonized by the British, occupied by the Japanese, and finally became an independent Republic. Though the country and Israel has had a cordial relationship over the course of the centuries, the founding of the Singapore-Israel Industrial R&D Foundation solidifies close ties.

Although it is not painfully difficult as one might possibly think, Israeli companies looking for a Singaporean partner must share the same business goals for effective collaboration. Singaporeans are known to be meticulous people who are driven to succeed. Companies looking for a Singaporean R&D partner should be able to understand the intricacies of Singaporean business behavior to facilitate an effective outcome.

Understanding the core value proposition and what the project is about will help you understand the concepts of delivery and task administration. Total immersion with your partnering company’s work culture will help you deal with and understand how they reliably fulfill their tasks. Because SIIRD requires participating companies to share at least 30% of the R&D work, having a structured guideline can be helpful for the fulfillment of timely deliverables.

Resource sharing is also one critical aspect of being able to reach your intended goals as it can bring more weight to your R&D project than on the actual product creation. A clear-cut definition and division of resources have to be considered so both members have the opportunity of improving their own systems. This limits initial outlay costs including product prototyping, research document access and much more.

As finance can be a crucial consideration before every actual production, results monitoring also has to be accorded with. Both companies must have a solid communication process to augment processes and have everything in place. This can be a key challenge considering that Singapore and Israel do not lay close to each other. The key challenge to good partnership often lies not with the location, but on how each company strikes a balance between R&D management and nurturing the partnering spirit. When this is achieved, the partnership is likely to succeed.

Israeli companies looking for the right Singaporean partner should not find it difficult to look for a partner but has to dig deeper into what their need to achieve. Singaporeans are industrious people who can reliably and cooperatively work with the right partnerships. SIIRD can also organize R&D partners matchmaking for companies in both countries looking for an R&D partner. This facilitation is a convenient way of reaching out to a company from either county having the same precepts and business objectives.

Today’s world economic progress lies within collaboration and friendship amongst countries to facilitate an effective transformation. This is the aim of the Singapore-Israel R&D Program which has been established since 1997. The Singapore Economic Development Board (EDB) and Israel Innovation Authority are the partners of this joint venture which is in charge of facilitating and/or supporting joint projects in the industrial research and development sector. One of the main goals of this cooperation is to establish a solid friendship between both countries and garner successful commercialization of R&D projects from both sides via various means such as

providing grants for SMEs (Small Medium Enterprises), and SME funding.

As one of the global players, Singapore has always shown a strong economic stature being able to transform itself in the last 50 years.  The country has always shown a good capacity in handling its economic agility despite the lack of natural resources to support its increasing population. Singapore is now a thriving metropolis with an estimated GDP per capita of US$57,714, a far cry from the US$516 GDP of 1965.

Israel, on the other hand, is the gateway to the West and has been the staging ground of innovation and industrial research for more than a century. The World Economic Forum (WEF) Competitive Rankings Report of 2018 shows them at the 20^th spot with a macroeconomic stability of 99.1%. Israel also ranks on the WEF Report as one of the most highly industrialized countries capitalizing on infrastructure and ICT adoption. Their financial system has shown a tremendous increase landing on the 22^nd place.

Israel gathers its economic strength with world-class innovations ranking in the WEF in the 3^rd place. This is fueled by the country’s drive to gain a better edge in science where leading research facilities and institutions are located. The government is also geared towards procurement of policies for public research use. This government undertaking has led to a higher number of patents procured by the country over the years. Some of the reasons gathered for Singapore’s partnership with Israel was its dominant role in building technological advancements including funding of Metacafe, the 3^rd largest video sharing website in the world, the technological development behind Amazon products, development of the Philips Brilliance CT scanner, and many more.

The collaboration between the two countries is seen to be significant in both parts of the world as it opens a strong partnership to drive economic growth forward not just between countries, but also the neighbouring areas. This partnership and the open-door agreement will pave the way for other countries to globalize their local businesses which eventually would drive a strong economic performance in the Asian region.

Singapore’s strategic location and the SIIRD funding for SMEs will help globalize businesses in both countries. A total of 170 joint projects have been approved in the previous years. The joint venture is to drive economic growth by allowing the private sector from each country to utilize their manpower and support the bilateral industrial R&D partnership.

Research and development projects are focused on generating innovative breakthroughs from problems faced by our existing technologies. One such proposed project that has been included in the SIIRD funding was the development of digital scent which had been one of the most intriguing problems in multimedia experiencing. Companies involved aimed to develop digitally-enhanced scent modules which were to boost realistic cinematic experience.

Grant approvals for R&D projects are subject to assessment from independent professionals in both countries. Evaluated proposals are submitted to the Board of Approval which convenes two times per year. Qualified companies and research facilities could apply for the following SME grants: A Full-Scale R&D and Commercialization Project Grant, a Mini R&D Commercialization Project Grant, or a Feasibility Study Project Grant, which have an allotment of US$1 millions of funding cap, US$200,000 and US$30,000 respectively.

The importance of the R&D partnership between the companies of Singapore and the Israeli companies shows an envisioned future that is tied with the precepts of technological sustainability. It creates strong ties that benefit both countries fiscally and will positively boost economic growths.

SIIRD also showcases the powers held by both counties in the Asian Region, giving both of them a significantly structured technological development and positioning. This outcome-driven approach towards technological innovation and development is also critical for Singapore because it taps into the hidden talents of its people which is needed for the economic growth of the country.

And despite being relatively young, Israel has always shown resiliency to economic volatility. The country has been a global player in technological advancement, working on the hindsight of every possible convenience we now are simply taking for granted. InnovationIsrael.org reports the country as one of the global leaders when it comes to innovation and comes next after the US as “the most important high-tech center in the world”

The Singapore-Israel partnership is a strong indication of how solid the relationship of both countries are and the project has no silo but focuses on technological innovation that will help entrepreneurs, multinational companies, and investors of both countries. SIIRD is bound in helping both countries by sharing the risks involved in the R&D project. SIIRD is not to share or acquire the Intellectual Property Rights of products and technologies developed under the SIIRD program nor will it require collateral or equity from participating companies.

Israeli companies, through the Israel Innovation Authority, will continue to make waves in the Singapore FinTech Festival 2018, which will be held from Nov. 12-16

Over the years, the FinTech has developed a reputation for being the largest financial technology in the world. Last year, for instance, over 30,000 participants and exhibitors from 100 countries attended the conference. This year, organizers promise an even bigger event based on the commitments and pledges they already received just weeks ahead of the FinTech.

Both the Singapore and Israeli governments and the private sector recognized the potential for mutual collaboration to develop the startups, micro-enterprises, and small businesses in the two countries. And so in 1997, the Singapore Israel Industrial R&D Foundation (SIIRD) was created on the partnership between the Singapore Economic Development Board (EDB) and the Israel Innovation Authority.

The two entities pledged to promote and facilitate research and development collaboration, as well as fund grants for SME (small and medium enterprises). Beside these search grants for SME, other forms of support include matching R&D partners between Singapore and Israel.

The FinTech festival, which started in 2016, is a natural platform for Israel-based companies to showcase innovation and cutting-edge research. It’s also an opportunity for companies, leading experts in the field of financial technology and knowledge industry, and government officials to network not just with Singapore but also the other participating nations.

Here are some of the companies that are part of the official Israeli delegation that will attend the Singapore FinTech Festival 2018:

1. AU10TIX Limited – The company is a specialist in customer onboarding innovations. It provides multi-channel and secure automated solutions for quick capture, segmentation, and conversion of documents and images into digital records. They help companies transition into paperless technology to minimize digital disruption.
2. BioCatch Ltd. — Founded in 2011, the company quickly climbed to become one of the foremost cybersecurity experts in Israel, providing companies with the necessary tools to enhance fraud detection and security. The specialist uses a technology that incorporates human behavior and patterns into its analytics in the hope of finding an anomaly.
3. Capitalise Ltd. – This Tel Aviv company is quite young since it was founded only in 2014. Since then, their financial trading software is now being used by thousands of traders and brokers to automate trading scenarios. This allows them to free up their time because they are not in front of the computer at all times. What makes the platform different is it uses human language in its interface, which makes it easily understood even by the casual trader.
4. COTI – Currency of the Internet – This digital network offers an alternative to make secure and instant payments. The fees and charges range from very low to zero, which makes it very attractive for businesses and individuals. The high Trust Scoring Engine and open buyer-seller protections make for a very secure system. It’s designed not just for merchants but also to support government transactions and decentralized payment networks.
5. EZSave – EZSave is a bill negotiation software that will help people get out of debt. It will analyze the user’s usage and spending patterns, and also help scour for the best repayment plans in the market. It will also track your bills to find out where you can maximize your resources for future savings. You can save on your utility payments, Wi-Fi, rent and mortgage, as well as gas money. Since it was launched in 2016, the platform already has more than 150,000 downloads and 60,000 users in Israel. The company aims to expand in Singapore, as well as the US and Australia.
6. PayKey – This is a mobile P2P and social banking solution using its patented mobile banking keyboard. The system integrates with most mobile banking solutions, which provides great flexibility to users to access services like balancing the check, requesting payment, initiating P2P payments, cash withdrawals, and others. There’s no need to shift from one app to the next when you need to access another financial service.
7. SegaSec — The cybersecurity firm is a leading Israeli firm that specialises in intelligence gather and anti-phishing. It not only helps companies detect phishing attempts, but it will also take down attack sites. There’s no need to install a system or onboard your systems onto a platform, and you get instant protection 24/7.
8. I Know First – The patented AI technology helps with more accurate forecasting to help companies with their investments in the stock market.
9. CyberInt – This company specialises in mitigating threats for the companies in light of all the vulnerabilities that are inherently present in digital networks. The company does this through its Argos™ technology, which is an SaaS platform with very powerful detection and response technology to counter phishing, hacking, and DDoS attacks.
10. Cred – The company aims to change the way financial institutions manage wealth and conduct investment advisories to their clients. The platform also helps identify leads and increase client conversion.
11. PayMe – The white-label platform provides an avenue for banks and other financial institutions to offer a wide range of payment solutions. The platform can be configured to carry the brand and it’s completely autonomous so you don’t have to integrate it with the other platforms.
12. Reach – This customer engagement platform will help companies enhance customer experience with ready-made tools that can be tailored to fit their requirements.

Those are the Israeli-based companies that will be holding exhibits in the Singapore FinTech Festival 2018 from Nov. 12-16. They hope to collaborate and partner with local companies to expand their reach in Singapore.

We are in the middle of an important and vital transformation in the way we manufacture our goods and that is all brought to us by the digitization of production and manufacturing. This great leap and shift in the way we manufacture are so persuasive and powerful that it was regarded as the start of Industry 4.0. Industry 4.0 represents the transformation in manufacturing that is powerful enough to be considered as the fourth revolution.

To recap, during the first industrial revolution, steam power and water were both mechanized to turn up the assembly lines and make it capable of mass production. During the second industrial revolution, electricity was used to better improve mass production. In the third industrial revolution, computers were used to automate processes and assembly lines. The breakthroughs of the third industrial revolution paved the way for the fourth industrial revolution. Now, automation and computers are enhanced and made more powerful with autonomous and smart systems that are backed up by machine learning and voluminous data.

Then again, despite the massive changes and improvement in the manufacturing industry, some people still regard Industry 4.0 as a plain and downright marketing axiom. It is, therefore, the mission of major industry players, stakeholders, and even governmental agencies to move people’s attention into the true and tangible breakthroughs brought by Industry 4.0. With such a powerful movement going on, taking advantage of its results is something most stakeholders should realize.

Industry 3.0 as a precursor to the full-automation under Industry 4.0

At the onset of Industry 3.0, people were revolting against the idea of using computers to fully-automate the manufacturing processes and assembly lines. For them, this entirely new technology is disruptive instead of being helpful. Now, as we bid goodbye to Industry 3.0 and welcome Industry 4.0, computers will be even made more powerful to communicate and connect with a network or system of other computers to make decisions without the aid of human intervention. Cyber-physical systems and the Internet of Things made this possible.

Industrial Transformation ASIA-Pacific

Being moved with the effects and milestones brought about by the fourth of industrial revolution, a group of major industry players, stakeholders, private corporations, and governmental agencies have gathered and have created a venue that allowed all stakeholders to meet, share ideas, transfer technology and learnings. This event was tagged as the “Industrial Transformation ASIA-Pacific.”

Since technological breakthroughs and advancements are changing and improving the global supply chains, distribution systems, design facilities, production centres, and overall manufacturing processes, it was crucial to gather all stakeholders and to recognize the different business models that are obsolete and non-sustainable. By determining these non-working business models, they originally aimed to launch, gauge, and withstand the changes brought about by Industry 4.0.

To date, different countries like Indonesia, Thailand, and Malaysia have already started their own independent Industry 4.0 roadmaps that will help them scale and map out their own economic endeavours. On another note, Singapore has also launched the Singapore Smart Industry Readiness Index to assist and guide their own companies launch, gauge, and withstand the changes brought about by Industry 4.0. This includes grants for research & development(r&d) for Singapore companies as well.

During the Industrial Transformation ASIA-PACIFIC, the participating countries, agencies, and stakeholders convened and built networks and engaged in knowledge transfer to further equip and scale their businesses’ success.

Who participated?

The organizers of the event put all the stakeholders together in one event to trace and streamline the industrial value chain. Since they intend to provide more room and chances for a thorough global knowledge transfer, network-building, and new business making, they have gathered all the key players in the industrial value chain.

The highlight of the Event

With the use of both online and offline strategies and mechanisms, Industrial Transformation ASIA-Pacific brought a wide array of events specifically designed for multi-industry segment. These are a few of the activities that were put up and incorporated in the event:

“Showcase”: This was a demonstration of the technologies and solutions available under Industry 4.0

“Learning Lab”: The organizers set up a demonstration area to show products, solutions, and applications which were centred around Smart Logistics, Digital Factory, Additive Manufacturing, and Industrial Automation.

“Knowledge Exchange”: These segments of knowledge exchanges included practical approaches, panel discussions, case studies, technology applications, technical applications, business insights, leadership stories, research & development (r&d) from Singapore and other countries that helped bridge the knowledge gap regarding Industry 4.0.

“Learning Journeys”: These were curated and personalized experiences which gave deeper and more in-depth lessons and learning to the participants. Here, participants listened to stories and personal journeys of companies and individuals who already opened their doors to the changes and challenges offered by the fourth industrial revolution.

These are just a few activities that were rolled out during the event. More information about other the stakeholders who participated, the activities ran by the organizes, and the resolution arrived at are already available on the dedicated event website.

In a highly competitive global landscape, Singapore has been making its name known as a research, innovation and technology hub. Dubbed by CEO Meg Whitman of Hewlett Packard Enterprise (HPE) as the “miniature Silicon Valley”, 80 of the top 100 global technology firms have already established its presence in the country. Due to its innovation ecosystem consisting of a strong government support and well-trained talent, an increasing number of dynamic start-ups, and a high-quality infrastructure, Singapore has become a greenhouse for innovative platforms to grow and develop businesses in the region and across the globe.

The Most Valuable Resource

The Singapore government realized that with the country’s limited land area and lack of natural resources, it had to find other means for them to ensure the survival of its economy. The most valuable resource of the country is its own people. The realization that an educated and highly-skilled workforce will propel the country’s economic growth proved valid.  It showed that the development of Singapore’s science and technology sector, with its highly-trained experts, developers, and scientists, made it a thriving global metropolis in just 50 years.

At first, this move was driven by the need to make up for the constraints of Singapore’s land and resource limitations and the economy’s survival, now that they became a leading hub, this has become a pursuit of knowledge. Singapore has become a conducive environment that attracts citizens and foreign investors to start businesses.

What is Singapore in the Economic Region

With a strong commitment and investment to its Research and Development, Singapore has succeeded in becoming the center of innovation, research, and development at the heart of the world’s most dynamic economic region. Singapore was touted as Asia’s leader in technological innovations in the 2017 Global Innovation Index, while it is ranked sixth globally in 2017 Bloomberg Innovation Index.

How Singapore Stays on Top

To keep its status as a leading Asian hub of technological innovations and improve its rank globally, Singapore-based companies must keep up with the latest trends and advances in research. This is what the recently concluded TECHINNOVATION 2018 provided to Singapore’s enterprises.  TECHINNOVATION 2018 is the largest conference and exhibition in Singapore that brings together international and local technology providers and seekers, from Small and Medium Enterprises, Multinational Corporations, Universities, Research Institutes, Government Agencies, and many more.

The TECHINNOVATION 2018

Held last September 18 to September 19, TECHINNOVATION 2018 gathered industry players to discover new ideas, connect with like-minded business entities for knowledge exchange and network expansion, and collaborate on more challenging and engaging projects.

The TECHINNOVATION 2018 was organized by the non-profit organization under Singapore’s Ministry of Trade and Industry, the Intellectual Property Intermediary (IPI). The IPI was renowned for their excellent interactions with global enterprises promoting the exchange of resources and widen the connection of various technologies and innovations to encourage global technology partnerships.

IPI helps Singapore-based enterprises become globally competitive by developing new processes, products and services, and connecting both Singapore-based and international technology seekers with technology providers to enhance innovation and stay ahead in a highly competitive and rapidly evolving market.

Singapore and its Technologies in Trade and Industry

New and growing Singapore enterprises learned a lot and got to hear from the different leaders of successful global and major corporations that shared their insights and presented their successful innovation journeys. Singapore enterprises were given an avenue to learn about the latest technologies to help them stay ahead of business competition, provide them new opportunities and services to try, offer new technologies to commercialize, and suggest solutions to solve their business problems and challenges, and introduce technologies to improve and drive their productivity and expand their market.

Singapore enterprises also had a chance to see new technologies that they may incorporate into their business to make it even more competitive, and solutions to address their own constraints, problems, and challenges.

Partnering and Expanding with Other Industries

The event also created a chance for Singapore enterprises to match-up and partner with different industries and R &D community from various countries to collaborate, co-create and co-develop innovations. International and Singapore technology providers showcased and exhibited their technologies that are available for commercialization, adoption, licensing or co-development to technology seekers. Industry players connected with potential collaborators through pre-matched business meetings.

Several enterprises joined the IPHatch 2018, a competition where newly established businesses and entrepreneurs brought their business ideas and concept to completion through commercializing their Ineffectual Property (IP) and technology portfolios. Through this competition, Singapore start-ups and entrepreneurs gained assistance, mentoring, and funding from the wide network of investors, incubators, and business and technology partners.

Introducing Urban AgriTech Innovation

For this year’s TECHINNOVATION, two new innovation tracks were introduced, including the Urban AgriTech and Logistics Innovation. They have also brought back the Food Innovation Track. Singapore enterprises would benefit a lot from the Urban AgriTech innovation.

With a population of over 5 million sharing a landmass of just 715 square kilometers, there is not enough space for agricultural land in Singapore. Due to Singapore’s scarce agricultural land and resources, it imports nearly 90% of its food products. It also needs to be creative in order to feed its growing population. With the help of these new technologies and innovations, Singapore enterprises can utilize innovative technologies in their Food and Agricultural Technology to increase the country’s food resilience and security.

Food Industry Today in Singapore

Current trends also show that consumers are now leaning towards healthier and safer food products, on top of the other factors such as taste, and convenience. In fact, more and more Singaporean are willing to pay a premium to sustain their healthy lifestyle. Innovation is important to create new business opportunities as well as to address the current challenges of Singapore and the world’s food resilience and security. Singapore enterprises also learned how to maximize different innovative technologies to improve their business’ growth and development, enhance their capabilities, and improve their efficiency.

The TECHINNOVATION 2018 featured over 160 exhibitors and 400 emerging and ready-to-market technologies ranging from Services and Digital Economy, Advanced Manufacturing and Engineering, Health and Personal Care, to Urban Solutions and Sustainability. The event provided a platform for different enterprises to engage with their audiences for innovation and technologies. Speakers and seekers shared recent and emerging trends, challenges and problems, and opportunities in their respective fields with each other.