AsianScientist (Aug. 17, 2017) – While a business-as-usual outlook may have sustained companies in the past, even the staunchest of incumbents may come under pressure from tech-savvy startups that have appeared in recent years. Uber is just one example of technological disruption shaking up urban transport, with other sectors no less vulnerable to this massive wave of change.
Given that innovation can be a time-consuming and expensive endeavor, companies may be reluctant to invest vital resources into research and development. Business owners may also be suspicious of the reliability of new technologies, preferring to stick with the tried-and-tested. Even companies that are open to innovation may not know where to start sourcing for relevant technologies that could give them an edge over rivals.
Thus, companies may choose to maintain the status quo, not realizing that inaction comes with its own set of risks and costs. In a rapidly-evolving business environment, keeping still is no different from slipping slowly into irrelevance.
Getting personal at TechInnovation
To help companies overcome the barriers to innovation, IPI was set up in 2011 under the aegis of the Ministry of Trade and Industry, serving as a non-profit organization that focuses on matching business needs with technological solutions.
“We want to drive home the message that open innovation allows companies to create greater value for their products, increase their capabilities and raise profitability. They can also lower costs from savings derived from productivity and efficiency gains,” said Dr Sze Tiam Lin, Senior Director of IPI.
But open innovation is not only about profits and technology transfer—it also involves human relationships and the alignment of personal aspirations. Sustained collaborative efforts are only possible when business owners and inventors find synergy at the levels of hardware and heartware.
Recognizing this, IPI is bringing back its flagship TechInnovation event for the sixth consecutive year at the Marina Bay Sands, running from 19 to 20 September 2017. Local and international technology seekers and providers will get the opportunity to network, explore commercialization options and initiate business collaborations face-to-face.
“TechInnovation is a vibrant marketplace that cuts across different technology areas and industries where we want to continue to foster the spirit of open innovation and encourage the cross-pollination of ideas between disciplines and industries,” said Sze.
Something for everyone
When searching for an innovation partner, casting a wide net increases the likelihood of finding an ideal match. TechInnovation provides both scope and variety to enterprises, with exhibits spanning four broad sectors, namely, Services and Digital Economy, Advanced Manufacturing and Engineering, Health and Personal Care, and Urban Solutions and Sustainability.
“More than 140 exhibitors from Singapore and overseas will showcase over 400 emerging and licensable technologies at TechInnovation 2017,” Sze said. “Through TechInnovation, enterprises can take on innovation projects to expand their businesses and tap on a global melting pot of the latest technologies to develop their portfolio of innovative products and services.”
Nonetheless, wielding technology in a timely and effective manner, in response to market movements, can determine whether investment into innovation pays off. Thought leadership and industry insights are thus equally important in the running of a successful business, and at TechInnovation this year, 13 global and local industry leaders will speak on emerging trends, challenges and opportunities in their respective sectors during a unique crowdsourcing segment.
Asian Scientist Magazine is a content partner of IPI.
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Copyright: Asian Scientist Magazine; Photo: IPI.
Disclaimer: This article does not necessarily reflect the views of AsianScientist or its staff.
