AsianScientist (Sep. 11, 2018) – Amid a business landscape rife with disruption, enterprise owners cannot afford to rest on their laurels. While a product, service or business model may be viable in the present, there is no certainty that it will remain so in the future. New market entrants often rely on technology to leapfrog the competition and challenge the status quo, making it necessary for all players to constantly innovate to remain relevant.
But innovation does not happen overnight—it takes a convergence of talent and resources to pull off, and not every company can afford to carry out research and development (R&D) on its own. This is where open innovation—wherein companies look beyond their four walls for ideas and technological solutions—can help businesses improve their productivity and potentially break into new markets to expand their client base.
“In today’s highly competitive business environment, time to market is very important. Open innovation helps an enterprise access the technologies and expertise it lacks to accelerate its innovation cycle and capture the market more quickly. In addition, collaboration with external partners allows businesses to de-risk their R&D and reduce costs,” said Dr Sze Tiam Lin, Senior Director at IPI.
A world of innovation under one roof
If you are a business owner keen to embark on an open innovation strategy, look no further than TechInnovation 2018, a premier technology-industry brokerage event organised by IPI that will run from 18-19 September at the Marina Bay Sands Expo and Convention Centre in Singapore. Now into its seventh edition, the conference continues to serve as a platform for technological solutions to be showcased to a diverse range of industries.
“More than 160 booths featuring over 400 technologies will be at TechInnovation 2018, and over 4,000 delegates from around the world are expected to attend,” said Sze.
Further emphasising the global mix of exhibitors that will be present at the event, he noted that IPI’s collaboration with the Enterprise Europe Network has attracted new participation from the UK, Slovakia, Finland and Spain, among others. By bringing international inventors and entrepreneurs under one roof, IPI seeks to create opportunities for face-to-face meetings to facilitate R&D collaboration and technology transfer.
“In 2017, IPI initiated 1,300 one-to-one business meetings between delegates and exhibitors at TechInnovation, and we hope to see even more engagement this year,” said Sze. “As before, IPI’s team of technology managers will be on site to assist companies by introducing them to our suite of tech-matching services and highlighting collaboration opportunities.”
Keeping up with the times
While forging innovation partnerships is critical for business success, it is just as important to identify market movements, which in turn would allow companies to leverage the appropriate technologies. At TechInnovation 2018, experts from a range of industries will provide thought leadership on emerging trends and share about their experiences in implementing open innovation at their companies. Among the keynote speakers are Mr Hima Mukkamala, Senior Vice President and General Manager of IoT Cloud Services at Arm, and Ms Grace Chew, Technical Director and Co-founder of Hydroemission.
In addition, two innovation tracks are making their debut at TechInnovation 2018: Urban AgriTech and Logistics Innovation, along with the returning Food Innovation track. As markets around the world mature, not only does the quantity of food matter to consumers, the nutritional value of food items, the sustainability of food production methods and the reduction of food waste are also emerging as major concerns for governments, businesses and individuals. Given that food needs to be delivered safely and in a timely fashion, advanced logistics channels integrating technologies such as Internet of Things and blockchain are just as important.
“Natural synergies exist among these three tracks, and there will be thematic technology pavilions at TechInnovation 2018 for delegates who are keen to explore these complementary solutions,” said Sze. “By creating a conducive environment for the cross-pollination of ideas between diverse disciplines and industries, we hope to drive home the message that open innovation allows companies to create greater value for their products, increase their capabilities and raise profitability.”
Asian Scientist Magazine is a content partner of IPI.