AsianScientist (Apr. 14, 2022) – Small-to-medium enterprises (SMEs) and start-ups can face a host of challenges that stunt growth or even put a company’s survival at risk during global, financial or health crises. However, in such tough times, companies that dedicate resources to innovation can thrive and even expand.
In fact, studies have shown that in spite of difficulties during the COVID-19 pandemic, SMEs that successfully incorporate innovation into their business models tend to fare better than their counterparts that do not.
Despite growing awareness of the benefits of innovation, many SMEs continue to struggle with technology adoption. Held back by barriers like a lack of access to expertise, limited resources and knowledge gaps—implementing innovation into regular business practices is no easy feat.
Fortunately, IPI understands the help required to facilitate such endeavors effectively. Through a multitude of programmes designed to address and overcome various pain points, IPI provides both expertise and resources to make innovation accessible for SMEs and start-ups.
Access to experts accelerates innovation
A major concern for SMEs is the lack of access to expert knowledge in the relevant subject matter—particularly when it comes to innovation. Access to proper external guidance can markedly enhance the ability of SMEs when navigating the turbulent waters of a new innovation journey as well as boost their confidence for future challenges.
The Innovation Advisors Program offered by IPI comprises a diverse pool of industry veterans that can provide valuable, mission-critical insight into how companies can best position themselves in the industry for effective growth. SMEs looking to accelerate their innovation learning curve can benefit from the expert coaching provided by these experienced advisors in both business and technology.
In addition, businesses can leverage the deep technical experience from IPI’s Tech Experts who are well-versed in a variety of fields and industries, ranging from energy and environment to manufacturing and materials science, to overcome any technical obstacles that may arise during their product development journeys.
While SMEs may not have the extensive experience or seasoned experts within their workforce to make all the best decisions, with the help of IPI’s advisors and experts, companies can be guided towards effective innovation and success.
Innovating with industry awareness
On top of guidance from external advisors, SMEs can also benefit greatly from partnerships with other companies. Through open innovation, SMEs can gain a better grasp of the industry they are in as well as broaden their horizons with potential partners and technologies.
With a finger on the pulse of Singapore’s innovation ecosystem, IPI strives to stimulate the growth of SMEs through fruitful co-creation efforts and partnerships that serve to benefit all parties involved.
For instance, IPI’s Technology Landscape Study aims to help firms uncover emerging technologies, industry trends, gaps and opportunities. IPI’s multidisciplinary team will first determine the business and technology needs of the SME.
Next, they will scour the industry to pinpoint the most suitable technologies and know-how for the SME. Finally, the results of the study are presented to inform the SME of the technology recommendations tailored specifically to their requirements.
Similarly tailored to each SME’s needs, IPI’s Technology Scouting assumes the role of a matchmaker by assessing keen SMEs and pairing them up with the best-fit technologies, expertise and partners.
Through both services, SMEs can leverage IPI’s vast and well-established network to benefit from new technologies and partnerships so that they can further transform innovative ideas into real-world solutions.
Inspiring innovation and fostering collaboration
Embracing the spirit of open innovation, Innovation Challenges organized by IPI bring enterprises and technology partners together, offering valuable networking opportunities that cultivate a culture of collaboration across industries and even countries. Such initiatives often spark novel ideas and ingenious solutions that directly address the challenge owners’ needs.
With the help of IPI, enterprises can fine-tune their problem statements and launch their challenges. Technology providers can then come up with solutions to solve their unique problems or even tweak existing technologies to address them.
By creating a well-supported ecosystem of open innovation, IPI addresses pain points, forms productive partnerships and empowers the growth of local start-ups and SMEs at the core of Singapore’s innovation landscape.
Are you about to embark on an innovation journey with your start-up or SME? Click here to find out more about how IPI’s services can help drive your growth!
Asian Scientist Magazine is a content partner of IPI.