Driving innovation in design for Singapore's success
A small city-state with big ideas to shape the future. An ambitious dream for a young nation like Singapore to become a world-class innovation hub? Not at all, judging by its first-place ranking among Asian nations on the annual Global Innovation Index in June this year.
Pushing ahead to stay on top
In the Committee on the Future Economy (CFE) report in February, one of the key strategies identified for Singapore to remain globally competitive is to increase its efforts at innovation, and to cultivate a conducive ecosystem to attract and retain talent and investment.
This comes on the heels of last year’s announcement that the Government would set aside S$19 billion to fund research and development initiatives in the city-state over the next five years. The Research Innovation Enterprise 2020 Plan (RIE2020) aims to ramp up technological improvements – alongside national initiatives like Smart Nation to harness the power of technology to improve standards of living, for example – in a bid to drive innovation.
Leading the way with AI
What’s next, you ask? To ride the trending wave of Artificial Intelligence (AI) and become a force in the industry.
To boost Singapore’s AI edge, the National Research Foundation will be investing up to S$150 million in a new national initiative, AI.SG, over the next five years. This will accelerate the rate of AI innovation and encourage companies to accept and adopt more AI practices for increased productivity and growth.
With the programme’s focus on AI applications in finance, city management solutions and healthcare, some notable developments have already been achieved. In healthcare, for instance, a cloud-based video consultation platform was rolled out this year at six public healthcare institutions to enable patients to consult their doctors online from the comfort of their own homes.