Speech by SMS Low Yen Ling at IPI TechInnovation 2024

Your Excellencies,

Distinguished guests,

Ladies and gentlemen,

1. Good afternoon. I am delighted to be with you today at TechInnovation 2024. This event, organized by IPI, is an iconic feature of the Singapore Week of Innovation and Technology or SWITCH.

Introduction

2. This year’s conference theme is “Sustainable Urban Living,” an issue that affects both individuals and businesses, large or small.

3. The growth of the global population and cities continues to strain our energy resources. Singapore is not spared as one of the world's most densely populated cities. To overcome this, we harness technology and innovation to transform our city-state into a Smart Nation. The drive for Sustainable Urban Living is fundamental to our Smart Nation goal. It aims to integrate technology, data-driven decision-making, green infrastructure, and community engagement to create a more livable, efficient, and environmentally friendly city.

4. We aim to be a model for sustainable urban development globally. To succeed, we need SMEs to play an active role in our dynamic innovation ecosystem, which includes companies, research institutions, industry, and investors.

5. The Government is committed to supporting SMEs in their sustainable journey and helping them seize opportunities in the sustainable urban living sector. To achieve this, SMEs would need three critical ingredients: partners for technology, partners for mentorship, and partners for global expansion.

Partners for technology

6. First, partners for technology. All businesses must innovate to stay competitive in today's fast-paced world. Companies that embrace innovation are better positioned to adapt to market changes and offer new products and services.

7. Services like IPI’s Tech Scouting help SMEs connect with potential partners, explore technology collaborations, and accelerate the development of their products and services. This is one way SMEs can get an extra hand in navigating the innovation landscape and identifying opportunities that complement their business needs.

a. One of the SMEs that has benefited from such assistance is Charged Asia, a Singapore-based electric vehicle company. IPI connected the company to KGS, a local recycling specialist, to handle the firm’s end-of-life battery disposal. The two partners launched pilot trials on recovering battery materials. Their cooperation has not only given Charged Asia a competitive edge but has also fostered a more sustainable battery recycling ecosystem. Importantly, the advancement of such green technologies also positively impacts the environment.

Partners for mentorship

8. Second, partners for mentorship. Having the right mentors is equally vital for businesses to achieve meaningful growth aligned with their objectives.

a. Take the example of Creme Concepts, a local ice cream maker. It started with humble beginnings in farmers’ markets and partnered with IPI to improve its internal processes and expand regionally.

b. IPI engaged industry veterans from its Innovation Advisors Programme to advise Crème Concepts on innovation, provide market insights, and scale its operations. The company was able to leverage the advisors’ wealth of experience to transform and expand. Creme Concepts went on to redesign its factory, streamline production, align commercial strategies, and refresh its brand.

c. This collaboration enabled Creme Concepts to scale up operations and position itself for long-term growth. Its products are now found in Malaysia and Hong Kong.

Partners for global expansion

9. This brings me to my third point: SMEs would do well to seek suitable partners to establish their global footprint. By engaging and meeting with companies and potential partners worldwide, our SMEs can better understand different cultures, expectations, and market demands.

10. IPI’s network of global partners offers our SMEs this opportunity. For instance, its partnerships with organisations in China, Japan, Korea, and Thailand open doors to fresh business potential.

a. One of IPI’s partners, the National Eastern Tech-transfer Center (NETC) from China, works closely with companies to promote enterprise growth and focuses on emerging sectors like AI, healthcare, and energy.

b. In another partnership, the IPI and the Japan External Trade Organisation started the Japanese Corporates Technology Innovation (JCTI) Launchpad in April this year. This attracted top Japanese companies like Ricoh, Toyo Seikan, Panasonic, Nisshinbo, and Mitsui Chemicals. Panasonic and IPI have since partnered on an open innovation challenge to invite SMEs, startups, and research institutes worldwide to address Panasonic’s challenges.

11. I commend IPI’s efforts to advance such international collaborations. These initiatives not only showcase cutting-edge technologies but also provide a platform for multinational corporations, the government, and, most importantly, SMEs to co-create opportunities with one another.

Conclusion

12. To conclude, I encourage SMEs to proactively seek innovation opportunities to build products and services that enhance their competitive edge.

13. During this conference, I hope you will gain insights into exciting areas such as the latest AI-driven solutions for smart cities, healthcare, and food sustainability. There is also a wealth of networking opportunities here. I hope you discover and nurture new relationships and partnerships to multiply your business.

14. The Government is fully committed to empowering SMEs to innovate, grow, and internationalise. The journey towards sustainable urban living is a collective effort that requires the collaboration of all stakeholders. Together, we can catalyse and create a better quality of life in our green city-state.

15. I wish you a successful and insightful conference! Thank you.