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Promoting innovation in Singapore: changing the mindset

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  • Soon Beng Chew, Rosalind Chew

Abstract

Singapore's economic development has progressed smoothly so far. In the past, the economic foundation was based on Multinational Companies (MNCs) and Government Linked Companies (GLCs). In the new economy, Singapore needs to encourage more R&D and to build a class of entrepreneurs to take the national economy to greater heights. This paper examines the various policies needed for this to come about, and the constraints facing the economy. The conclusion of the paper is that Singapore faces dual difficulties. Firstly, Singapore is limited in her efforts to attract foreign funds for R&D by the absence of a large domestic market. Secondly, Singapore faces a dilemma: the private sector must be the engine of growth in innovation and entrepreneurship; in order to succeed in moving into the new economy, Singapore needs an efficient public sector. However, maintaining the level of efficiency has resulted in the public sector absorbing too much local talent, which has created a shortage in the private sector for promoting innovation and entrepreneurship.

Suggested Citation

  • Soon Beng Chew, Rosalind Chew, 2003. "Promoting innovation in Singapore: changing the mindset," International Journal of Entrepreneurship and Innovation Management, Inderscience Enterprises Ltd, vol. 3(3), pages 249-266.
    • Handle: RePEc:ids:ijeima:v:3:y:2003:i:3:p:249-266
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