Government Funding and Assistance Schemes Available in Singapore: Technology and Innovation, Part III

Government Funding and Assistance Schemes Available in Singapore: Technology and Innovation, Part III

a black and white photo of a switch board

This is the last part in our series under Technology & Innovation.

 

PACT

PACT enhances mutually beneficial collaborations between large multinationals, local enterprises, SMEs and encourages inter-SME partnership to foster business innovation and growth.

Under PACT, one enterprise undertakes the role of the “Lead Enterprise”, leading projects to benefit the companies as a group. The scope of this project includes:

  • Improving technological capabilities e.g. upgrading its supplier’s technology capabilities to improve supply chain quality.
  • Enterprises may also co-develop and test-bed an innovative product together
  • Knowledge transfer programmes from larger firms to their smaller counterparts.

The scheme will fund up to 70% of qualifying costs for SMEs and 50% for non-SMEs. In order to participate, companies have to:

  • Be registered in Singapore; OR
  • Be a multi-national corporation with a Singapore office.

 

Intellectual Property Intermediary (IPI)

IPI is a service that connects Singapore-based businesses with solution providers to enhance innovation capabilities. Their website hosts the following:

  • TechOffers, an internet marketplace for Technology and Innovative solutions
  • TechNeeds, a site for proposal requests.

Furthermore, IPI is part of the Enterprise Europe Network which allows overseas access to TechOffers and TechNeeds. This resource can be accessed here.

 

Open Innovation Platform (OIP)

OIP launches Innovation Calls to connect Problem Owners with Problem Solvers every few months. This exciting competition benefits both parties. Problem Owners gain from the crowdsourcing innovative ideas, facilitated by IMDA, through a structured and iterative open innovation process. Problem Solvers can meet potential customers, curate problem statements and co-innovate with Problem Owners to develop, validate and test their solutions. Winning Solvers can also commercialise and partner with Problem Owners, who may serve as reference customers for Singapore or the region.

Each Innovation Call comprises a set of challenges from different Problem Owners and awards prize monies for winning solutions. Problem Solvers are required to provide proof-of-concept solutions and a working prototype if their ideas progress in the competition.

 

Intellectual Property Office of Singapore Business and Legal Clinics

IPOS provides complementary 45-minute consultation sessions with professional IP consultants on relevant strategies and options. Areas of expertise range from IP strategy, franchising and licensing, to audits and valuation.

IPOS also has a panel of lawyers who can provide preliminary legal advice. Each session is 45-minutes and will cost approximately $200 to $400. IPOS may reimburse users for the legal fees under this scheme.

 

CONCLUSION

This is the final part of our series on Government assistance schemes that business and individuals may receive in Singapore’s Technology and Innovation industries. In the next few series, we will look at support for training, upskilling and support for SME internationalisation.

At Silvester Legal, we work extensively with start-ups to understand our clients’ needs. We want our clients to take full advantage of the opportunities available to them as they pursue their business ventures.

 

Disclaimer: The materials prepared here are for general information purposes only to inform you about Silvester Legal LLC, our services and related matters. The information presented is not legal advice and is not to be acted on as such.

Share Now:

More Blog articles:

Leave a Reply

Your email address will not be published. Required fields are marked *

Would you like to receive legal updates, articles, newsletters, seminar/event invites and announcements? Sign up here.