Strengths And Weaknesses Of Singapore's National Innovation System

Ministry of Manpower (MOM) recently shared that Singapore's employment rate has decreased rapidly last year (govsingapore, 2016). Last year, there is only 100 job increment and that is the lowest in the last 17 years. (govsingapore, 2016). With difficulties in making up the quantity of jobs available in Singapore, the government decided to introduce SkillsFuture to improve the quality of jobs (govsingapore, 2016). It gives Singaporeans a chance to explore their dreams or pick up additional skills set from young to old (Yang, 2016). This campaign changes the future economy and individuals in Singapore.

Rather than supporting small firms in their endeavours to create new, radically innovative produces , government funding is instead focused largely on supporting large businesses . These large firms typically already have their major products which were likely quite innovative in their initial stages but have since stagnated and instead focus on improving their initial products rather than creating new products . Much of the research and development funding from the government is in the forms of tax incentives, which inadvertently has the impact of necessitating initial funds, effectively preventing small firms from accessing their ideal share of government funding

National systems of innovation has been a helpful tool used by all countries. Innovation by itself has proven to be successful in modern day business with increasing profit margins but also in organisations and the world. University’s governments and companies all work together in building new innovative products and service that can benefit everyone as a whole. The National innovation system is a success as it allows you to see where innovations are thriving and where they are lacking. National Innovation systems is an effective way on where you sitting with the world in innovation and innovators. . . . . . . . . . . . . . . . . . . . . . . . .

When the war ended, Singapore reverted to British control, with increasing levels of self-government being granted, culminating in Singapore 's merger with the Federation of Malaya to form Malaysia in 1963. However, social unrest and disputes between Singapore 's ruling People 's Action Party and Malaysia 's Alliance Party resulted in Singapore 's separation from Malaysia. Singapore became an independent republic on 9 August 1965. Facing severe unemployment and a housing crisis, Singapore embarked on a modernization program beginning in the late 1960s through the 1970s that focused on establishing a manufacturing industry, developing large public housing estates and investing heavily on public education. Since independence, Singapore 's economy has grown by an average of nine percent each year. By the 1990s, the country had become one of the world 's most prosperous nations, with a highly developed free market economy, strong international trading links, and the highest per capita gross domestic product in Asia outside of Japan.

These aspect are all key, but probably the most vital two are rivalry and cooperation within the nation. These tie in with Porter’s theory of industry clusters. The idea behind of rivalry and cooperation within a nation is that the rivalry will help drive the firms forward and the cooperation will also help each firm be more competitive in the global market. The firm may share ideas of production or new technological revolutions. This information would be shared within an industry cluster. “..the fundamental source of the domestic industry’s global competitive advantage may well be domestic cooperation that ensures the collectivization of knowledge-a process that gives those individual enterprises within the domestic industry that share knowledge and ability to engage in continuous innovation.” (Lazonick, 1991) Industry clusters are “geographic concentrations of interconnected companies, specialized suppliers, service providers, firms in related industries, and associated institutions (for example, universities, standards agencies, and trade associations) in particular fields that compete but also cooperate.” (Porter, 1979) The importance and role of clusters, from Porter’s

Technology innovation has been widely considered as a major driving force to the economic growth and urban prosperity, especially to the long-term development. According to the World Intellectual Property Indicators (WIPO, 2013), the total number of patents produced worldwide is 2.35 million in 2013 with an increasing growth rate over 9%. Innovation capacity has been the most important component of a city’s competitiveness. A good measurement of the innovation ability is the number and quality of patents that generated by the city.

In this report, there are five countries (Japan, the USA, the UK, Germany and China) compared at the macro level, which is about the origin of resource, input amount on R&D, numbers of degree holders in science and engineering, efficiency, innovative capacity index and relation to policy. The resources for Japan’s innovation is mostly from private firms, universities and public research institutes; for America it is mainly from non-U.S. firms as well as universities (Buiges, 2009). For the UK, Germany and China, the origin of the national innovation system is the governments of those countries.

This report looks at the benefits and challenges SME in working with MNCs, and examines strategies for establishing SME-MNC connections and relationship, allowing them to open new horizon & improve their abilities to expand and prosper. For MNCs, working with SMEs can bring benefits such as lower costs, enhanced innovative capacity, and increased flexibility in responding to changing conditions. The JAR submission format would layout are in following sequence of: Introduction; Reason for choosing the article; Article Summary; Article Critique; Concluding Comments and last but not lease, References.

Some interviewees put it down to the influence of the Singaporean government on the corporate sector – the former has inclined towards forward planning and orderly action in shaping the country’s success to date. This influence has also shaped the country’s education system, which undoubtedly influences the paradigm of many Singaporean business leaders.

Singapore is a very competitive country with regards to its economy. It is an ideal place to start a business as it has risen its rank from number seven to number six on doing business according to the World Bank (2017). Although this country is highly competitive, the economic situation of Singapore is being affected as it is dependent on exports. Because of recent changes in the global economy, Singapore faces weak global exportation demands, contributing to Singapore’s economic situation is the restructuring of the Chinese economy as their economy has since slowed down. even so, the government is expected to remain stable for 2017 as the government has developed plans that focuses on the investments of certain sectors of the economy. The population of Singapore is steadily rising with an estimated two hundred sixty-one million people in 2016 (The World Bank, 2017).

Singapore faces two very crippling issues that are unlikely to be solved internally within the next few years, and as such are left with little choice but to rely on our foreign friends. Let’s look a little deeper.

Globalization is the tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets. It not only increases international trade but also cultural exchange. Globalisation touches all aspects of a nation, be it economic, political, or sociocultural. The main objectives of globalization include – incorporating all the people from different worlds into a single global society which improves communication and persuades foreign companies to invest in the country which will bring revenue and improve the economy (Scholte, 1997). The country that will be discussed in this essay is Singapore which is a wealthy city state in south-east Asia with a population of 5,888,926 as on July 2017(est). Once a British colonial trading post, today it is a flourishing global financial hub and known as one of Asia's economic "tigers". Singapore has perfectly embraced a capitalist economy where the state is controlling all the stakes in companies. Also, because of the highly free market there are more than 7,000 different business companies in Singapore and the Port of Singapore is the busiest since the opening of Suez Canal which helps to increase import and export. The major success of Singapore is because of its strategic location and natural harbour from which 40% of the world maritime trade passes (BBC Report, 2017). With a GDP of $297 billion (2016 est.), Singapore has

Singapore is a globally well connected, multicultural and cosmopolitan city state offers a conducive environment for creative and knowledge driven industries. Singapore was government by only one Political Party of Singapore since independence proving that chances of changing political rule is least. The combination of strong banking secrecy rules, generous tax incentives and its International reputation for business excellence has attracted many high net worth individuals and Corporations to Singapore. Singapore encouraged According to

Many actions took place to connect Singapore to the developed world, in order to attract multinational companies to manufacture there. For the same reason,

Singapore is an island state founded by the British in 1819 as a trading colony. It was previously a fishing village with a predominantly Malay settlers. Since its independence, Singapore’s economy has rapidly grew, with its GDP growing an average of 7.7% since independence;