Official Launch of Pilot Innovation Factory @ SIMTech
A*STAR officially launched its pilot Innovation Factory @ SIMTech, in collaboration with Enterprise Singapore (ESG). This is a platform aimed at accelerating the design thinking and innovation journey, and the transformation of ideas into commercially viable products that are ready for market adoption.
Graced by Second Minister for Trade and Industry, Dr Tan See Leng, the launch event held on 15 December 2020 at SIMTech Valley Block, was attended by partner agencies, members of Innovation Factory and media, both physically and virtually.
Addressing the audience at the event, Dr Tan See Leng said: “I am very happy to know that our local SMEs are not standing still and waiting for the situation to blow over. Instead, they are looking ahead by continuing to invest in R&D during these challenging times, and I encourage other SMEs to also develop new business lines and existing ones, to increase revenue, profits and strengthen their competitive advantages.”
A*STAR CEO Mr Frederick Chew also emphasised on three "T's" in his message: Translate, Transfer, Transform. This is following the recent announcement of the RIE2025, which saw A*STAR receiving more than 25% of the S$25bil budget allocated to boost core capabilities in A*STAR and universities.
To date, 14 local SMEs and two trade associations joined the pilot Innovation Factory @ SIMTech as members and strategic partners respectively. Under the initiative, SIMTech has kicked off more than 10 projects to co-create products with these companies.
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Click to watch the Official Launch of Pilot Innovation Factory video