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A NEW push to further develop innovation and entrepreneurship in Singapore is timely as the government aims to encourage the creation of small and nimble, high-tech firms, National Research Foundation (NRF) chairman Tony Tan said.
Speaking at the Singapore Venture Capital & Private Equity Association lunch on Tuesday, Dr Tan said the institutes of higher learning and research institutes need to embark on more use-inspired, cutting-edge research that would yield results which can provide business opportunities for entrepreneurs and investors.
'...the most successful economies are those that have a mix of innovative entrepreneurs and larger, more established firms... that refine and mass-produce the innovations that entrepreneurs... bring to market,' Dr Tan said, quoting from the book Good Capitalism, Bad Capitalism.
Singapore already has the larger firms that are well-suited to mass commercialise products for affordability and improve quality of early innovations. It lacks the small, innovative, high-tech start-ups to complete the mix, he said.
He said the government wants to encourage the formation of small and nimble high-tech start-ups built upon technologies created at institutes of higher learning.
'Successful innovation requires that research results be effectively translated into economic and societal benefits,' he said, emphasising the need to deepen and broaden the nexus between academia and the technopreneurial community of start-ups and Venture Capitalists.
NRF, he said, is in consultation with key stakeholders to raise innovation and entrepreneurship in Singapore.
Dr Tan said he was struck by the extent of entrepreneurship shown by top research universities, such as Stanford University and UC Berkeley while on a trip to Silicon Valley.
He observed that in these institutions, innovation and enterprise enhance the teaching and research mission of the university, not only enriching both faculty and students but also providing solutions to societal and economic problems that impact mankind.
The use-inspired research in the universities does not compromise the quality of scientific research with universities like Stanford and Berkeley producing Nobel Prize laureates.
Technology transfer and commercialisation are viewed as means to create value for the economy and society, and not to maximise licensing revenue for the university.
Due to their industry awareness and interaction, the faculty has a good sense of what research areas and directions are relevant to societal problems which they can then act on.
The universities also have a strong sense of 'paying back to society' which fuels the entrepreneurial culture. He noted that successful people are willing to take time to coach and mentor young entrepreneurs and many contribute financially to research and entrepreneurial causes.
These are lessons Singapore can learn from and adapt accordingly to the local environment, Dr Tan said.
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