More help to deepen a local talent pool and greater support for longer-term research and development (R&D) projects are some forms of support businesses here hope to receive as they innovate to remain competitive, amid the roll-out of the Enterprise Innovation Scheme that was announced in Budget 2023.
Deputy Prime Minister and Finance Minister Lawrence Wong, who delivered the Budget on Feb 14, said there is a need to nurture and sustain innovation across the economy.
The scheme paves the way for companies to tap more tax deductions when they invest in innovation. Businesses, even those which may pay little or no taxes, will also have an option to get a non-taxable cash payout of up to $20,000 to defray their innovation expenses.
Firms that The Straits Times spoke to said that more support, injected midway through long R&D projects, could further help to spur innovation. In many deep tech firms, for example, the R&D process has a long gestation period. Projects may not produce significant results during the initial years and could be stopped.
Mr Richard Koh, founder and group chief executive of homegrown fintech firm M-DAQ, said an injection of government support midway through these long projects would significantly help to elevate their chances of success.
Denne historien er fra February 20, 2023-utgaven av The Straits Times.
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Denne historien er fra February 20, 2023-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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BLACK DAY FOR BRITISH PUBS
At her London pub, landlady Kate Davidson has taken to issuing Guinness ration cards, but the beer still ran out amid a British shortage of Ireland's national drink.
Her Last Gifts
It was exhausting, he sighed. But Carol insisted; her name being what it was and his, she said with a big grin, being Chris. Remember, this is the blessed spirit of the season, to give as we have been given.
When You Think About Me
She empties the last drawer and, between stray baubles, there's the cookie tin, the one hunted down from some narrow shop in Liverpool because it didn't ship here.
Gift Of The Magi
Let's say you never intended to use Magi. Let's say you know about all the scandals: the accusations of stolen data, the EU lawsuits, the CEO's abhorrent behaviour. Let's say you don't even believe the outlandish social media claims that the app is magical, like actual magic. You know it's not possible it reads your mind, plumbs your soul, knows your heart's desires. You're not so gullible.
Ho Ren Yung: Steering global brand evolution of Banyan Group
Ms Ho Ren Yung, deputy chief executive of Banyan Group, oversaw the company's brand relaunch in a bumper year of 19 openings in 2024. These included Banyan Tree Higashiyama Kyoto in Japan and Angsana Tengchong in China.
Jury-rigged Hotpot
The Japan Home folding table was just big enough to accommodate two.
Tales of love, peace and hope
The Sunday Times invites five authors to pen short stories around the theme of A Christmas Gift
Japan: Taking centre stage in Singapore and beyond
Scroll through your social media feed this holiday season, and practically everyone you know is in Japan or making plans to vacation there.
UOB: Most influential patron in Singapore art scene
UOB's \"day job\" is handling loans, deposits and a wealth of diverse portfolios. But the bank cemented its role as the most influential patron in the Singapore art scene in 2024, investing good chunks of cash in both arts and arts education.
Fong Chi Chung: Putien restaurants make dining out more affordable
In a year where diners made themselves scarce - preferring to spend their strong Singapore dollars overseas, and leading restaurant owners and chefs to despair over empty dining rooms - this power lister made a power move that others in the industry are watching closely.
