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.
Bu hikaye The Straits Times dergisinin February 20, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Straits Times dergisinin February 20, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
COFFEE AND A LOOK AT NORTH KOREA
For anyone curious about civilian life in North Korea, Starbucks is offering its customers in the south a peek into the world's most reclusive country while sipping a favourite brew.
Shaw Theatres to close cinema at The Seletar Mall
Shaw Theatres will close its cineplex at The Seletar Mall on Dec 15, it announced via a press statement on Dec 2.
Conservationist Robert Irwin pays tribute to late father as he turns 21
Australian conservationist, TV personality and wildlife photographer Robert Irwin marked his 21st birthday on Dec 1 with a touching tribute to his late father Steve Irwin.
KRU first Malaysian act to use AI for music video
Malaysian music group KRU have unveiled Voodoo, the first single and music video from their upcoming album Kaset.
Titoudao actress Koe Yeet is engaged
Wedding bells are set to ring for Malaysian actress Koe Yeet.
Moana 2 sails to $495m debut at global box office
LOS ANGELES - Walt Disney's animated musical Moana 2 debuted with an estimated US$368 million (S$495 million) in global ticket sales through Dec 1, and combined with Wicked and Gladiator II to deliver the biggest Thanksgiving weekend in American and Canadian box-office history.
The road ahead for S'pore tourism
Singapore Tourism Board chief weighs in on upcoming attractions, staying competitive and creating value for tourists
Beyond the Angkor Wat
From lotus farms to a colourful circus, Cambodia's Siem Reap is a city with much to offer
In chess, a fan and a legend get to meet on a board
It's Saturday afternoon and John Chan, 32, is possibly in a joyous daze.
LIONESSES' LAST CHANCE
They must win third-place play-off to qualify for AFF Women's C'ship
