As one of the fastest growing innovation centers in the world, companies and entrepreneurs around the globe are seeking to invest in the innovative APAC region. With the region’s market growth sitting around 4% and an ever-increasing culture of improvement in software and services, companies are increasing their innovation spend to keep up with competitors. Because of this growing spirit of innovation, Singapore, India and China are set to experience significant boosts in growth, with Japan and Australia set to grow half as fast.
"Singapore is investing 18x more into innovation than Australia." -Andrea Andric
Increasing thought leadership, continuing investment in R&D and a large talent base makes APAC a prime area for innovative technology.
Ranked as Asia’s top financial center by the Global Financial Centers Index 2016, Singapore boasts a highly developed financial system that is well integrated with the ASEAN region. In 2016, the World Bank classified Singapore as a place of rapid business incorporation, low startup costs, world-class infrastructure and a highly skilled workforce. Singapore stands out as a key area for technological innovation with its strong connections to the ASEAN region, high economic growth, and strong political support for entrepreneurship.
Speaking at the Singapore-France economic forum conference late last year, Singapore’s Deputy Prime Minister Tharman Shanmugaratnam outlined three key priorities to advance their economy of innovation: Improving public policies to cope with disruption, looking at the “innovation spread” to address widening gaps between high performing companies and others, and addressing productivity and skills with significant reinvestment in education and training.