Collaborative innovation is one of the key concepts that set Destinations 3.0 apart from others, and one of the main sources of competitive advantage. Singapore –the second most competitive economy worldwide according to the World Competitiveness Index- is an example of best practices in collaborative innovation between the public and private sector.
The Singapore Government launched about five years ago a Public Private Co-Innovation Partnership (CI Partnership) programme to encourage the co-development of innovative solutions with the private sector to meet the government’s longer term needs. The initiative was inspired by part of the recommendations of the Singapore Ministry of Finance Economic Strategies Committee (ESC) in which it was included the idea that Co-Innovation would be a new growth path for companies.
The programme involves the Government committing $450m over 5 years to fund such collaborations. For each of these projects, companies interested in co-developing solutions with the Government can apply for funding to do so.
The CI Partnership works on a public-private problem-based approach to innovation. Public agencies first define Government’s needs where there are no identified “off-the-shelf” solutions. Interested companies can then submit their proposals and ideas for projects to the agencies. Depending on the project, promising proposals can be funded to test the feasibility of the concept, develop prototypes or to test-bed the solution.
Interested companies can log on to the co-innovation website at http://www.coinnovation.gov.sg in which is possible to read Government explanation for the programme:
“Today, in an increasingly complex environment, Government faces many challenges and needs that do not have existing solutions. Singapore companies have the innovation potential to meet those needs. The central idea behind the CI Partnership is that Government can better serve the public through innovations borne out of public-private partnership”.
This article is from www.co-society.com/co-innovation-will-new-growth-path-companies-singapore-considered