Innovation is the key factor for the success of any platform, be it an educational institution, workplace, industry, or a business place. Without innovation, the competitive demand to meet the forever growing need of the people cannot be fulfilled. Innovation is undoubtedly vital as it brings change, increases the revenue of a country, causes industrial and business growth, and in doing so, makes the lives of the people better and easier.
During the last few years, Singapore’s government has taken necessary measures to ensure technological growth and innovation through the Research, Innovation, and Enterprise (RIE) plan with an annual investment of $2.8 billion over the last four years from 2016-2019. This initiative has created new startup opportunities and allowed Singapore to compete in the global market. From automation in industrial processes to self-functional vehicles and equipment, there’s no place that innovation has not touched. In Singapore, artificial intelligence being the center of all innovation has made many lives more comfortable. This concept has even been incorporated into online banking, which has been uplifted by smart communicating software for better customer experience. This innovation has also entered the educational sector and made Singapore’s education system bolder and better.
Many of Singapore’s public schools are bringing changes to its curriculum and teaching ways by incorporating smart boards for smarter and more efficient learning. Higher educational institutes have shifted to online teaching by conducting courses at an online platform. Assessment systems have also been introduced at primary school levels to eliminate paper consumption and, in the long run, save and sustain nature. As the educational sector is one of the most basic pillars of any nation and the children of today are the future of tomorrow, it would be erroneous to not invest to the greatest potential in this area. One of the reasons for Singapore’s fast-growing economy is its close collaboration between education and the economy. People are educated about certain technological innovations where substantial growth may be possible, and a group of specialized individuals is put together to works on that dedicated area. This approach dramatically improves the economy of Singapore, allowing it to compete with international competition and even offer opportunities for multinational tie-ups.
The need for engineers has risen in Singapore due to the diverse technology projects being employed there. As of June 2018, 122,500 professionals have been hired as engineers. In Singapore, this commitment to building a knowledge-based economy is boosted by platforms like TechInnovation, which promote innovation by the participation of innovators, investors, partner companies, and businesses, all in one gathering. People with a new idea are provided the opportunity to pitch their thoughts here and look for potential investors. Categories covered in the pitch include but are not limited to sustainability and design, health and care, urban solutions, manufacturing and services, engineering, electronics, and the digital economy. Such platforms also serve as a source of knowledge and enlighten the latest ideas and trends circulating the community, which serves as a plus point for many companies as it keeps them updated about the latest trends and how to compete with them.