IPI: Championing enterprise innovation in Singapore
In 2021, IPI celebrated its tenth anniversary since its inception as a public-funded innovation intermediary in Singapore, a city-state with a strong focus on innovation as an economic growth strategy. Among the many initiatives promoted by the government agencies is open innovation — an approach th...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2023
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| Online Access: | https://ink.library.smu.edu.sg/cases_coll_all/438 https://smu.sharepoint.com/sites/admin/CMP/cases/SMU-22-BATCH%20%5BPDF-Pic%5D/SMU-22-0032%20%5BIPI%5D/SMU-22-0032%20%5BIPI%5D.pdf?CT=1674189054414&OR=ItemsView |
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| Institution: | Singapore Management University |
| Language: | English |
| Summary: | In 2021, IPI celebrated its tenth anniversary since its inception as a public-funded innovation intermediary in Singapore, a city-state with a strong focus on innovation as an economic growth strategy. Among the many initiatives promoted by the government agencies is open innovation — an approach that enables firms, both large and small, to pursue innovation with the help of external expertise or partners, as few could innovate effectively on their own.
As a neutral party facilitating collaboration between the local SME community and technology innovators in developing new products, services, and processes, IPI is the missing element that plugs the gap in the local innovation ecosystem. Its value proposition includes reaching a wider network of partners, acquiring industry-specific knowledge insights, and identifying and catalysing new market opportunities for licensing technology by a multidisciplinary team.
Over the past decade, IPI has grown into a trusted intermediary for thousands of companies that are either seeking or offering innovative solutions. However, IPI is still unknown to many among the 300,000 plus SME community in Singapore. Wong Lup Wai, who took the helm as CEO in 2019, has set out to rebrand IPI’s identity and strengthen its service offerings. He concedes there is still much work to be done. What factors will help IPI succeed in the next decade? How can IPI scale its key services to create an even more vibrant innovation community for SMEs?
Through a discussion of this case, students will be able to explain the concept of Open Innovation, describe the role of an innovation intermediary and determine the best business model for a public innovation intermediary. They will also learn to identify improvements that could increase the effectiveness of an intermediary’s operations. The case is useful for undergraduate, postgraduate, and executive education courses on innovation, technology, and entrepreneurship. |
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