Firms hope for support midway through long R&D projects
The Straits Times|February 20, 2023
That will spur innovation, they say; more help urged to deepen local talent pool
Clara Chong
Firms hope for support midway through long R&D projects

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.

This story is from the February 20, 2023 edition of The Straits Times.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the February 20, 2023 edition of The Straits Times.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM THE STRAITS TIMESView All
The Straits Times

Respect ban on Elena's coach, says Swiatek

Iga Swiatek believes the WTA's decision to ban Elena Rybakina's coach Stefano Vukov for breaching the tour's code of conduct should be respected and the process behind it should be trusted.

time-read
2 mins  |
February 18, 2025
1% Chance To Defeat Real: Pep
The Straits Times

1% Chance To Defeat Real: Pep

City boss knows his side face mountain to climb at Bernabeu in 2nd leg of play-off

time-read
3 mins  |
February 18, 2025
Price Of Sustainability
The Straits Times

Price Of Sustainability

Hotel overhauls, changes in food sources to add to cost of greener stays

time-read
7 mins  |
February 18, 2025
Is DEI Really Dead?
The Straits Times

Is DEI Really Dead?

Behind the headline-making war on diversity programmes by the Trump administration lies a more complex reality.

time-read
7 mins  |
February 18, 2025
A messy doping case, a troubled sport, a poised player
The Straits Times

A messy doping case, a troubled sport, a poised player

As words go, poise is a pretty one. It denotes equilibrium under stress and composure in crisis.

time-read
3 mins  |
February 18, 2025
Fight travel lethargy at wellness space in T2 transit area
The Straits Times

Fight travel lethargy at wellness space in T2 transit area

A new wellness space designed to help passengers combat travel lethargy has opened in the transit area of Changi Airport Terminal 2 (T2), said operator Changi Airport Group (CAG) on Feb 17.

time-read
2 mins  |
February 18, 2025
Singapore's Key Exports Resilient Despite Dip in January Amid CNY Period
The Straits Times

Singapore's Key Exports Resilient Despite Dip in January Amid CNY Period

Singapore's key exports remain resilient even though they contracted in January amid the Chinese New Year period, following two consecutive months of expansion in November and December 2024.

time-read
3 mins  |
February 18, 2025
Alibaba's Jack Ma shakes Xi's hand at meeting of China's business titans
The Straits Times

Alibaba's Jack Ma shakes Xi's hand at meeting of China's business titans

Ma's appearance signals Beijing's desire to inject confidence into the private sector

time-read
3 mins  |
February 18, 2025
The Straits Times

Singapore's 2035 climate targets feasible but collaboration, geopolitical stability vital: Experts

Road to 2035: Driving down emissions

time-read
3 mins  |
February 18, 2025
The Straits Times

Japan's Peach airline warned after pilot breached alcohol ban

Japan's low-cost carrier Peach Aviation received a warning from the Civil Aviation Bureau after the captain of a Jan 7 flight from Singapore to Kansai drank two cans of beer despite a pre-shift alcohol ban, and skipped an alcohol test before operating the plane.

time-read
1 min  |
February 18, 2025