Driving business growth through partnerships and open innovation

Driving business growth through partnerships and open innovation
Enterprises get ready to tap on the latest technologies from around the globe at TechInnovation 2017

19 September 2017 – The sixth edition of TechInnovation opened at Marina Bay Sands Expo and Convention Centre today. The two-day technology-industry brokerage event organised by IPI Singapore, convenes technology providers and seekers from all over the world to explore technology collaboration opportunities through open innovation. Guest-of-Honour Mr S. Iswaran, Minister for Trade and Industry (Industry) delivered the opening address.

This year, 60 thought leaders, industry experts and leading researchers will share insights on emerging trends, present technology opportunities available for commercialisation and invite the innovation community to co-create solutions to address their innovation challenges. Over 160 exhibitors from 30 countries will showcase more than 400 licensable technologies in four key technology themes – Services and Digital Economy, Advanced Manufacturing & Engineering, Health & Personal Care and Urban Solutions & Sustainability. More than 3,000 delegates from over 40 countries are expected to attend the annual event.

The Innovation Journey – Celebrating New Beginnings and Commercialisation Success

TechInnovation is focused on driving partnerships to seed licensing opportunities, foster open innovation collaborations and accelerate development and time to market.

This year sees multiple collaborations, including the formation of the Singapore Medtech Consortium (SMC), led by precision engineering small and medium-sized enterprise (SME) Racer Technology and supported by SPRING Singapore, International Enterprise (IE) Singapore and Singapore Precision Engineering and Technology Association (SPETA). This consortium is the first-of-its-kind industry-led group of five complementary manufacturing SMEs, formed to provide end-to-end manufacturing solutions in the areas of in-vitro diagnostics, active and non-active medical devices, wearables and life science tool consumables. The companies will hunt for overseas business deals from MNCs as a group to move up the manufacturing value chain to become core suppliers to medtech MNCs. The capabilities gained in the process may also provide opportunities for these SMEs to become original design manufacturers.

“Collaboration is key for businesses to stay competitive. Through partnerships and joint development projects via Partnerships for Capability Transformation (PACT), SMEs and startups can co-innovate and accelerate their growth. I am heartened to see the industry taking the lead to form the Singapore Medtech Consortium, by bringing complementary parties in the value chain together to create greater value for its customers. We look forward to see more of such business partnership models,” said Mr Ted Tan, Deputy Chief Executive of SPRING Singapore, and Chairman of IPI.

A technology collaboration that stemmed from TechInnovation four years ago has come to fruition. Institute of Technical Education (ITE), National University Hospital (NUH) and National University of Singapore (NUS) co-developed a cost-effective positioning and stabilising solution for Percutaneous Nephrolithotomy (PCNL) surgeons, named Percutaneous Access to Kidney Assist Device (PAKAD). The prototype was exhibited at TechInnovation 2013 and attracted HCMT Holdings Pte Ltd (HCMT) to pursue a joint collaboration in the final development work and commercialisation. Through Invivo Medical Pte Ltd (Invivo Medical), a start-up funded by HCMT, the medical device will be commercialised and a licensing agreement was signed between Invivo Medical, ITE, NUH and NUS on 29 August 2017. Sales of the device are expected to reach S$25 million over the next five years.

“This is an excellent example of industry-institution partnership to develop innovative and integrated solutions to improve productivity and processes. We are grateful to NUH, NUS and Invivo Medical, to enable ITE to create and patent the Percutaneous Access to Kidney Assist Device (PAKAD) for safe kidney surgery,” said Ms Low Khah Gek, CEO, ITE.

“The success of TechInnovation is underpinned by the spirit of collaboration. IPI is encouraged that enterprises are recognising the benefits of looking beyond their organisational boundaries, and working with external partners with complementary technological capabilities to open new opportunities. With the support of our local innovation and enterprise community and international network of technology partners we look forward to catalysing and enabling enterprises to grow their businesses through technology adoption,” said Professor Lam Khin Yong, Executive Director of IPI.  

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