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Singapore execs believe in the power of innovation

Anushkar Mohinani | Feb. 1, 2012
A recent survey reveals that Singapore ranks high in terms of optimism about the outcomes of innovation.

A recent survey of 3000 business executives from over 200 countries showed that Singapore business executives perceive innovation as a key driver of economic growth, competitiveness, job creation and prosperity. 

Commissioned by GE and conducted by research firm StrategyOne, the second annual Global Innovation Barometer perception survey revealed that 71 per cent of Singapore respondents believe innovation is a key business driver, in contrast to Australia and the United States (58 per cent), France (49 per cent), Japan (43 per cent), Germany (54 per cent) and South Korea (61 per cent).

The survey further revealed that 89 per cent of Singapore respondents see innovation as the main ingredient for a more competitive national economy. 87 per cent believe that innovation is the best way to create jobs in their country.

Beyond economic growth, 80 per cent of Singapore respondents compared to 70 per cent of global executives believe innovation can successfully improve people’s lives.

Perception of Singapore

According to the findings, Singapore executives have a positive perception of their country’s environment for innovation. 93 per cent agree that the environment for innovation has improved over the last five years. This is above the global average of 82 per cent.

“Singapore’s results reflect the country’s drive towards innovation, which is growing as a result of strong government support and firm collaborations between the business and the government,” said Stuart L. Dean, chief executive officer of ASEAN for GE Global Growth and Operations.

Furthermore, according to the study, the economic uncertainty has had a marked impact on companies’ ability to innovate, with nine out of 10 executives globally reporting increased difficulty accessing external funding or a conservative shift in appetite for risk. On the other hand, the study also indicated that Singapore respondents are generally positive despite the challenges, demonstrating a belief in the country’s resilience and preparedness in the face of oncoming changes in the global economy.

 

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