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Singapore’s investment in research, innovation and enterprise over the last five years have yielded a more research and development intensive economy as well as a growing deep tech ecosystem, said NRF in the press release.\u00a0<\/p>\n
Business expenditure on research and development rose to S$8.1 billion in 2022 from S$4.2 billion in 2012, with the number of industry researchers also increasing by 25 per cent in the same period.\u00a0<\/p>\n
In the past five years, Singapore’s deep tech startups have attracted US$1 billion and above of venture capital funding each year, which accounts for 20 per cent of total venture capital investments in Singapore, NRF noted.\u00a0<\/p>\n
Deep tech refers to technologies built on significant scientific or engineering breakthroughs, such as innovations in AI, advanced materials and biotechnology.\u00a0<\/p>\n
Overall, venture capital investments rose to US$6.1 billion in 2023 from US$4.1 billion in 2020, reflecting the “growing commercial potential” of Singapore-based startups, said the foundation in the press release.\u00a0<\/p>\n
When asked if Singapore may commit a larger proportion of its GDP to investing in research, innovation and enterprise, Mr Heng noted that the country is also hoping to invite more private sector investments in the area.\u00a0<\/p>\n
The government has had “many discussions” with companies about what they need about what researchers are doing, to better understand the industries’ needs, he added.\u00a0<\/p>\n
“This very symbiotic relationship between researchers and companies is a strength, and therefore, what we must seek to do is not just increase the amount of funding … but to use it really well to make an impact.”\u00a0<\/p>\n
Singapore is not planning on increasing the 1 per cent commitment now, but is also not “constrained” by the figure, said Mr Lee.\u00a0<\/p>\n
Investing in research and development should be done on a sustained, long-term basis, he stressed. “It’s not something where you want feast and famine, where I have a big budget surplus, I spend more this year, next year, I’m tight on money, I cut back my projects,” he added.\u00a0<\/p>\n
Research projects last for years and researchers need the confidence that their funding will not be cut suddenly, sending years of work down the drain, said Mr Lee.\u00a0<\/p>\n
“We’ve decided we will keep it stable at about 1 per cent. It’s not small, it’s not exorbitant, but it’s a significant contribution.”\u00a0<\/p>\n
Within that figure, Singapore will find projects that are “scientifically valuable” and relevant to the country. While some projects may be broader, basic research, it has to be “good science” that is “worthwhile” to spend on, he added.\u00a0<\/p>\n<\/div>\n