What this is about:
Research and development (R&D) of new innovative offerings and products is not something only big corporations can do. Small businesses and SMEs can leverage R&D to compete on and lead the market too. For SMEs that have an innovative idea for a new product or service, there are many ways R&D can help bring your company to the next level of growth:
- Unique selling point - R&D can help you develop unique products and services. These do not always have to be entirely new. R&D can drive product improvement or innovation within the existing business offering.
- Income - unique products and services resulting from successful R&D projects can bring financial benefits to the business. This is usually through generating new or enhanced income streams, but R&D can also attract potential new investors to your business.
- Funding - doing R&D can have cost implications for small business. However, R&D can also offer many opportunities for businesses to seek public-sector innovation, research and development grants or even EU funding for innovation.
- Competitive edge - through R&D, you can develop an advantage over your competitors and establish yourself as leaders in the market. Development of new products and services can also generate new intellectual property for your business which could further benefit you financially.
- Collaboration - collaboration can be a key element of any R&D project, and is often crucial to achieving success. Collaboration can take place between your business and another enterprise, university or college. It allows for the transfer of skills and knowledge, and access to testing facilities, expertise and potentially new ideas that would otherwise be out of reach of your business.
- Reputation - engaging in R&D can help you strengthen your brand and reputation. If you are collaborating with a trusted, reputable partner or a strong scientific institution, the commercial success of resulting products and services can benefit from their involvement.
Top relevant grants:
1. EDG- Innovation and Productivity: Product Development
This grant helps established SMEs (not startups) develop new innovative technology and offerings, with the end goal of commercialisation and creating new revenue streams.
Supportable activities include:
2. International Co-Innovation Program by Enterprise Singapore
International co-innovation programmes assist Singaporean SMEs' growth and internationalisation by supporting R&D projects that catalyse cross-border collaboration on technology development and co-innovation. By working with an international counterparts, your company can get funding support to R&D/co-innovate solutions, test-bed them and scale up into the region together. International partnerships have been set up with the EUREKA Network (14 countries), France, Germany, Israel and Shanghai.
3. Open Innovation Network Program by Enterprise Singapore
A directory of challenges proposed by companies or agencies inviting solutions from solvers. Innovators, startups or enterprises can use the OIN to search for relevant challenges to join, and seek out co-development and test-bedding opportunities with local and global companies. Solvers (i.e. solution developers) can get support and funding to R&D and test their products’ market fit, widen the commercial application of their solutions, and build credibility and capabilities as innovators and researchers.
4. Startup SG Tech
Through Startup SG Tech, Singapore-based companies may receive early-stage funding for the commercialisation of proprietary technology that (i) is of breakthrough level of innovation, (ii) lead to or build on proprietary know-how/IP, and (iii) is commercially viable. It supports Proof-of-Concept (POC) and Proof-of-Value (POV) for commercialisation of innovative technologies. It is a very challenging grant to secure.
This grant helps established SMEs (not startups) develop new innovative technology and offerings, with the end goal of commercialisation and creating new revenue streams.
Supportable activities include:
- Assessment of market viability.
- Evaluation of potential demand and user understanding.
- Development of product roadmap and proposed functionalities for the product.
- Demonstration of market validation.
- Development of commercialisation plan.
- Review of IP considerations.
- Development of prototype and small batch production.
2. International Co-Innovation Program by Enterprise Singapore
International co-innovation programmes assist Singaporean SMEs' growth and internationalisation by supporting R&D projects that catalyse cross-border collaboration on technology development and co-innovation. By working with an international counterparts, your company can get funding support to R&D/co-innovate solutions, test-bed them and scale up into the region together. International partnerships have been set up with the EUREKA Network (14 countries), France, Germany, Israel and Shanghai.
3. Open Innovation Network Program by Enterprise Singapore
A directory of challenges proposed by companies or agencies inviting solutions from solvers. Innovators, startups or enterprises can use the OIN to search for relevant challenges to join, and seek out co-development and test-bedding opportunities with local and global companies. Solvers (i.e. solution developers) can get support and funding to R&D and test their products’ market fit, widen the commercial application of their solutions, and build credibility and capabilities as innovators and researchers.
4. Startup SG Tech
Through Startup SG Tech, Singapore-based companies may receive early-stage funding for the commercialisation of proprietary technology that (i) is of breakthrough level of innovation, (ii) lead to or build on proprietary know-how/IP, and (iii) is commercially viable. It supports Proof-of-Concept (POC) and Proof-of-Value (POV) for commercialisation of innovative technologies. It is a very challenging grant to secure.
How Real Inbound can help:
- Assessment of market viability for product/offering to R&D
- Evaluation of potential demand and user understanding
- Development of product roadmap and proposed functionalities for the product
- Demonstration of market validation
- Planning for required R&D manpower, hardware and software, materials and consumables and other related expenses
- Managing the technology development roadmap, milestones, timelines and phases (Proof-Of-Value, Proof-Of-Concept, Prototype, Minimum Viable Product, etc.)
- Provide end-to-end support in securing and claiming government grant funding of up to 80% of qualifying costs.
This service is suitable if your company:
- Is registered and operating in Singapore with more than 30% local shareholding held by individuals
- Is established for more than 3 years
- Has most recent full-year revenue of above SG$800,000
- Already has at least one core product it has successfully commercialised and is earning revenues from
- Has not started on R&D work- but already has a clear idea, designs and specifications of what is to be developed
- Has already done initial studies and analysis to confirm a viable market opportunity
- Has intention for R&D activities to be based in Singapore, with all resulting intellectual property rights owned in Singapore
- Is expecting total R&D cost of over $150,000
- Is developing a new offering that is innovative compared to what is available in the industry now
- Is able to secure at least 3 Letter-of-Interest by potential commercial customers of the new offering
- Has not applied or claimed any other R&D grants for a similar development
- Has enough cash to finance the full R&D cost before grant disbursement at the end of the project
If your company fulfils the above conditions, please contact us to find out more about how we can help.
Useful references:
Coming soon.