Driving business growth through partnerships and open innovation

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.

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.