Why aren’t enough SMEs innovating?

SINGAPORE (Aug 15): “Innovation is the driving force of the sustainable growth of the nation and enterprises,” said Thomas Chua, president of Singapore Chinese Chamber of Commerce & Industry (SCCCI), during a press conference last Friday. Yet, it appears Singapore’s small-medium enterprises (SMEs) are not innovating enough.

Based on the findings of a survey conducted by SCCCI and NUS Business School associate professor Sarah Cheah, only half or less SMEs across the manufacturing, construction and services sectors are engaged in innovation efforts – with fewer than 35% having invested in innovation activities in the last two years.

Here are the main reasons why the remaining over-65% are reluctant to invest in innovation efforts:

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