Alvin How, Chief Technology Officer at IPI, advises innovators to leverage open innovation and platforms like TechInnovation to overcome obstacles and accelerate growth.

 

Asia’s innovation scene is entering its golden era—bursting with fresh, game-changing ideas that have the potential to transform our daily lives. Indeed, in 2023, the region was the birthplace of nearly half of the world’s patents, reflecting Asia’s meteoric rise in contributions toward technological advancement.

Yet, scaling for startups and SMEs against this competitive backdrop remains a significant challenge. Whether it’s resources, funding or expertise, companies face obstacles abound.

Open innovation, with collaboration at its centre, offers a way forward to surmount these obstacles. With the help of platforms like IPI’s flagship event, TechInnovation, nascent companies can gain access to state-of-the-art technologies and dynamic partnerships that spur growth and break barriers to innovation.

 

Keeping a keen eye on trends and opportunities

It is important for innovators to monitor trends and opportunities in the market. By keeping abreast with changes in demand, companies can innovate or pivot toward relevant consumer needs, tweaking products and strategies to stay ahead of the competition.

TechInnovation curates its themes around ‘hot’ topics for the year—including areas where IPI is actively working with its partners. For instance, broader themes like artificial intelligence and sustainability are further distilled into more specific sessions that offer targeted value to attendees.

“For example, last year we covered carbon emissions, and this year we are turning our attention to clean energy and circular economy for food,” said Alvin How, IPI’s Chief Technology Officer.

This year’s theme, Sustainable Urban Living, will explore green building, future foods and transformative medical technologies. These are no longer merely buzzwords in today’s general lexicon. By staying ahead of these trends, startups and SMEs can not only spot new areas for growth but also position themselves as early movers in emerging sectors.

 

Show me the money

Targeting strategies is another way startups and SMEs can make the best use of limited resources. Panel sessions and keynote speeches at TechInnovation are carefully curated to offer practical insights that help companies understand where they can locate growth opportunities.

“We want to show companies where the money is,” Alvin said, offering advice, especially for startups and SMEs whose resources are often limited. “We want to empower them with the knowledge of picking and choosing which basket to put their eggs in—they can’t spread their resources too thin.”

By bringing in a diverse range of speakers from a plethora of industries and countries, each offering unique perspectives and actionable insights, IPI helps companies find their ‘north star’. “We want the right people in big companies because they can speak to their experiences,” added Alvin.

One of the sessions Alvin is particularly excited about takes place on day two of the event, which focuses on ‘navigating entry into new markets'. This panel will feature a diverse group of international business leaders, sector stewards and practitioners—including innovation advisors, government officials and entrepreneurs. To help attendees better understand how they can enter new markets, speakers will discuss practical tips and entry strategies, as well as nuances businesses must consider before moving into new markets.

“Companies want to go overseas, but the crux of the challenge is figuring out where the best opportunities are,” Alvin said. Crucially, this session will address these challenges and provide a roadmap for breaking into new, international markets.

The third day of the event will also see a particularly exciting session with The Financial Times exploring the possibility of ‘accelerating healthcare technologies’ in the region. With long periods of development for healthcare innovations, the panel will discuss funding initiatives and programmes to bring new technologies from bench to bedside faster.

Additionally, IPI’s Innovation Advisors (IAs) will be more involved in TechInnovation this year. On top of being speakers, they will hold masterclasses and one-to-one clinics with participants to share their expertise.

 

Networking for new leads

When it comes to scaling technology, collaboration is an unmistakable ingredient during the process. Exhibitors from a wide range of industries showcase their latest innovations, providing attendees with the opportunity to see, touch and experience emerging technologies.

“We always encourage our exhibitors to bring their prototypes—something tangible—so that attendees can touch and feel the technology, which can spark more meaningful conversations and connections,” added Alvin.

This hands-on experience can make all the difference for startups and SMEs looking to forge strategic partnerships. These networking opportunities also go beyond surface-level exchanges—they can be a catalyst for long-term partnerships.

One example is the Singapore-based consumer health company Good Pharma Dermatology, which collaborated with the Consumer Chemicals Technology Centre at Singapore Polytechnic to assess the feasibility of converting the company’s liquid body wash into a concentrated version that has greater environmental benefits, after a meeting at TechInnovation 2021. Such partnerships allow smaller companies to pool resources, tap into new expertise and scale more effectively through open innovation.

 

Onwards and upwards

Innovation never stops and the benefits of TechInnovation do not end when the event draws its curtains. IPI plays an active role in supporting companies as they bring their technologies to market.

“After the collaboration begins, we guide companies through any challenges that arise,” explained Alvin. This often involves navigating issues like contractual disagreements, or even cultural differences when companies from different countries work together. “Sometimes, we have to step in as a mediator to keep things on track.”

Beyond resolving conflicts, IPI’s IAs offer tailored advice to help companies refine their go-to-market strategies. “They help the companies bring their innovations out to the world” Alvin added. “For instance, the IAs provide insights on scaling effectively, helping startups and SMEs explore new revenue streams while growing their business.”

By supporting Singapore’s entrepreneurs and bringing in regional participants, IPI aims to create partnerships across Southeast Asia and unlock new opportunities for innovators while reinforcing Singapore’s position as a regional innovation hub.

 

Interested to attend TechInnovation? Click here https://www.techinnovation.com.sg/2024 to reserve your complimentary visitor pass now!