Encouraging Innovation in business – The new idea scheme

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Innovation is key if you want your business to stand out in today’s globalised market. The successful exploitation of new ideas is not only a way to bring new services and products to the market but also to improve profitability.

The pro-enterprise panel, a platform under the Ministry of trade and industry has launched the new idea scheme that allows businesses to better develop new innovations or ideas that they come up with. This scheme ultimately assists businesses in collaborating with multiple regulatory agencies in facilitating new ideas.

Being ideas that have never been tried before, new innovations will always run into regulatory issues. The new scheme attempts to tackle this obstacle by allowing the companies an outlet to go to when they are unsure of the administrative processes involved in developing their idea.

The scheme has assisted 18 companies since its launch in March 2019. The companies that it has assisted thus far cover a wide range of sectors such as healthcare, transport etc.

Schemes such as this promote the creation of new innovations and encourages businesses to develop unique ideas to stay on top of the market. This collaboration between regulatory agencies and business will improve not only an individual business, but the collective economy as well.

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