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Tharman Shanmugaratnam: Singapore needs DISRUPTIVE PLAYERS to move from an upper-middle-income economy to a truly advanced economy

Posted by on Jul 7, 2014 in Commentaries | 0 comments

Mr Tharman Shanmugaratnam said at the DBS Asian Insights Conference on 4th Jul 2014, that Singapore needs more “disruptive players in every sector” – companies and people who seek different ways to do business without relying on more manpower.

Mr Tharman left no doubt, that the government will continue to keep manpower tight in the future and that the only way companies can remain competitive, is to innovate.

This underscores the first point in our earlier article “4 Signs Why your Business will need to Innovate in the New Economy” where we listed four imperatives for innovation in an advanced economy:

1) Factors of Production

2) Sophisticated Domestic Demand

3) Supporting Workforce and Industries

4) Domestic Rivalry

It is unlikely, that Singapore will return to the formula of relying on cheap labour for its competitiveness.  As mentioned in our earlier article, the residents of Singapore are sophisticated buyers with high expectations on products and services.   Businesses and companies must take this opportunity to tap on the confluence of these factors to leap in front of their rivals through innovative products, services and solutions in their respective businesses and industries.  To do so, businesses and companies must equip their people with the skills to innovate.

To date, design thinking is the most comprehensive set of knowledge, skills and techniques available to enable companies to fast track towards an innovative culture.

Do let us show you how The Beanstalk Creative™ Design Thinking can be your partner on this exciting journey…

Contact Chris Long:
email chrislong@magicbeans.com.sg 
mobile +6598182033

 

 

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