07 Jan 2019 Israeli Companies Looking for Singapore R&D Partners: Factors to Weigh
Companies which would like to collaborate on a technological project has to meet on a specific platform to allow for an effective outcome. Under the Singapore-Israel Industrial R&D Program (SIIRD), joint research and development projects from qualified companies from both countries can receive funding from SIIRD. A Full-Scale R&D and Commercialization Project can get a co-funding cap of up to US$1 million which include up to US$30,000 for its commercialization activities. The agency can shoulder up to 50% of the total qualified project costs for a full duration of up to 2 years.
Under the Mini R&D and Commercialization Project Grant, SIIRD can shoulder up to 50% of the total qualified project costs with a maximum funding cap of US$200,000 which include up to a US$30,000 grant for commercialization purpose. Project duration shall not exceed one year. SIIRD also provides funding for Feasibility Studies provided they meet the qualifying specifications set out by SIIRD.
The amount of funding and the type of grant a company can receive is dependent on the scope decided. Grant approvals for R&D projects are subject to assessment from independent professionals in both countries. Evaluated proposals are submitted to the Board of Approval which convenes two times per year
Before a company can apply for these research grants and funding, below are some things they will need to take note.
Under the SIIRD funding policies, private companies can apply for assistance by submitting their applications to the agency. Applying companies, both Singaporean-registered and Israeli-registered, are not to have more than 20% shareholding in their partnering companies. Project research and development activities will be done in both countries with each partner sharing at least 30% of the whole effort. Grants are only given to R&D projects that are viable for commercialization.
Singapore is strategically located in the Asian continent situated right within its center. It is the gateway between the East Indies, Central Asia, and almost every corner of the continent. Because of its strategic location, Singapore has played an important role in the continents early history. The country was colonized by the British, occupied by the Japanese, and finally became an independent Republic. Though the country and Israel has had a cordial relationship over the course of the centuries, the founding of the Singapore-Israel Industrial R&D Foundation solidifies close ties.
Although it is not painfully difficult as one might possibly think, Israeli companies looking for a Singaporean partner must share the same business goals for effective collaboration. Singaporeans are known to be meticulous people who are driven to succeed. Companies looking for a Singaporean R&D partner should be able to understand the intricacies of Singaporean business behavior to facilitate an effective outcome.
Understanding the core value proposition and what the project is about will help you understand the concepts of delivery and task administration. Total immersion with your partnering company’s work culture will help you deal with and understand how they reliably fulfill their tasks. Because SIIRD requires participating companies to share at least 30% of the R&D work, having a structured guideline can be helpful for the fulfillment of timely deliverables.
Resource sharing is also one critical aspect of being able to reach your intended goals as it can bring more weight to your R&D project than on the actual product creation. A clear-cut definition and division of resources have to be considered so both members have the opportunity of improving their own systems. This limits initial outlay costs including product prototyping, research document access and much more.
As finance can be a crucial consideration before every actual production, results monitoring also has to be accorded with. Both companies must have a solid communication process to augment processes and have everything in place. This can be a key challenge considering that Singapore and Israel do not lay close to each other. The key challenge to good partnership often lies not with the location, but on how each company strikes a balance between R&D management and nurturing the partnering spirit. When this is achieved, the partnership is likely to succeed.
Israeli companies looking for the right Singaporean partner should not find it difficult to look for a partner but has to dig deeper into what their need to achieve. Singaporeans are industrious people who can reliably and cooperatively work with the right partnerships. SIIRD can also organize R&D partners matchmaking for companies in both countries looking for an R&D partner. This facilitation is a convenient way of reaching out to a company from either county having the same precepts and business objectives.