07 Jan 2019 Singapore Companies Looking for Israeli R&D Partner: Factors to Weigh
Israel has been dubbed as one of the silent players in technological advancement. Literally hundreds of our modern day innovation has its name attached to the country or originated from the country. Among some of the most notable technological innovations coming from Israel include Viber, Waze and the USB Flash drive
The country also stands as a forerunner in medicine and robotics with literally hundreds of research facilities and laboratories aiming to drive technology and innovation further. In the recent years, Israel has tied up with Southeast Asian technological hub, Singapore. Established in 1997, The Singapore-Israel Industrial Research & Development (SIIRD) R&D partnership has been a driving force in the region.
The collaboration and inter-relationship of both countries aims to develop technologies and innovations and improve the existing ones for its commercialization. Grantees of SIIRD are given funding which will be utilized for R&D projects that pass the Board’s screening. Among those SMEs (Small Medium Enterprises) who have received funding and participated in the program includes BBS Telecommunications developing technologies for the PABX systems, key phone and voicemail systems, and integration of computer-aided telephone systems. Israeli derma-cosmetics company Leorex TLD aimed to develop cosmetic lines for the Asian market. They have tied up with Singaporean APN Nutripharm in the research and development of cosmetics targeted for Asians.
Such collaboration proves vital not just for the companies involved, but for the expansion of technology in the region. Each partner also benefits from the joint effort during commercialization. This might be a good opportunity for Singapore to hold its solid grip on the title of a premier technological hub in Southeast Asia. But for Israel, this is a good way of exposing themselves and enhancing the competitive position they have held for a long time.
Singapore is one of the key players in the Southeast Asian economy. Over the course of the centuries, they have transformed themselves from a poor performing country with a nominal per capita GDP of around US$500 to the fifth highest among the cities in the world.
The country also ranks amongst the top industrial countries in the region with a macroeconomic stability that overpasses some of its neighboring countries. The SIIRD cooperation is bound to be one of the most significant programs for the country as it allows them to venture into a new horizon of focusing on technology. Industrialization through technology and innovation is one of the most viable ways of not just competing in the Southeast Asian region, but also being a key global player.
Singapore companies looking for an Israeli partner for their R&D project will not find it hard to look for one. A multi-faceted country with a great outlook for the future, Israel is a country teeming with talent. Their culture and history stems from the fusion of many different races, religion, and lifestyle. Understanding what your company goals are and the objective of the project can help you determine if you are dealing with the right company. One that shares your company culture and value should be a consideration to build a lasting relationship.
For Singaporeans looking for an R&D partner, a competitive edge needs to be your top highlight. Israeli companies who are in the forefront of their market would be highly beneficial in improving the quality of your project’s outcome. You should have the same goals and these goals are shared equally amongst your teams and key players. A good collaboration helps you stay ahead of the competition and allows you to focus all your energies in maintaining momentum.
Cost and risk sharing also has to be considered when looking for an Israeli R&D partner. Even though SIIRD provides the necessary funding, it is imperative that both companies share at least 30% of the actual project research and development, a solid relationship springs from having the same goals.
SIIRD will not endeavor to acquire any patents produced during the R&D agreement. The companies involved will have sole ownership of their technologies during its commercialization.
Both countries have had a cordial relationship in the past and the SIIRD project will deepen the relationship even further. It showcases the talents of both countries aiming to better existing technology and acquiring new ones in the process. Singapore companies looking for an Israeli partner will not find it hard to look for one just as long as you share the same goals and objectives. Beside providing grants and funding, SIIRD can also help you with R&D partner matchmaking so that you can reach out to more suitable partners.