Exporting innovation is the way to go
Innovation and going global must work hand in hand for countries to succeed
In August, Enterprise Singapore chairman Peter Ong suggested a simple but radical idea.
In the future, he said, Singaporean companies should see innovation and internationalisation as one process, not two separate tracks.
As the first Her Majesty's Trade Commissioner for Asia-Pacific, this is an idea I believe has far-reaching potential for both Britain and Singapore.
Historically, rich industrial countries thought of innovation as a domestic process. First you came up with products or services at home. Then you exported them.
But Singapore's experience tells us this is no longer quite right. In fact, the two processes are deeply linked.
Companies that venture abroad are more likely to become innovative, as they learn and pick up new ideas.
By looking to innovate at home, you are also more likely to go abroad, in part to develop the kinds of partnerships and joint ventures upon which global innovation often depends.
Getting this balance of innovation and internationalisation right is critical to countries such as Britain and Singapore, both of which are export-driven trading economies.
To begin this process, Britain recently created a new network of nine Her Majesty's Trade Commissioners around the world to strengthen partnerships in overseas markets.
My role covers North-east Asia, South-east Asia and Australasia. I am thrilled to be based in Singapore as this is not only a great landing point for innovative British companies but also a great launchpad for the opportunities of the Asia-Pacific.
One of my first commitments here is to welcome more than 30 leading British tech companies to a joint showcase event with PwC Singapore, bringing expertise in areas from artificial intelligence (AI) and smart cities to health tech and cyber security.
Some of these companies are already winning business.
Take Metasphere, an innovative British venture specialising in telemetry and robotics, which is working with Singaporean telcom companies on smart cities.
There is still a good deal Britain can learn from Singapore.
Singapore recently launched its Industry Transformation Maps, to develop important industries, as well as a new International Partnership Fund, to help domestic companies scale up globally.
The formation of Enterprise Singapore as the agency championing enterprise and industry development provides a further basis for Britain-Singapore collaboration to strengthen, not only here but across the region.
Britain's strengths in technology and innovation flow from our universities, our incubators and accelerators, and our technology companies.
We are by far Europe's leading destination for tech investors. Since June 2016, London alone received more than £5 billion (S$9 billion) in venture capital funding, more than France, Germany and Sweden combined.
Part of Britain's approach is to build on this by forging new, long-term partnerships between business, academia and government, which can tackle barriers to growth and boost productivity in specific sectors.
Six deals have been announced so far, in areas such as AI and life sciences. The AI deal alone is worth almost £1 billion and includes nearly £300 million of private investment.
But we want to do more, especially to promote exports.
Research suggests companies that export grow faster, offer better paid jobs and are more productive.
Singapore has learnt that the discipline from competing with the world's best is also one of the best routes to building an innovative economy.
The writer is the first Her Majesty's Trade Commissioner for Asia-Pacific. This is an edited version of an article that appeared in The Business Times last Thursday.
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