Innovation & Risk Management

Innovation & Risk Management
1

Table of Contents
Summarization of Report Plan...................................................................................................3
Introduction................................................................................................................................3
Chosen Industry.....................................................................................................................3
Key Analysis..............................................................................................................................4
Timeline.................................................................................................................................4
Personal Capability Assessment................................................................................................5
Weaknesses............................................................................................................................5
Solutions.................................................................................................................................5
Literature Review.......................................................................................................................6
Collaborative Networking for R&D.......................................................................................6
Technology insourcing...........................................................................................................6
Joint venture and strategic alliance in open innovation.........................................................7
Conclusion..................................................................................................................................8
References..................................................................................................................................8
2

Summarization of Report Plan
Section Content
Introduction Explanation about the report and information about chosen
industry
Timeline To meet deadlines and what is to be done
Personal Capability
Assessment
To identify weaknesses and ways to resolve them
Literature Reviews To identify how theories work and how to apply them to service
industry of Singapore
Conclusion Lessons learnt in entire assignment
Introduction
Chosen Industry
The significance of service sector in the economy of Singapore has increased steadily with
time, mostly in the last decade. Tremendous transformation has been undergone in service
sector over the years as small scale and family owned miscellaneous services drove higher
skilled and higher value-added activities like financial and information technology. The
service sector is comparatively more stable than other sectors and acts as a buffer during
periods of economic recession (Economics Department Monetary Authority of Singapore,
1998).
Singapore has dropped down in ranking in the context of innovation capabilities and
outcomes as it ranked seventh in the Global Innovation Index 2017. It has slipped from sixth
position, which has seen Switzerland dominating the graphs for a seventh successive year
now. Singapore is planning to drive $19 billion in the science and technology sector in the
next five years to become a 'go to' destination as a global innovation and entrepreneurship
3