MOUNTAIN VIEW, Calif., Sept. 11, 2012 /PRNewswire/ -- Based on its recent analysis of the applied sciences and technology market, Frost & Sullivan recognizes the Agency for Science, Technology and Research (A*STAR), Singapore with the 2012 Asia Pacific Frost & Sullivan Award for National Innovation Development. The award lauds excellence in driving development by implementing strategies that proactively create value for investors in applied sciences and technology.
"While research and development (R&D) has been increasingly occupying center stage as a key factor for sustainable long-term economic growth, translating R&D investments into palpable competitive advantages for the economy is a continuous challenge for economic development agencies," noted Frost & Sullivan VP, Emerging Market Innovation and Economic Development Innovation, Sath Rao. "A*STAR has taken a three-pronged approach to ensure that the right infrastructure, opportunities and incentives exist for the active promotion of innovation: the establishment of research facilities that allow world-class research; the development of the nation's technological prowess with focus on growing Singapore's economy, catalyzing new growth areas; and the development of human capital."
A*STAR is focused on developing and augmenting the image of Singapore as a global innovation capital. The agency's expertise is vested in 20 biomedical sciences and physical sciences and engineering research entities, which are categorically prioritized under the Biomedical Research Council (BMRC) and Science and Engineering Research Council (SERC). The high level of research dedication is matched by an equally stellar funding capability. The focus on a diverse research agenda has facilitated an integrated multi-disciplinary approach.
Singapore ranks as the third-most competitive city in the world out of 120 cities in the First Benchmarking Global City Competitiveness Report (2012), and also the third-most innovative country in the world (2012) by INSEAD's Global Innovation Index for the second consecutive year. A*STAR has played a vital role in attracting and retaining foreign investment into Singapore. The agency's emphasis on innovation has helped position Singapore as a knowledge-driven economy.
A*STAR started with a focus on engineering and sciences but advanced to develop an equal emphasis on biomedical- and healthcare-related R&D, and innovation activities related to small and medium enterprises. It collaborates with hospitals, universities, and companies in various industry sectors, such as engineering, manufacturing, infocommunications, biotechnology, and pharma on augmenting technology and research capabilities. The establishment and extension of Fusionopolis and Biopolis have greatly enhanced the attractiveness of Singapore as an R&D destination.
Further, A*STAR leverages the open innovation policy adopted by private and public sector companies that involves partnering with the agency for innovation and R&D. A*STAR collaborates with companies with the mission to create and enhance value. Its impressive list of partners includes renowned companies such as Glaxo SmithKline, Proctor & Gamble, Nikon, Bosch, and Honeywell, among many others. This agency also provides specialist assistance to small and medium enterprises to enhance their productivity.
"These efforts reflect Singapore's vision to provide new value added technologies, based on visionary innovation. This is having an impact on the global economy and the investment community is taking notice," said Frost & Sullivan Chairman, David Frigstad.
A*STAR—through its multi-disciplinary approach, diversity in local and international talent and scholarship programs—imparts technological knowledge to the upcoming workforce, enabling it to effectively and efficiently leverage advancements in science and technology to contribute positively to economic development.
A*STAR has worked dedicatedly in facilitating research that catalyzes environmental sustainability. The agency is closely involved with private and public sector participants to render its own expertise in R&D and innovation. In addition, it follows a "concierge approach," whereby it facilitates co-ordination with government agencies, hospitals, universities, and other associations to collate the right resources required to add value to investors and other ventures in Singapore.
Overall, A*STAR has been continuously evolving over the past decade, developing pioneering strategic initiatives that have increasingly helped Singapore become a major innovation hub in Asia. For ensuring that Singapore possesses the advantages it requires when it comes to science and technology innovation robustness, the agency is the worthy recipient of the 2012 Asia Pacific Frost & Sullivan Award for National Innovation Development in the applied sciences and technology market.
Frost & Sullivan presents this inaugural National Innovation Development Award to the agency that has improved and nurtured the innovation ecosystem of a country. The award recognizes the agency's inordinate focus on enhancing a country or region's science and technology competence, beyond simply positioning itself as a mere channel to invest.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
About Agency for Science, Technology and Research
The Agency for Science, Technology and Research (A*STAR) is Singapore's lead public sector agency that fosters world-class scientific research and talent to drive economic growth and transform Singapore into a vibrant knowledge-based and innovation-driven economy.
In line with its mission-oriented mandate, A*STAR spearheads research and development in fields that are essential to growing Singapore's manufacturing sector and catalyzing new growth industries. A*STAR supports these economic clusters by providing intellectual, human and industrial capital to its partners in industry.
A*STAR oversees 20 biomedical sciences and physical sciences and engineering research entities, located in Biopolis and Fusionopolis, as well as their vicinity. These two R&D hubs house a bustling and diverse community of local and international research scientists and engineers from A*STAR's research entities, as well as a growing number of corporate laboratories.
Please visit www.a-star.edu.sg
About Frost & Sullivan
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