Transforming Businesses: EnterpriseSG’s Impact
Singapore’s EnterpriseSG played a pivotal role in transforming over 2,300 firms last year through large-scale projects. These projects, aimed at boosting revenue and productivity, have had a significant impact on local businesses. Among these success stories is Lim Kee Food Manufacturing, a company with over 40 years of experience in the local food and beverage industry.
Lim Kee’s Overseas Expansion with EnterpriseSG
With the assistance of Enterprise Singapore, Lim Kee ventured into the Philippines for the first time, where it is currently in talks with major retailers to distribute its products. By leveraging EnterpriseSG’s networks and expertise, Lim Kee was able to validate its go-to-market strategy and navigate the challenges of expanding abroad as a small SME.
Empowering Healthtech Innovations
Another notable success story involves a healthtech company that developed an AI-powered device with temperature sensors to prevent falls among hospitalised patients. Through EnterpriseSG’s support, the company secured a research collaboration with Tan Tock Seng Hospital, enabling them to co-develop solutions that address operational challenges faced by global healthcare institutions.
Projected Revenue Growth and Job Creation
In 2024, each company supported by EnterpriseSG was projected to increase its revenue by S$8.6 million per year, marking a 50% increase from the previous year. This growth is expected to result from enhanced productivity, innovation, and overseas expansion, with over 12,000 new jobs set to be created as a result of EnterpriseSG’s efforts.
Expanding Market Opportunities
While China and India remain key markets for Singaporean businesses, EnterpriseSG is actively exploring opportunities in the Middle East, Europe, and the United States. However, with increasing regulations and tariffs on international trade, firms must adapt to these changes to seize global opportunities effectively.
Pioneering Precision Medicine
To support emerging sectors like precision medicine, EnterpriseSG is forging partnerships with established markets to help local companies access customers, investors, and expertise. By connecting Singaporean firms with overseas partners like Mayo Clinic and Charité, EnterpriseSG aims to drive innovation and growth in the healthcare sector.
Through these initiatives, EnterpriseSG continues to empower Singaporean businesses to thrive in an evolving global landscape, fostering innovation, growth, and resilience in the face of new challenges.