|By ACN Newswire||
|September 12, 2012 02:51 AM EDT||
The new National Innovation Development Award was created by Frost & Sullivan to honour the best practices adopted by organisations to drive innovation and subsequently, growth and investment in a specific economy. This vision is exemplified in the judging criteria for the award which includes a commitment to an enabling vision and strategic plans; investment promotion strategies; nurturing of an innovation ecosystem and the enablement of growth and sustainability.
Citing the reasons why A*STAR was chosen for the award, Mr Sath Rao, Frost & Sullivan VP, Emerging Market Innovation and Economic Development Innovation said, "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. 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."
Acknowledging the award, Mr Lim Chuan Poh, Chairman A*STAR said, "We are honoured to receive this prestigious award from Frost & Sullivan. The award is a testament to A*STAR's contribution in helping to transform Singapore into a knowledge-based innovation-driven economy to catalyse growth and create high value jobs for Singapore. The award is also in recognition of every member of A*STAR, the scientists, the technical staff and the corporate staff who have contributed to Singapore's progress and to our goal of becoming Asia's Innovation Capital."
This is A*STAR's second award from Frost & Sullivan. In 2009, the agency received the Frost & Sullivan Asia Pacific Aerospace and Defense Award for 'Aerospace R&D Institution'.
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 catalysing 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's 2012 National Innovation Development Award for Science and Technology in the Asia Pacific'
The 'Frost & Sullivan Award for National Innovation Development' is presented to an agency that has demonstrated excellence in driving development by implementing strategies that proactively create value for investors in applied sciences and technology. With a focus on improving and nurturing the innovation ecosystem of a country, the agency is credited with driving eventual economic growth. This 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.
Ms Germaine Shalla
Assistant Head, Corporate Communications
Agency for Science, Technology and Research
Tel: +65 6826 6297
Mobile: 8511 7478
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