Singapore, October 28, 2024 - Enterprise Singapore (EnterpriseSG) has launched its first Artificial Intelligence Open Innovation Challenge (AIOIC) to accelerate the development of AI-powered solutions tailored to meet industry needs. Announced by Deputy Prime Minister Heng Swee Keat at the Singapore Week of Innovation and Technology (SWITCH) 2024, this initiative brings together major corporations across sectors like infrastructure, hospitality, security, marine, and transport to seek AI-driven innovations that improve efficiency, safety, and customer experiences.
Participating corporations include AECOM, PARKROYAL COLLECTION, Safran, Seatrium, and Toyota Tsusho, each issuing specific challenge statements. These challenges encompass a variety of industry applications, from biodiversity preservation and social impact in infrastructure projects to automated surveillance, guest recognition in hospitality, and safety optimization in warehouse operations.
With the global AI market projected to grow by up to 55% annually, potentially reaching S$1.27 trillion by 2027, Singapore aims to strengthen its AI ecosystem through targeted challenges like the AIOIC. Aligned with the nation’s National AI Strategy (NAIS 2.0), this initiative also seeks to foster partnerships between corporations, startups, and SMEs.
“AI has transformative potential across industries, but companies must focus on use cases that align with their strategic goals. The AIOIC provides a unique platform to develop these focused solutions while supporting valuable collaborations across the ecosystem,” stated Mr. Tan Boon Kim, Executive Director, Global Innovation Network & Innovation Ecosystem Development at EnterpriseSG.
In addition to the AIOIC, EnterpriseSG is hosting the Sustainability Open Innovation Challenge (SOIC), now in its sixth edition. Corporates like ACWA Power, Goodyear, Seatrium, and others are backing solutions for decarbonization, green buildings, and sustainable materials. Partnerships with Temasek Foundation and Temasek Trust offer participants the chance to access catalytic funding and join global platforms like The Liveability Challenge for scalable sustainable solutions.
EnterpriseSG also introduced the Nordic Open Innovation Challenge (NOIC), aimed at promoting cross-border collaboration with Nordic multinational corporations such as ABB and Electrolux. The NOIC allows Singapore firms to co-develop and pilot advanced solutions with these global leaders, supporting Singaporean businesses’ entry into European markets focused on sustainability and green innovation.
Held from October 28-30, 2024, SWITCH is Singapore’s flagship event for deep tech and frontier technologies, gathering innovators and leaders from around the world. The event serves as a launchpad for global partnerships and collaboration, furthering Singapore’s role as a hub for the innovation economy.
For additional details on the AIOIC and other Open Innovation Challenges, visit www.openinnovationnetwork.gov.sg.
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