“We spent quite a lot of time making an attempt to determine P&G’s perspective on ‘what they’re truly making an attempt to unravel’ fairly than ‘what they need achieved’,” mentioned Mr Gabriel Yee, founder and managing director of MyrLabs.
“From there, we discovered that their actual want is not only asset monitoring, however for an answer that has potential for use throughout a number of purposes past asset monitoring and for a accomplice who can and is prepared to co-create options to swimsuit their wants,” he added.
Successful the problem on the OIP meant that MyrLabs overcame two of its largest challenges: gaining access to corporations that understood its capabilities and attracting funds to beat the R&D price barrier.
It additionally resulted in precious enterprise insights.
“Via the OIP expertise, we learnt that giant firms function at a distinct scale and the impression of decrease costs on realising precise worth is kind of insignificant,” mentioned Mr Yee.
“One other problem that we learnt was how organised giant firms are,” he added. “There are requirements for cybersecurity, reliability, product security, sourcing, and these affect their resolution making and concerns.”
Like Zuno, TransferFi and MyrLabs, quite a few Singapore start-ups, SMEs and answer suppliers have used their experience and innovation to unravel issues for a variety of corporations in numerous sectors by means of the OIP’s structured course of.
“Via these few years of partnership with IMDA’s OIP, we’re in a position to attain out to startups focusing within the Superior Manufacturing Area to co-build, co-develop and co-deliver Proof-Of-Ideas to our members,” mentioned Mr Andy Lee, ARTC’s Director (New Enterprise and Digital). “The collaboration will proceed to draw, incubate and scale startups, and permit us to deepen the muse for startups on this area.”
Since 2018, the OIP has hosted greater than 250 drawback statements with greater than $8.5 million of prize cash. It has additionally grown its neighborhood to greater than 11,000 answer suppliers.
“The OIP workforce and the issue homeowners had been very proactive in scheduling dialogue classes to make sure we had been all on the identical web page concerning the problem temporary and the necessities,” mentioned Zuno’s Mr Nair.
“As soon as we had a definitive thought on what the necessities had been, we had been in a position to iteratively develop the platform,” he famous.
Begin-ups, SMEs and know-how suppliers can submit their proposals for the OIP’s newest set of challenges, which is open till 28 January 2022. Firms can even pose their enterprise challenges and crowdsource for revolutionary options from greater than 11, 000 revolutionary solvers on the OIP.
For extra info, go to www.openinnovation.sg.
