As Singapore strides confidently into 2024, it’s making headlines for two significant investments aimed at bolstering both technological and social innovation. The government has announced a grand S$1 billion (US$786 million) investment in artificial intelligence (AI) research, while the Singapore Centre for Social Enterprise (raiSE) is looking to unlock another S$10 million (US$7.8 million) to strengthen social enterprises.
Investing in Artificial Intelligence
The Ministry of Digital Development and Information (MDDI) revealed that the National AI Research and Development Plan (NAIRD) will support public AI research from 2025 to 2030. This ambitious initiative was unveiled by Minister Josephine Teo during the Singapore AI Research Week, aimed at reinforcing Singapore’s position as a global hub for AI excellence.
- Key Focus Areas:
- Fundamental AI research
- Applied AI research
- Talent development
With ongoing advancements, the initiative also acknowledges the challenges faced in AI development, including energy consumption and data reliance. Mrs Teo emphasised the establishment of AI research centres that will cultivate top-tier talent and pioneering research.
Supporting Social Enterprises
On a parallel front, raiSE is charting a new course to tackle social issues such as unemployment, mental health, and an ageing population. As articulated by CEO Alfie Othman, the initiative aims to embed social impact into traditional business models, engaging a network of corporate partners, universities, and charities.
- Major Goals:
- Unlock S$10 million over five years
- Foster high-impact social enterprises
- Enhance awareness and collaboration across sectors
This new wave of social entrepreneurship is increasingly being led by younger individuals, who focus on scaling up their enterprises. However, they still face many of the same challenges as their older counterparts, such as securing funding and navigating market complexities.
A Look Ahead
Both initiatives reflect Singapore’s commitment to building a sustainable future, whether through cutting-edge AI technologies or impactful social enterprises. As these developments unfold, they promise to address pressing societal needs while positioning Singapore firmly on the global stage.