TECHNOLOGY can help businesses create new products, improve existing processes, find new ways to serve customers and develop new business models.

SMEs, in particular, can benefit greatly from creative use of technology because of their small size and flexibility. Many SMEs have used this to their advantage, to derive a new competitive strategy that distinguishes them from other players in the market.

To help SMEs here tap innovation to transform their businesses, SPRING Singapore runs a Technology Innovation Programme (TIP) that offers help from grants to identifying the right technology platforms to matching experts.

Under TIP, SMEs can apply for up to 70 per cent in co-funding support for the remuneration of technology experts seconded from tertiary institutions, research organisations or other industries. With expert help, SMEs can start building in-house R&D capabilities.

The scheme also provides project cost reimbursement of up to 70 per cent. This can cover costs related to manpower, professional services, prototyping, testing, certification, equipment, materials and consumables, software and intellectual property rights.

In addition, companies in the food, marine, precision engineering, electronics, and environment and water industries can tap on five centres of innovation for technology consultancy and advice.

For more information, visit the EnterpriseOne site at www.business. gov.sg or www.spring.gov.sg/tip. You can also reach EnterpriseOne at 6898- 1800 or enterpriseone@spring.gov.sg.

This article was first published in The Business Times on February 03, 2009.