MY COMPANY is planning to develop a more upmarket portfolio of products and expand our range of services.

Where can I go for help to develop ideas for new products and services, and to take them to market?

Local companies looking for such help will be glad to know there are many resources they can tap.

Spring Singapore has set up various Centres of Innovation (COIs) in partnership with the polytechnics and A*Star research institutes, under the Technology Innovation Programme.

You can work with experts in these COIs to develop technology applications that can be translated quickly into commercial products and services.

For example, a small and medium-sized food manufacturer can approach the Food Innovation and Resource Centre at Singapore Polytechnic to extend its product's shelf life, formulate a new product flavour or develop an innovative packaging.

The centre can also serve as the contact point for an entire network of expertise from local and overseas private and public institutions.

The other three COIs are for Marine & Offshore Technology, and Environmental and Water Technology - both at Ngee Ann Polytechnic; and for Precision Engineering at the Singapore Institute of Manufacturing Technology.

You can also apply for local or overseas technical experts to be seconded to your company to build up your in-house technology innovation capabilities. Funding is also available if you are adopting a new technology to enhance your products, processes or business model.

Spring and A*Star organise regular networking sessions for small and medium-sized enterprises keen to tap technology for growth.

If you are interested to find out more, please contact EnterpriseOne or call 6898-1800.

There are also private sector resources that you can tap, such as the InnoHub at Philips, which provides training in innovation management, business mentoring, test-bedding facilities and access to a global network of knowledge and technologies.

Instant payments from sales via credit arrangement

What is a factoring loan? How does it help a business like mine, where customers take some time to pay their bills and, thus, ties up my cash flow?

A factoring loan is credit extended to you by a financial institution - also known as a factor - based on your accounts receivables or billed invoices.

In a factoring arrangement, the company negotiates a deal with the factor to trade its accounts receivables for instant payment.

With a factoring loan, you get paid immediately for the invoices issued, freeing up cash flow to meet your other business needs. With the assurance of immediate payment from your sales, you may also offer more competitive credit lines to your customers, possibly helping you to clinch more deals.

Answer provided by EnterpriseOne. For more details, go to http://www.business.gov.sg/