**Ong Ee Cheng: Leading Singapore's Innovation Journey**

Introduction

Ong Ee Cheng is an accomplished entrepreneur, investor, and philanthropist who has played a pivotal role in shaping Singapore's innovation landscape. As the former Chairman of the Economic Development Board (EDB), he spearheaded the development of key technology industries and startups, contributing to the country's economic growth and global competitiveness.

Early Life and Education

Ong Ee Cheng was born in 1952 in Singapore. He received his BA in Economics from the University of Cambridge and his MBA from the Harvard Business School. After a brief stint in banking, he joined the EDB in 1986.

Career at the Economic Development Board (EDB)

At the EDB, Ong Ee Cheng held various leadership positions, including Director of the Science & Technology Division and Managing Director of the Venture Capital and Private Equity Division. In 2005, he became the Chairman of the EDB, serving in this capacity until 2012.

During his tenure as Chairman, Ong Ee Cheng oversaw the implementation of Singapore's "iSPRINT" initiative, which provided grants and support to startups developing innovative technologies. He also established the National Innovation and Enterprise Office (NIE), which serves as a central platform for supporting innovation and entrepreneurship in the country.

Contributions to Singapore's Innovation Ecosystem

Under Ong Ee Cheng's leadership, Singapore became a regional hub for technology and innovation. Key accomplishments include:

• Growth of Startup Ecosystem: The number of startups in Singapore increased from 1,500 in 2005 to over 10,000 in 2012.

  

  

• Attraction of Foreign Investment: Singapore attracted over S$3 billion in foreign direct investment in the technology sector from 2005 to 2012.

• Development of Key Industries: Ong Ee Cheng played a major role in developing Singapore's biotechnology, information technology, and media industries. In 2012, the technology sector contributed over S$100 billion to Singapore's GDP.

  

Post-EDB Career

Since leaving the EDB, Ong Ee Cheng has remained active in the innovation ecosystem. He is currently:

• Chairman of the Temasek Foundation
• Chairman of the National Research Foundation (NRF)
• Co-Chairman of the Singapore-Israel Partnership for Innovation

Philanthropy

Ong Ee Cheng is a generous philanthropist who has supported numerous causes, including education, healthcare, and innovation. In particular, he has been a major donor to the National University of Singapore (NUS), where he established the Ong Ee Cheng Professorship in Entrepreneurship.

Awards and Recognition

Ong Ee Cheng has received numerous awards and recognition for his contributions to Singapore's innovation ecosystem, including:

• The President's Award for Innovation (2012)
• The Business Times CEO of the Year (2012)
• The Forbes Asia Businessman of the Year (2013)

Conclusion

Ong Ee Cheng is a visionary leader who has made significant contributions to Singapore's innovation journey. His passion for innovation, keen eye for talent, and unwavering commitment to the country's economic future have been instrumental in establishing Singapore as a global hub for technology and entrepreneurship.

Effective Strategies for Innovation

Ong Ee Cheng's approach to innovation is characterized by the following effective strategies:

• Focus on Talent: Creating a supportive environment for attracting and developing skilled individuals.
• Collaboration: Fostering partnerships between businesses, academia, and government.
• Risk-taking: Encouraging a culture of innovation that embraces risk and experimentation.
• Entrepreneurship: Supporting the development of startups and entrepreneurs as drivers of innovation.
• Investment: Providing funding and investment opportunities for innovative ideas and technologies.

How to Step-by-Step Approach to Innovation

To emulate Ong Ee Cheng's approach to innovation, consider the following step-by-step approach:

1. Identify a problem or opportunity: Define a clear challenge or opportunity that needs innovative solutions.
2. Gather information: Conduct research and consult with experts to understand the problem and potential solutions.
3. Generate ideas: Brainstorm and explore a wide range of potential solutions, considering both incremental and disruptive ideas.
4. Evaluate ideas: Analyze and assess the potential of each idea based on factors such as feasibility, cost-effectiveness, and market demand.
5. Prototype and test: Develop prototypes or small-scale experiments to test the feasibility and effectiveness of your ideas.
6. Implement and iterate: Implement the most promising solutions and continuously monitor and refine them based on feedback and data.

FAQs

1. What was Ong Ee Cheng's role in the development of Singapore's startup ecosystem?

As the Chairman of the Economic Development Board (EDB), Ong Ee Cheng oversaw the implementation of initiatives to support startups, leading to a significant increase in the number of startups in Singapore.

2. How did Ong Ee Cheng contribute to the growth of Singapore's technology sector?

Through the "iSPRINT" initiative and the establishment of the National Innovation and Enterprise Office (NIE), Ong Ee Cheng played a key role in attracting foreign investment, developing key industries, and fostering collaboration in the technology sector.

3. What are some of the key strategies that Ong Ee Cheng employed to promote innovation in Singapore?

Ong Ee Cheng emphasized the importance of talent, collaboration, risk-taking, entrepreneurship, and investment as effective strategies for fostering innovation.

4. How has Ong Ee Cheng continued to contribute to innovation post-EDB?

As Chairman of the Temasek Foundation, National Research Foundation (NRF), and Singapore-Israel Partnership for Innovation, Ong Ee Cheng remains actively involved in supporting innovation and research.

5. What philanthropic causes does Ong Ee Cheng support?

Ong Ee Cheng is a generous philanthropist who has donated to causes related to education, healthcare, and innovation, particularly the National University of Singapore (NUS).

6. What are some of the awards and recognition that Ong Ee Cheng has received?

Ong Ee Cheng has been recognized for his contributions to innovation, receiving awards such as the President's Award for Innovation, the Business Times CEO of the Year, and the Forbes Asia Businessman of the Year.

7. How can individuals emulate Ong Ee Cheng's approach to innovation?

By adopting a focus on talent, fostering collaboration, encouraging risk-taking, supporting entrepreneurship, and investing in innovation, individuals can cultivate an innovative mindset.

8. What is a step-by-step approach to innovation inspired by Ong Ee Cheng's strategies?

A step-by-step approach to innovation includes identifying a problem or opportunity, gathering information, generating ideas, evaluating ideas, prototyping and testing, and implementing and iterating.

Call to Action

Inspired by Ong Ee Cheng's passion for innovation, individuals, businesses, and governments can contribute to building a vibrant and innovative ecosystem. By embracing effective strategies, fostering collaboration, and taking calculated risks, we can unlock the potential of innovation to address global challenges and fuel economic growth.

Additional Resources

• Ong Ee Cheng's TED Talk on "The Innovation Challenge for Singapore"
• National Innovation and Enterprise Office (NIE)
• Temasek Foundation