P&G injects SG$12m to grow local businesses

Procter & Gamble (P&G) and the Singapore Economic Development Board (EDB) have invested an additional SG$12 million to grow at least three new businesses with billion-dollar opportunities. The businesses have to be created, validated, incubated, scaled and globally-headquartered in Singapore.The investment includes a seed fund of SG$8 million for its intrapreneurs to run lean experiments and closely collaborate with Singapore-based enterprises. This is part of GrowthWorks, an intrapreneurship development and venture-building unit within P&G Singapore, which aims to transform the company's innovation approach to strengthen business growth and to create new sources of competitive advantage.In addition, GrowthWorks will enable new brands, new technology platforms and new business models with a team of "intrapreneurs". This investment also follows EDB’s intention to work with corporations in Singapore to grow corporate entrepreneurship and create new ventures. The move is in a bid to commemorate the fifth anniversary of P&G's Singapore Innovation Center (SgIC). Under this partnership, EDB will also participate in the strategy, network and risk-sharing capital of P&G endeavors.Since its launch five years ago, the SgIC has developed products from SK-II RNA Power, Pantene Micellar, Head & Shoulders Supreme, Joy Miracle Clean and Vicks Baby Rub, to new experiences such as Olay skin advisor and SK-II festive bottles' new packaging.Kathy Fish, chief research, development and innovation officer, P&G said that the company looks to raise the bar in delivering "irresistible superiority" in its products, packaging, communication and experiences."We are also innovating the way we innovate by accelerating the speed and quality of our learning. GrowthWorks brings together the entrepreneurial spirit of a lean start-up and the scale and resources of a corporation. We aspire to innovate faster for our Asian consumers, and to continue contributing to the innovation ecosystem here in Singapore,” she added.Thien Kwee Eng, assistant managing director, EDB said that the P&G Singapore Innovation Center has been a strategic partner in its efforts to place Singapore at the forefront of innovation and creating diverse jobs for Singaporeans."We are excited by the new ventures that P&G will create and grow from Singapore as a result, and welcome more corporates to undertake such efforts in Singapore to create new growth opportunities for their global business,” he added.Just last year, P&G and EDB invested an additional SG$45 million into its digital innovation center in Singapore, a year after its launch. The “E-Center 2.0” is an expansion of the existing digital innovation program, focused on placing Singapore at the forefront of digital transformation in consumer goods and the retail industry in the Asia Pacific region, P&G claims.