Innovation provides a path to the top

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Being able to meet consumer demands through innovation and technology has propelled some companies in Singapore to the top, according to a list of the fastest-growing firms here released on Tuesday. The ranking, which was compiled by The Straits Times and global research firm Statista, showed that the top 10 firms came from a variety of sectors, including support services, precious metal recycling and retail. Many of the firms harnessed technology and solutions to meet their consumers’ ever-evolving needs, especially during the coronavirus pandemic when e-commerce and online services saw a surge in demand from among businesses and customers.

Firms that were able to pivot and innovate to provide services helped others across various sectors face up to the debilitating effects that Covid-19 has had on them and the economy. These innovations ranged from information technology, e-commerce, logistics, healthcare and green sectors to support services, food and commodities, and housing and furnishings. Economic life has to continue after all, even under the epidemiological threat of Covid-19, and companies which managed to improve conditions for clients and consumers undoubtedly emerged as growth champions. Their success underlines that the effort to harness technology, with a clear eye on customers’ benefit, should help firms to weather the challenges brought by the pandemic. Indeed, companies which are able to seize opportunities through innovation especially in these times also have a good chance of doing much better when the worst of the storm has passed.

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