American multinational, Procter & Gamble Company (P&G) is focusing on building more businesses in Singapore.
To grow these businesses in the country they are looking to invest S$12 Mn ($8.8 Mn).
Kathy Fish, Chief Research, Development, and Innovation Officer said, "We aspire to innovate faster for our Asian consumers, and to continue contributing to the innovation ecosystem here in Singapore.”
The investment also includes a seed fund of S$8 Mn ($5.8 Mn) for intrapreneurs to run experiments and collaborate with Singapore-based enterprises.
The seed fund comes through GrowthWorks, an “intrapreneurship” and venture-building unit within P&G Singapore.
Speaking about GrowthWorks, Fish shared, "GrowthWorks brings together the entrepreneurial spirit of a lean startup and the scale and resources of a corporation."
It was in 2014 that P&G forayed into the country and started its Innovation Center with an initial investment of $184 Mn. Currently, the center employs 500 researchers, engineers, and doctors.
Now, as the company plans to invest in building more businesses it may look to hire more and strengthen its internal capabilities.
Singapore has always been one of P&G’s global hubs for innovation and talent development. And not with the latest plans of the company it will further impact both the talent market as well as the economy positively. Let's see how these new businesses which are still probably in the planning phase make a difference for both the business and the economy.