1. SPRING Singapore is committing a grant of S$10 million in its Education Innovation (EI) initiative to encourage capability upgrading among education SMEs. This was announced by Mr Ted Tan, Deputy Chief Executive of SPRING Singapore at the inaugural Education Innovation Conference, themed ?Education Innovation for Sustainable Growth? today at Suntec Convention Centre. The initiative aims to reach out to 1,000 education private establishments1?over the next three years, supporting up to 50 EI projects in capability upgrading.
2. The global education landscape is forecasted to be worth US$2.2 trillion annually2?. The diverse education sector includes institutions in the area of preschool and enrichment learning, those delivering tertiary programmes, as well as organisations offering professional and post-employment training.
3. Faced with increased competition in the education industry, education enterprises need to differentiate themselves through innovation to achieve market leadership. EI encourages SMEs in the education industry to challenge conventional business models and mindset and think out-of-the-box to deliver quality education. This focused effort helps to strengthen core capabilities to focus on quality learning experiences, exploit knowledge assets to accelerate market growth, and streamline administrative functions, to build an innovative culture from inside out. Through the holistic approach of EI, education enterprises will strengthen their capabilities and carve out strong niches for more sustainable business growth in today?s competitive market climate. (Case studies of education enterprises which have embarked on education innovation are included in Annex A)
4. ?SPRING Singapore is heartened that the pursuit of Education Innovation by our private education players is widely supported. We look forward to working hand in hand with our valued partners and stakeholders within the industry to strengthen our SMEs? value propositions and enhance Singapore?s thought leadership in Education Innovation. This will in turn encourage the private sector to tap innovation to deliver quality education for long-term growth,? said Mr Ted Tan, Deputy Chief Executive, SPRING Singapore.
5. Organised by SPRING Singapore and supported by the Council for Private Education, International Enterprise Singapore, National Institute of Education and Singapore Tourism Board, the event brought together some 150 senior management representatives of education enterprises, industry practitioners and experts to exchange insights and share best practices on EI.
1Establishment defined as a business unit in one location under a single ownership.
2UNESCO EFA Global Monitoring Reports; International Forum for Education 2020
Annex A ? Case Studies of Education Enterprises which have embarked on Education Innovation projects
East Asia Institute of Management
East Asia Institute of Management, one of the four-year EduTrust-certified PEIs, is planning to smart-enable its two local campuses to enhance the accessibility and exportability of its programmes. With this, students elsewhere in the region can also have access to the same quality experiences as their students studying in Singapore. By doing so, it is projecting a 25-30% increase in revenue every year for the next 5 years through increased overseas partnerships as well as licensing opportunities.
Lorna Whiston Schools
Lorna Whiston Schools, a Singapore Quality Class education provider for 3-16 year olds, with more than 30 years of proven track record, taps innovation to deliver experiential learning to its students. The company is embarking on a project to integrate technology into its curriculum. With digital plans such as interactive whiteboards, 3D visualisers, an online parent portal, and a virtual learning environment for both students and parents, the school aims to improve the classroom learning experience for its students and provide more varied classroom delivery tools for its teachers to better motivate and engage students. These innovative initiatives are expected to help Lorna Whiston strengthen its market leadership and grow its total student base by 100% in the next three years.
Training Vision Institute
Training Vision Institute, a local Continuing Education & Training (or CET) Centre for Employability Skills, leverages innovation to build scalable knowledge assets and deliver experiential learning experiences to its students. Merging technology with best practices, Training Vision will create a highly interactive system which allows educators, students and businesses to support modular and just-in-time learning in multiple ways. For instance, the building of a competency bank allows users of the system to identify competency gaps, which can be addressed through the curriculum bank that facilitates rapid prototyping and development of new customised learning content. This state-of-the-art system is projected to contribute an average of 30% increase to its top-line growth yearly, bringing an overall revenue growth of more than 190% over the next five years.
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Original News Release dated 11 May 2012
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