Broaden Outreach to Leverage External Capabilities We complement our in-house R&D efforts by broadening our outreach to leverage external capabilities. This is achieved through four areas: • Open lab – We unlock value from both our business units and startups by providing a platform for them to engage each other and incubate solutions for markets of mutual interest ECONOMIC TECHNOLOGY & INNOVATION • Corporate venture capital – We identify and invest in startups that present new business opportunity areas and disruptive technologies. Start-ups play a critical role in helping the Group identify new business opportunity areas and disruptive technology. A USD$150 million venture capital fund was established to enable the Group to invest in selected areas of technology and tap into startups with strong complementary competencies and new collaboration opportunities • Research Translation @ ST Engineering – We work with external partners to invest in and conduct research that can support our business needs. This promotes knowledge transfer among our partners and accelerates the pace of innovation • Industry collaborations – We collaborate with partners to accelerate product development with our industrial knowledge and expertise Research Translation @ ST Engineering Research Translation @ ST Engineering is the flagship programme at the Group to nurture collaboration with Institutes of Higher Learning and research institutes globally. Through its goal of strengthening collaboration between ST Engineering with the Institutes of Higher Learning and research institutes, external researchers are encouraged to carry out part of their research within the industrial environments of the Group. This can help to speed up the translation of their research into commercially viable products and solutions. In tandem, the Group benefits through greater access to expertise in the latest technology trends and in learning from the frontiers of research. In 2022, the Group announced the creation of the inaugural ST Engineering Distinguished Professor awards, as part of Research Translation @ ST Engineering to recognise researchers with outstanding contributions to the strategic goal of achieving impactful research translation. 30 ST ENGINEERING SUSTAINABILITY REPORT 2022
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