Companies with plans to build up new electronic capabilities for long-term growth can now do so with the help of a new Centre of Innovation (COI).

The Centre of Innovation for Electronics (COIE) will help companies develop new and innovative products, systems, services and processes by providing ready access to cutting edge technology, knowledge, R&D infrastructure and business and marketing support.

Jointly established by SPRING Singapore and Nanyang Polytechnic (NYP), the $7 million COIE is a one-stop centre to help local companies, especially small and medium enterprises (SMEs), develop and exploit innovation in their products, systems and work processes to boost their competitive edge in both the local and global markets.

The COIE, which became fully operational in September 2008, has been well received by the industry and is already engaging more than 20 companies in development projects across the Wireless, Infocomm, Security, Telematics and Clean Energy sectors.

"There are opportunities for SMEs to create and grow a market niche for themselves," says Mr Png Cheong Boon, Chief Executive of SPRING Singapore.

Mr Chan Lee Mun, Principal and CEO of NYP, adds: "With the establishment of the COIE and its dedicated resources, coupled with NYP's expertise and experience, many more SMEs will be able to leverage innovation and knowledge-intensive activities for their long term growth."

Companies like Infowave - a provider of Mobile Data Terminals to 80 per cent of ComfortDelgro's fleet of taxis - have realised its benefits.

Says the Managing Director of Infowave - a leading provider of data terminals to ComfortDelgro's fleet of taxis - Mr Loh Choon Seng: "Local companies can now embark on product development and commercialisation projects without incurring high costs and risks."

The COIE is the newest centre to be funded under SPRING's $150 million Technology Innovation Programme (TIP), which encourages SMEs to grow their businesses.

Four other COIs have been set up for the Food, Marine and Offshore, Precision Engineering and Environmental Technology industries.