A*STAR STRATEGY TRANSFORMATION – SWITHING TO THE DOMAIN BASED FRAMEWORK AND VALUE CREATION

1 Introduction

Nowadays companies are under constant pressure from the environment and many factors that could be sometimes very hard to predict are forcing them to change their strategies and business models. As highlighted by Cho, Kim and Kim (2015) technological convergence represents one of the most important reason for companies to change their strategic directions. Furthermore, competition could represent another strategy change factor. As indicated by Le Roy and Czakon (2015) competition could push companies to innovate, improve products/services and to conduct many other strategically important changes.

For companies involved in science and research, change of strategy and business models could be very challenging. These companies are collaborating with many institutions, hospitals, facilities, tech centers and research areas. Thus, changes within those stakeholders could significantly influence on their business and strategy. Research companies are significantly depending on the technology, and since this is a very interesting area that attracts many investors, competition within the industry is strong.

The aim of this paper is to analyze the current strategy of a research company A*STAR and to reflect about strategy transformation due to the specific factors from business environment. This paper is organized in following sections. Second section contains main information about the company. In section three, industry and stakeholders analyses were presented. Furthermore, current strategy is given and issues for the organization are identified. Section four contains strategy change framework and main objectives and goals that A*STAR aims to achieve with the change. In fifth section, summary of the analyses is provided.

For this analysis, data about the company strategy, mission, vision and operations will be collected from the online sources and from the company representatives. In terms of strategic change frameworks, literature from the scientific journals will be used.

2 About the company

A&STAR is a leading R&D company in Singapore that drives mission-oriented research with a focus to advance innovation and scientific discovery. The main purpose of the organization’s research activities is to generate economic growth and employment opportunities in Singapore. Company is a significant role in bridging the gap in the areas of R&D between academic institutions and industries. The organization possess well-established collaborations with both the scientific community, hospitals, academics and industries within the biomedical and biotechnology sector. Its main goal is to integrate the research capabilities with in each of its research institutes with other public sector agencies in order to create an impact with globally competitive companies.

Between 2011 and 2015, A*STAR worked on approximately 9000 projects capturing various industries which resulted in approximately 1.6-1.7 billion spending in R&D (Choudhury, 2016). This also had positive impact on the community

Strategy: From Purpose to Impact AIMS: • To understand the role...