Should Singapore set up the equivalents of Nobel Prizes to encourage innovations and inventions?

http://www.sverigeturism.se/smorgasbord/smorgasbord/industry/inventions/

Given the huge incentives and prestige of the Nobel Prizes which greatly enhanced the incentives to risk , innovates and invent. It will generate massive ideas and later leads to success?

At the present moment, Singapore is facing yet another recesssion.

In the earlier days, Singapore succeed due to low cost in manufacturing.

Now China and India have a huge, cheap and well educated workforce. It is difficult for Singapore to compete with them in regards to cheap manufacturing costs and labour.

As of the present moment, Singapore is heavily dependent on cheap foreign labour. This will further may create more social unrest, widen income gap and give Singapore a cheap image.

Scandinavia countries have some of the highest standard of living in the world. Should our country learn from them?

Their population is small but developed many innovations and inventions;
have world class companies like Ikea, Lego , Nokis & Volvo etc.
They depend little on cheap foreign labours and casinos.

Why can't Singapore set/follow good examples?

Singapore has $200 billions reserves.

Singapore can set up multi-million dollar prizes equivalents of Nobel prizes.

Honour and reward innovations and inventions more often, so that many more good ideas and patents can be produced to drive the economy.

This will also strengthen Culture and bring out the best of local talents.

It is able to pump huge amount of money into building more private schools with state of the art technology and research facilities as well as sports (sea, land, hard, soft) complex to draw more high value students from all over the world.

Kallang River Park has huge empty plots which can be used to build many new facilities.




Building a 88 stories high tech building or innovations and research near the MRT along the Kallang River

The building to be build to house multi functional facilities like  National Research Centre, activities for arts, music and cultures facilities & library.

Last a minister wrote to my wife getting a PR, asking ideas for community bonding which i replied it on her behalf.

Important consideration for community bonding is easy access, so that they can drop by conveniently.

The 88 stories to have residential, hotel, office and shops house in the same building to provide all in one amenities?

With ten stories of underground facilities like carparks, securities equipments and facilties etc?

With renewable and green energy building. Beside it the Kallang River can generate renewable energy

The $1.5 billion stadium beside it will draw huge tourists because it is the only one in the world to showcase Singapore innovations with the 88 stories building, with it award winning state of art technology and massive seasport facilties.

Building a high tech sports school, to training sports man and invite top coaches around the world to come

We can also pump huge amount of money to employ more teachers. Build more private and local schools. Build schools with new educational systems, cutting edge research and facilities to draw top innovative staff as well as true foreign talent.

Start a tourism research centre,
study how to draw higher spending tourists and make them staying longer.
Invest billions of dollars in training tourism staff as well as upgrading tourist spots.

Create more Eco-friendly solutions that help, can influence other countries and heal mother earth.

Build facilities that emphasis on healthy living. Research on how to live longer and healthier instead of building more hospitals and focusing on curing diseases which will create and manifest more diseases.

Reduce dependency on casino gradually.
Casino creates social problems such as broken families, loan sharks, gangsters, suicides, chickens running around etc.,

Cheap labour produces negative effects as well.

By doing so, Singapore will set a good example for the world to follow, help heal the planet, bring in positive vibrations, generate income and revamp it's economy as well.