It was formed on April 1, 2018, to support Singapore small and medium enterprise (SMEs) development, upgrade capabilities, innovate, transform, and internationalize.

[4] SPRING Singapore was responsible for helping startups and SMEs in financing, capability and management development, technology, and innovation.

During the second reading that occurred on the same day, the Minister for Trade and Industry, S. Iswaran, said, "The goals of capacity building, innovation and international expansion are deeply intertwined and reinforced one another.

Equally, venturing overseas will itself create the scale, impetus and opportunity for businesses to gain new capabilities and expertise… so it is necessary and timely to merge the functions and operations of IE and SPRING to form Enterprise Singapore".

Studies conducted in Singapore under GLP complaint conditions have been accepted in more than 30 OECD(Organisation for Economic Co-operation and Development) and non-OECD countries.

[15] The network offers several key services: conducting targeted market research, maintaining a global database for overseas partner matching, facilitating business connections between suppliers and distributors, and assisting with workspace solutions.