In April 2002, the organization was renamed SPRING Singapore and shifted towards an innovation-driven economy, and its new role in promoting creativity to sustain growth for Singaporeans.

[5] SPRING Singapore was divided into five departments:[6] The agency had three areas of focus: productivity and innovation; standards and quality; and Small and medium-sized enterprises (SMEs) and the domestic sector.

[7] In 2008, SPRING Singapore awarded their first batch of Executive Development Scholarships (EDS) to focused junior college and university students with business and entrepreneurship goals.

The Management Development Scholarship (MDS) was also available to employees of SMEs who wish to pursue their Masters with a university on SPRING Singapore's list.

Up to 90% of the course fees was subsidised by SPRING Singapore, with the remaining 10% fully borne by the SME company.