The economy of Singapore has been continuously reforming since its independence. In the late 1980s, the economy of Singapore depended heavily on the vibrant manufacturing sector formed by foreign direct investment and multinational companies. This article critically reviews the policies and reform measures adopted by the Singapore government in the last two decades. These measures were employed to transform its university sector and drive them to engage in the promotion of innovation and entrepreneurship through partnership with the industry and business for innovation and technological advancement. The analysis reveals the uniqueness of the Singapore model in strengthening university-enterprise cooperation to achieve the national goal of promoting innovation and entrepreneurship.