Singapore has launched a plan on 26 April 2021 that indicates its ongoing and future efforts to keep it as a global hub for enterprises with IA/IP investments.
Singapore has launched a 10-year plan named Singapore Intellectual Property Strategy 2030 (SIPS 2030), on 26 April 2021, which coincided with World IP day. SIPS 2030 aims to contribute to Singapore’s position as a global hub for intangible assets (IA) and intellectual properties (IP).
SIPS 2030 was based on the IP Hub Master Plan, which was initially published in 2013 and updated in 2017. Exemplary achievements of the IP Hub Master Plan include the launch of the “IPOS Go” mobile app, which is the world’s first mobile application for trade mark registration; the launch of IP educational programmes to expand the pool of local IP expertise; and the development of World Intellectual Property Organization (WIPO) Arbitration and Mediation Center, which is the only one outside WIPO’s headquarters in Geneva.
Singapore, under SIPS 2030, aims to proactively review policies to support technology advances, especially in emerging areas such as big data, artificial intelligence and block-chain. As part of the review, the Intellectual Property Office of Singapore (IPOS) has embarked on a research collaboration with the Singapore Management University (SMU) Centre for AI and Data Governance and Infocomm Media Development Authority to gather views from key stakeholders.
In addition, it aims to further strengthen Singapore’s position as a global-Asia node. IPOS has formed Patent Prosecution Highway (PPH) arrangements with the USA, Europe, China, Japan and South Korea (commonly referred to as the IP5). It has further connected to more than 30 secondary IP markets around the world, including nine ASEAN member states, Mexico, Brazil and more than 20 participating states of the Global PPH network.
In another aspect, Singapore will leverage whole-of-government touchpoints to increase enterprises’ access to IA/IP advisory and IA/IP-related services. As an example, an enterprise-centric online platform named “IP Grow” will be created to help enterprises identify IA/IP challenges in their business journey and connect them to the right IA/IP service providers and solutions. A network of IA/IP-related professionals will be built across the innovation ecosystem via the platform in and beyond Singapore.
Further, Singapore will support enterprises in deriving and maximizing value from their IA/IP with SIPS 2030. IA/IP and technology platforms will be established under SIPS 2030 to facilitate IA/IP transactions by availing ready technologies and IA/IP to enterprises. Singapore will also proactively capture data around IA/IP transactions to provide greater transparency. To help small to medium-sized enterprises (SMEs), Singapore will work with partners such as banks and venture funds to drive increased appreciation and assessment of IA/IP that better reflects the underlying risks and rewards of financing innovation-driven businesses. As an example, Singapore is looking into incorporating assessment of IA/IP into the various enterprise financing schemes to support the due diligence process of capital raising.
To complement the envisioned innovation ecosystem, Singapore will put in place relevant IA/IP valuation practice standards and guidelines. It will spearhead an international IA/IP valuation panel to ensure that the standards and guidelines can be widely adopted internationally. Further, IPOS will work with Accounting and Corporate Regulatory Authority (ACRA) and the private sector to roll out an effective IA/IP disclosure framework to help enterprises in Singapore better communicate the value of their IA/IP.
As an additional measure to ensure that SIPS 2030 will be executed smoothly, Singapore is developing a talented workforce skilled in IA/IP management to help enterprises manage and obtain value from their IA/IP, and seize business opportunities. It is continuously establishing new training programmes relevant to IA/IP and developing a national standard in IA/IP management.
With the global IA value being at an all-time high of US$65.7 trillion, SIPS 2030 will help Singapore become a more conducive environment for enterprises to protect, manage, and transact their IA/IP
Authors: Dr. He Jingxi (PATENT SCIENTIST) Choo Chiou Yu (PRINCIPAL, DIRECTOR SINGAPORE, CHEMICAL/LIFE SCIENCES LEADER ASIA)
SPRUSON & FERGUSON