SINGAPORE - Companies that make use of intellectual property (IP) - especially in the biomedical and healthcare, manufacturing and engineering and deep tech fields - are getting a boost to scale up and expand abroad.
The Intellectual Property Office of Singapore (IPOS) and Deloitte Southeast Asia Financial Advisory Services are teaming up to help 100 innovative enterprises commercialise their intellectual property and compete globally.
The signing took place at IP Week @ SG 2017.
"The partnership reflects IPOS' ongoing efforts as an innovation agency to build a vibrant and globally-connected innovation ecosystem, strengthen innovative enterprises' competitiveness through using IP as a strategic business asset, and help them take their products and services to international markets," the agency said on Tuesday (Aug 29).
IPOS and Deloitte said they aim to help companies understand technology trends to make strategic decisions for investment as well as commercialise their IP and other intangible assets for business growth.
"The enterprises of today are increasingly built around IP and other intangible assets like know-how, data and digital platforms. As Asian economies develop, we are seeing more and more companies where a significant share of their enterprise value is in their intangible assets, including IP," said Mr Daren Tang, the chief executive of IPOS.
"To drive enterprise growth through innovation, Singapore must shift its focus on enabling innovative companies to commercialise their IP, scale up and internationalise quickly.
Separately, at the opening ceremony of IP Week @ SG 2017, six local enterprises were honoured with WIPO-IPOS IP awards, which recognise companies that have which grown through the use of IP.