SINGAPORE - Firms looking to commercialise their patents, trademarks and brands will get help from a government-established company to do so, as Singapore seeks to become a trusted global hub of intellectual property (IP).
Trade and Industry Minister Chan Chun Sing announced the launch of Ipos International on Tuesday (Aug 27) at the opening of an annual conference.
The wholly-owned subsidiary of the Intellectual Property Office of Singapore (Ipos) brings together more than 100 experts to help advise businesses in areas such as IP strategy and management, patent search and analysis, as well as IP education and training.
It merges the government agency's enterprise engagement arm, patent examination unit and IP training arm.
"Intangible assets, including IP, will increasingly drive the next wave of global growth," said Mr Chan.
It is estimated that close to two-thirds of the global economy - or US$50 trillion - lies in intangible assets such as patents and trademarks, as well as software, brands and information technology acquisitions.
They now make up more than 80 per cent of corporate balance sheets in 500 largest publicly listed US companies, up from 20 per cent some 40 years ago.
Mr Chan said that amid a fragmented world, Singapore will redouble its efforts to grow the city-state as a safe and trusted global hub of IP.
To that end, Ipos International will provide businesses with new tools and solutions to use their intangible assets and IP to expand globally.
For a start, a free tool is now available to help businesses assess their IP management status. In 10 minutes, they will receive key insights on potential IP gaps and risks, as well as tips and recommendations for further actions.
Firms can also tap Ipos' extensive networks with countries that covers 90 per cent of global trade to expand globally through their intangible assets and IP.
Ipos International chairman Daren Tang said: "As Singapore's economy transforms, enterprises will increasingly turn to innovation to drive business growth."
"We will also work closely with partners in government and the private sector, in Singapore and overseas, to offer holistic solutions to innovative enterprises as they scale up into the region and beyond," he added.
Mr Chan also unveiled a new national framework to train IP talents.
The framework aims to raise the overall competencies of IP professionals, helping them identify career paths and the skills needed to succeed in roles requiring IP skills in both the public and private sectors.
It covers 11 job roles and 60 technical and general skills in IP Commercialisation, IP Legal, IP Management, IP Strategy, and Patent Prosecution.
On Tuesday, Mr Chan presented three Singapore companies Razer, Biolidics and Durapower Holdings with top awards to commend them on efforts made to leverage their intangible assets and IP for business growth.