IPOS Launches IP Hub Plan
30 April 2013
Singapore’s government has announced plans to develop the city into an IP hub, which it believes will grow its economy and create opportunities for Singaporeans and Singapore companies. The plans follow increasing patent and trademark filings worldwide, as well as global increases in royalty and licensing revenue.
An IP steering committee chaired by Teo Ming Kian, chair of MediaCorp, formulated the master plan to guide Singapore’s development into a global IP hub. More than 200 IP professionals from over 100 local and foreign companies and organizations were consulted. The master plan was formally submitted to the government in early March 2013, and the government has accepted the recommendations made by the committee.
The 10-year plan identifies three strategic outcomes that Singapore should work towards, according to a statement released by the Intellectual Property Office of Singapore (IPOS) and MediaCorp. the plans suggests that Singapore aim to be a hub for:
• IP transactions and management, where companies use Singapore as a base to manage and transact IP internationally;
• Quality IP filings, where companies register their IP in Singapore, utilize its services and infrastructure, and leverage Singapore as a gateway to secure IP protection in key markets all over the world; and
• IP dispute resolution, where IP disputes are brought to Singapore for expeditious and effective resolution through litigation or alternative dispute resolution.
To achieve these outcomes, the plan states that Singapore should develop:
• Skilled manpower resources networked to the region and beyond, to effectively serve the international needs of companies; and
• A conducive and progressive environment for IP activities, to strengthen international acclaim of Singapore as a vibrant IP hub and establish Singapore as a thought leader in IP.
“There is tremendous potential for the value of IP assets to be unlocked and better monetized,” IPOS said in a statement. “Various instruments like IP securitization and IP funds already exist to leverage IP assets to raise funding, but these will take time to grow. The government should support and attract these activities to Singapore where appropriate. For a start, Singapore should undertake an IP financing scheme where the government partially underwrites the value of IP used as collateral, to increase the ease with which IP-rich companies in Singapore can access capital for growth and expansion.”
It is expected that the master plan will create high value job opportunities for Singaporeans and generate benefits for the legal and IP service sectors, as well as IP owners, including:
• A greater demand for services from the legal and IP service sectors (e.g. law firms, patent firms, IP intermediaries, IP valuation firms);
• Greater job opportunities for Singaporeans, such as IP strategists, IP valuation analysts, IP lawyers, and patent agents. These professionals can look forward to more continuing professional development training to acquire new value-added skills; and
• Greater availability of services and avenues for IP owners, such as Singapore-based SMEs, to protect, manage and maximize value from their IP assets.
