Intellectual Property: A key pillar in Singapore’s Future Economy

INNOVATION IS a key growth driver for businesses and economies. It allows businesses to create new products and services, and gain a competitive edge over their rivals. A business’ success in preserving this competitive edge depends on its ability to protect, manage and commercialize its intellectual property (IP).

In February of this year, the high- level Committee for the Future Economy released its recommendations on economic strategies for the next decade. Recognizing the importance of innovation and the role that IP plays in supporting innovation, it recommended updating the IP Hub Master Plan to include new strategies to assist innovators and enterprises in extracting maximum value from their IP.

SINGAPORE’S PROGRESS UNDER THE IP HUB MASTER PLAN

The IP Hub Master Plan was published in 2013 and contains a blueprint for Singapore to develop as a Global IP Hub in Asia. It is envisaged that Singapore will strengthen its position as a Hub for IP transactions and management, a Hub for quality IP filings and a Hub for IP dispute resolution.

Singapore has come a long way in the four years that have passed. The IP Office of Singapore ( IPOS) has established an in- house patent search and examination unit, which has been internationally recognized as an International Searching and Preliminary Examining Authority under the WIPO Patent Cooperation Treaty. Further, IPOS has, through an extensive network of work-sharing arrangements such as the Global Patent Prosecution Highway and ASEAN Patent Examination Co- operation initiative, made it easier for patent applicants anywhere in the world to use an IPOS search and examination report to speed up applications in more than 30 jurisdictions. Thus, IPOS can serve as a gateway for quality patent filings in the ASEAN region and beyond.

IPOS has also partnered with local financial institutions and IP valuers to launch the IP Financing Scheme. This allows IP- rich but otherwise asset-light businesses to obtain bank loans using their portfolio of IP rights.

In the area of dispute resolution, the Singapore High Court has released the IP Court Guide which sets out special case management procedures for IP cases to facilitate more efficient disposal. The suite of dispute resolution avenues in Singapore — such as the Singapore International Commercial Court, Singapore International Arbitration Centre, and WIPO Arbitration and Mediation Centre ( WIPO’s only such Centre outside Geneva) — have the relevant expertise and are well- equipped to handle international IP disputes.

Singapore is in a good position to harness innovation for growth in the Future Economy. According to the 2017 Global Innovation Index, Singapore is the seventh most innovative economy in the world. The World Economic Forum Global Competitiveness Index ranks Singapore fourth in the world for the strength of its IP regime. Earlier this year, Singapore passed legislative amendments to increase the quality of granted patents and better prepare the registered designs regime for future trends in technology and design. A comprehensive review of the Copyright Act is currently underway.

UPDATING THE IP HUB MASTER PLAN TO BOOST DOMESTIC CAPABILITIES IN IP MANAGEMENT

With significant enhancements to the IP legislative framework and infrastructure in recent years, the focus of the Update to the IP Hub Master Plan is now to ensure that businesses fully reap the benefits of their innovative efforts and portfolio of IP rights. The Update to the IP Hub Master Plan was published in April this year.

Amongst the slew of initiatives, IPOS will be launching a self-help portal, comprising business guides and diagnostic toolkits, to increase businesses’ awareness about IP management and commercialization. Innovative companies will also be able to obtain customized assistance for IP Audit, IP Strategy and IP Policy. With these measures, businesses will have greater access to resources and assistance to incorporate IP into their business strategies.

Recognizing the lack of IP management expertise, IPOS has developed a central pool of IP management experts. These experts will, in collaboration with other government agencies, engage innovative businesses on their IP needs.

IPOS will also explore alternative financing models for IP- rich innovative companies. An example is the S$1-billion Makara Innovation Fund (MIF), which was recently launched in partnership with global financial services firm Makara Capital. The MIF will look to invest in businesses with strong IP portfolios, proven business models and high growth potential, and that will be able to contribute to Singapore’s economy.

The innovation and IP landscape is a dynamic one that will continue to evolve. What is certain is the important role that IP plays in Singapore’s economy- building efforts. In addition to developing Singapore as a hub for international IP activities, the government is committed to assisting businesses in maximizing the untapped potential of their IP.