SINGAPORE - The Intellectual Property Office of Singapore (IPOS) on Tuesday launched the IP ValueLab to help businesses, especially small and medium enterprises, tap into IP for growth.
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Here is the press release from the Ministry of Law:
Today, Mr K. Shanmugam, Minister for Foreign Affairs and Law, outlined numerous strides Singapore has made in the last 16 months since the roll out of the IP Hub Master Plan, so as to realise its vision of developing Singapore into an IP Hub of Asia.
Mr Shanmugam also announced the launch of Singapore's new intellectual property (IP) management and strategy lab, the IP Value Lab, at the opening of Singapore's annual premier international IP conference, IP Week@SG.
Progress of IP Hub Master Plan
In April 2013, the Singapore government accepted the recommendations laid out in the IP Hub Master Plan. Since then, numerous initiatives and programmes have been launched to develop Singapore's IP infrastructure, expertise and ecosystem.
These include the:
Launch of an IP financing scheme;
Launch of an IP advisory service for business owners;
Extension of Singapore's patent prosecution highway network;
Strengthening of the country's patent search & examination capabilities;
Establishment of a panel of top international IP arbitrators in the country;
Adoption of the IP competency framework by professional industry bodies;
Offering of a new expert determination option for patent disputes; and
Strengthening of the IP Academy to deliver IP education and training.
These initiatives have enabled Singapore to tap on IP as a new growth area, and develop the IP industry into a vibrant sector that helps to boost the economy and create opportunities for local companies and Singaporeans.
IP Value Lab5.
Developed as a subsidiary of the Intellectual Property Office of Singapore (IPOS), the IP Value Lab will promote and develop IP management and strategy, IP commercialisation and monetisation, and IP valuation in Singapore.
For companies and investors, the IP Value Lab will provide them valuation advice to monetise their IP assets.
The lab will enable companies to put IP at the core of their business strategy, providing services to help them better understand and tap on IP in their growth and expansion plans..
For practitioners and academics, the IP Value Lab will provide a platform for them to collaborate on research and provide thought leadership in IP valuation methodologies and best practices, with a focus on generating industry-relevant and practicable insights.
This will raise the level of confidence and trust in IP transactions, and support and stimulate international transactions.
The lab will also deliver training and accreditation to raise competency within the industry.
To deliver on its goals, the IP Value Lab will partner the Singapore Accountancy Commission (SAC) to develop and promote IP valuation guidelines, methodologies and best practices, as well as to develop curricu lum for the training of IP valuers.
SAC will also be represented in the advisory panel of the IP Value Lab, to provide strategic guidance.
"The IP Value Lab will better enable businesses to unlock the value of their intangible assets and ideas as their business competitive edge, to grow their business through IP," said Mr Tan Yih San, Chief Executive of IPOS. "
At a broader level, the lab seeks to support the develop ment of a vibrant IP marketplace in Singapore for IP transactions and management.
This is a key pillar of our vision to support Singapore-based businesses and to develop Singapore into an IP Hub of Asia."
"Business Valuation is an important aspect of investor and corporate activities in the financial and capital markets.
That is why developing the Business Valuation space is a key part of the SAC's efforts," said Mr. Uantchern Loh, Chief Executive of the SAC. "
As Singapore has become a knowledge-intensive economy, IP valuation is an important component of Business Valuation. The SAC is glad to be part of IP ValueLab's efforts to foster thought leadership and promote guidelines, methodologies and best practices on IP valuation."
IP Week@SG 2014
These announcements were made at IP Week@SG, which saw more than 1,000 participants from over 30 countries this year. Themed 'Building a Competitive Edge with Intellectual Property', the event saw C-suite executives, business heads and IP thought leaders network and share insights on how businesses can capitalise on the vast richness of the IP ecosystem, to gain a competitive advantage in today's markets.
Now in its third run, IP Week @ SG featured activities including:
An IP Management For C-Suite Seminar, featuring speakers from international companies and the world's leading IP thought leaders;
Over 10 deep-dive sessions, including on IP valuation and financing, IP monetisation, patent analytics, and IP as a business strategy;
An IP ecosystem fair, featuring IP creators and "best of class" IP service providers from the legal, technology, business and finance sectors; and
A WIPO-IPOS IP Awards 2014 gala dinner
At the event, IPOS also announced that Singapore has renewed a Memorandum of Cooperation (MoC) with the Japan Patent Office (JPO) that provides a framework for cooperative initiatives between the two offices. Under the MoC, both offices look to further cooperation on exchanges to engender greater mutual trade flow and understanding of each office's best practices in substantive examination, human resource development, IP systems and quality management.
Additionally, from 1 November 2014, Singapore will be part of a Global Patent Prosecution Highway (GPPH) network, which allows for the sharing of patent search and examination results amongst 17 participating IP offices around the world. With GPPH, the number of PPH partners Singapore has will increase from its current five with US, China, Japan, Korea and Mexico, to 20. Applicants may look forward to obtain corresponding patents faster and more efficiently, in countries which include Australia, Canada, the UK, Denmark, Russia and Sweden.
Distinguished speakers at this year's IP Week@ SG included Dr Francis Gurry, Director General of the World Intellectual Property Organisation; Mr Hitoshi Ito, Commissioner of the Japan Patent Office; C-level executives from global businesses Razer, Unilever, Philips, Canon, Intel; and more.
Dr Gurry said, "IP Week @ SG is an excellent opportunity for IP professionals and businesses leaders from around the world to network and share views on the competitive advantages achieved through IP. As IP becomes an increasingly important driver of business and economic development, we will no doubt see increasingly vibrant IP landscapes in Singapore and across the region in the years ahead."