The Singapore IP Strategy 2030 (SIPS 2030) was launched on 26 April 2021 to coincide with World Intellectual Property Day.

The global economy is shifting towards an Intangible Assets (IA) and Intellectual Property (IP) model. In 2020, the value of global intangible assets was estimated to be about US$66 trillion, and between 2019 and 2020, IP transactions were valued at about US$430 billion. In 2017, Asia spent more than 45% of global gross domestic expenditure on R&D.

In light of the evolving global economy and the growing importance of Intangible Assets (IA) and Intellectual Property (IP), this 10 year plan comprises three “thrusts”:

  1. Strengthen Singapore's position as a global hub for IA/IP;
  2. Attract and grow innovative enterprises using IA/IP; and
  3. Develop good jobs and valuable skills in IA/IP.

We summarise the key points below. The full SIPS 2030 report can be found here.

Thrust 1: Strengthen Singapore's role as a global hub for IA/IP

It is recognised that innovators and investors need to be assured that their innovations will be adequately protected in Singapore before deciding to do business in Singapore. To meet this need, Singapore aims to:

  1. Ensure a world-class IA/IP regime by proactively reviewing policies to support emerging technologies, such as machine learning, and leveraging on digitalisation to better empower innovators and creators, for example through digital time-stamping systems.
  2. Develop Singapore as a node for ASEAN and the world by facilitating regional inter-operability of IP systems and strengthening the connectivity between ASEAN and the rest of the world.
  3. Position Singapore as a choice location for international IP dispute resolution by working with stakeholders to grow local expertise and establishing a one-stop resource portal on IP dispute resolution.

Thrust 2: Attract and grow innovative enterprises using IA/IP

While Singapore has made significant progress to support enterprises in their IA/IP needs, further development is envisioned to:

  1. Enable enterprise to better leverage IA/IP through increased access to IA/IP advisory and related services, building IA/IP awareness and competencies, and supporting enterprises in maximising value from IA/IP.
  2. Build a credible and trusted IA/IP valuation ecosystem through the development of valuation and disclosure guidelines and accreditation system, and building a pool of qualified IA/IP valuation professionals. The disclosure guidelines are intended to provide a framework for greater transparency around IA/IP, in the hope that this will provide a more conducive environment for IP transactions.

Thrust 3: Develop a workforce with IA/IP skills

To meet the demand for an IA/IP savvy workforce in an innovation-driven economy, Singapore aims to:

  1. Build an IA/IP savvy workforce and base of IA/IP talent by equipping tertiary students with the necessary IA/IP skills and knowledge, and providing executive training for working professionals to maintain the competitiveness of the future workforce.
  2. Create job opportunities for Singaporeans by laying out a roadmap interfacing IA/IP skills with career pathways for IP professionals (Skills Framework for IP), and by equipping non-IP professionals with IA/IP skills and competencies to handle IA/IP related work. This enables enterprises to analyse and plan for their IA/IP manpower more effectively.
  3. Bolster Singapore's reputation for quality IA/IP skills through development of a national standard in IA/IP management that will be promoted internationally.

Conclusion

Singapore has identified IA/IP as a pillar for supporting and catalysing an innovation-driven economy, and is making a push towards this direction with the 10 year plan.

Business owners should take note to calibrate their businesses with changes in the economy and to take advantage of schemes such as the Intellectual Property Development Incentive (IDI), Enterprise Development Grant and SkillsFuture Study Award to defray IA/IP related costs.

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