IP week 2022 in Singapore: More support with IP management for startups, SMEs, and young innovators

IP week 2022 in Singapore: More support with IP management for startups, SMEs, and young innovators

IP week 2022 in Singapore: More support with IP management for startups, SMEs, and young innovators

On Tuesday, September 6, THE Intellectual Property Office of Singapore (Ipos) introduced initiatives to support inventors in managing their intellectual property (IP) by providing free legal counsel, patent drafting services, training, and other resources.

Edwin Tong, the second minister of law, made the statement in his opening remarks at IP Week 2022, a worldwide IP conference hosted in Singapore, “Startups are hothouses for new ideas that could be brought to market, but may lack the expertise to identify and effectively exploit their innovations through IP,” 

New initiatives to develop Singapore’s IP system

An IP Start initiative will support startups at the beginning of their operations. Companies can access a business course, an IP playbook, special rates for training and advisory services, a 45-minute consultation on their intangible assets and intellectual property, and other benefits through the initiative, which is provided through partner accelerators and incubators.

Ipos International, a subsidiary of Ipos, manages IP Start and has counseled more than 200 businesses on matters relating to intellectual property and intangible assets.  The Action Community for Entrepreneurship, Origin Ventures, and Quest Ventures are a few of the 12 accelerators and incubators that constitute the program’s initial phase.

Ipos’ initiatives come at a time when IP activity — even in the middle of a pandemic — reached record highs both locally and globally. The number of patent and trademark files received by Ipos last year reached a record high, with patent applications increasing by almost 10% and trademark applications by more than 10%.

From 2009 to 2019, Singapore’s net capital stock of intellectual assets grew by 9.7% annually, more than double that of physical assets. The number of worldwide patent applications submitted through the Patent Cooperation Treaty of the World Intellectual Property Organization (Wipo) increased to its peak point in 2021. 

Ipos stated that it will support businesses in expanding their knowledge of IP procedures, such as safeguarding trade secrets. According to a survey conducted in 2021, 98% of businesses acknowledged the value of trade secrets for a company’s expansion, but only 45% really took action to protect them, largely due to the lack of knowledge.

Ipos and other organizations have created a guide on managing trade secrets that include case studies and a list of measures that businesses may use to manage trade secrets.

Five volunteer patent attorneys from the Association of Singapore Patent Attorneys will take part in the first stage of the Inventor Assistance Programme, a joint project of Ipos and Wipo, to assist young people enrolled in tertiary institutions in obtaining patent protection.

The program will launch in Q4 of this year and is anticipated to support young inventors in commercializing their ideas.

The Singapore IP Strategy 2030 was unveiled by Singapore last year with the goal of making the city-state a global hub for technology and innovation through global initiatives and the backing of local businesses and the workforce.

*** Other Articles***

– You could visit here to see Procedure of Singapore Trademark Registration.

– You could visit here to check the required documents for filing trademark in Singapore

– You can also check the Fee of Trademark In Singapore here.

–  You could check how to register trademark in Singapore here.

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