The Road Ahead – Singapore’s Intellectual Property Strategy 2030

The Road Ahead - Singapore’s Intellectual Property Strategy 2030, Singapore’s Intellectual Property Strategy 2030, The Road Ahead, SIPS 2030, Singapore’s Intellectual Property Strategy

The Road Ahead – Singapore’s Intellectual Property Strategy 2030

The IP Office of Singapore announced the Singapore Intellectual Property Strategy 2030 (SIPS 2030) on World Intellectual Property Day. SIPS 2030 has three inter-linked thrusts: strengthening Singapore’s position as a global centre for IA/IP, attracting and growing innovative firms and developing decent jobs.

The IP Office of Singapore (IPOS) announced the Singapore Intellectual Property Strategy 2030 (SIPS 2030) on World Intellectual Property Day this year, based on Singapore’s 2013 IP Hub Master Plan (and 2017 updates). SIPS 2030 intends to keep Singapore’s position as a top-ranked IP regime by ensuring that firms may protect, manage, and transact their intangible assets and intellectual property (IA/IP) in a friendly environment. SIPS 2030 has three inter-linked thrusts: strengthening Singapore’s position as a global centre for IA/IP, attracting and growing innovative firms that use IA/IP, and developing decent jobs and valued IA/IP skills.

Some initiatives were revealed

This article highlights some initiatives, revealed during the recent IP Week @ SG 2021, which are intended to support this strategy.

The World Trademark Review named IPOS the most creative IP registry in the world in its 2020 survey. Enhancements to IPOS‘s IPOS GO mobile application, which now features new search functions, are among the company’s most recent advances. IPOS will also be rolling out a new on-line marketplace for services and expertise needed to manage and commercialise IA/IP. IPOS’s IP Business and Legal Clinics are also set to increase, allowing businesses to access and seek guidance from a broader pool of IP professionals.

The establishment of a legitimate and trustworthy IA valuation environment is another endeavor that businesses can look forward to. Recognizing the growing importance of intellectual property (IP) in enterprises and the need to extract value from these assets, Singapore plans to lead the creation of IA valuation practice standards and guidelines with the support of a worldwide panel of IA valuation experts. The adoption of consistent, dependable, and internationally acknowledged standards will make it easier for owners of IA/IP to monetise and leverage these assets for expansion, including capital raising.

Singapore’s role as an IP hub will continue to rely on global and regional cooperation. The Patent Prosecution Highway pilot with the China National Intellectual Property Administration has been extended for another five years, according to IPOS. Applicants will be able to benefit from accelerated patent applications by relying on examination results established by either IP office, regardless of whether the patent was first filed with IPOS or CNIPA. A virtual ASEAN IP Academy has been established within the ASEAN IP site hosted by Singapore to develop IP expertise in the region, in addition to the ongoing work of the ASEAN Working Group on IP Cooperation on improving the IP framework in this region.

With human potential as its most valuable resource, Singapore will invest in training programs like the SkillsFuture Study Award for IP, which provides training grants to help companies develop IP competencies and skills. IPOS has also teamed with the Yong Pung How School of Law at Singapore Management University to pilot a Mentoring IP Leaders programme. During the above-mentioned IP Legal Clinics at IPOS, third and final year law students in the program will be mentored by participating law firms.

IPOS has also established a course on “Acting as a Witness in a Patent Dispute” and compiled a list of Singapore-based IP expert witnesses who can assist in court proceedings or arbitrations that are related to IP and technology disputes. There are presently 16 specialists on the list, representing a variety of industries. These measures help Singapore achieve its aim of being the preferred location for IP dispute resolution.

Singapore continues to set the foundation for IA/IP to become a significant engine of city-economy state’s via SIPS 2030. The recent pronouncements should serve as a timely reminder for businesses to think about their own IA/IP strategy and prepare for the new problems that the post-pandemic world will bring.

(As cited in jdsupra.com)

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