On this year’s World Intellectual Property Day, the IP Office of Singapore (IPOS) announced the Singapore Intellectual Property Strategy 2030 (SIPS 2030), built on Singapore’s 2013 IP Hub Master Plan (and 2017 updates). SIPS 2030 aims to maintain Singapore’s position as a top-ranked IP regime by ensuring a conducive environment for businesses to protect, manage and transact their intangible assets and intellectual property (IA/IP). SIPS 2030 consists of three inter-linked thrusts, namely to strengthen Singapore’s position as a global hub for IA/IP, attract and grow innovative enterprises using IA/IP and develop good jobs and valuable skills in IA/IP. This article highlights some initiatives, revealed during the recent IP Week @ SG 2021, which are intended to support this strategy.

In its 2020 survey, the World Trademark Review ranked IPOS as the most innovative IP registry in the world. IPOS’ latest innovations include enhancements to its IPOS GO mobile application, which now has new search functions. IPOS will also be rolling out a new on-line marketplace for services and expertise needed to manage and commercialise IA/IP. The IP Business and Legal Clinics run by IPOS are also expected to be expanded so that enterprises can have access to and seek advice from a larger pool of IP practitioners.

Another initiative which enterprises can look forward to is the development of a credible and trustworthy IA valuation ecosystem. Recognizing the increasing significance of IA/IP in businesses and the need to extract value from these assets, Singapore intends to lead the development of IA valuation practice standards and guidelines with the help of an international panel of IA valuation experts. The establishment of consistent, reliable and internationally-accepted standards would make it easier for owners of IA/IP to monetise these assets and leverage on them for growth, including through the raising of capital.

Global and regional co-operation will continue to be crucial to Singapore’s role as an IP hub. IPOS announced that the Patent Prosecution Highway pilot with the China National Intellectual Property Administration will be extended for another five years. This arrangement will allow applicants to enjoy 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. In addition to the on-going work of the ASEAN Working Group on IP Cooperation on the improvement of the IP framework in this region, a virtual ASEAN IP Academy to enhance IP expertise in the region has also been set up within the ASEAN IP portal hosted by Singapore.

With human talent as its key resource, Singapore will invest in training schemes, such as the SkillsFuture Study Award for IP which offers training grants to build up IP capabilities and develop industry-relevant IP skills. IPOS has also partnered the Singapore Management University’s Yong Pung How School of Law to pilot a Mentoring IP Leaders programme. Third and final year law students in the programme will be mentored by participating law firms during the above-mentioned IP Legal Clinics at IPOS.

IPOS has also launched a course on “Acting as a Witness in a Patent Dispute”, and put together a list of Singapore-based IP expert witnesses who are able to assist in court proceedings or arbitrations that are related to IP and technology disputes. This list currently consists of 16 experts from a wide range of industries. These efforts contribute to fulfilling Singapore’s goal to be the choice venue for IP dispute resolutions.

With SIPS 2030, Singapore continues to lay the groundwork for IA/IP to become a key driver of our city state’s economy. The latest announcements should serve as a timely reminder for enterprises to consider their own strategy in dealing with IA/IP, and to prepare themselves for the new challenges the post-pandemic world will bring.