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New technology development centre to prototype inventions from Singapore
THE Invention Development Fund (IDF), part of the Intellectual Ventures family of investment funds, on Tuesday unveiled a multi-million-dollar investment in a new technology development centre located in Singapore.
The centre enables IDF to prototype inventions from its 10,000-strong global invention network and translate them into valuable new products, businesses models, and spin-out or venture companies.
By developing next generation products and companies that create new jobs and sources of growth for Singapore, the centre aims to drive Singapore's position as a global hub for innovation.
Scott Needham, general manager of technology development centre at IDF, said partnerships with IDF through the new centre would help organisations get to the future faster through a managed open innovation environment.
It would utilise external technology and expertise to accelerate the innovation process and drive transformation while minimising risk, he said.
The centre will be staffed by a team of engineers, specialists with multi-disciplinary backgrounds, and managers with business and technical expertise.
They will identify promising inventions and work with local partners to develop new prototypes and carry out additional scientific and technical testing.
Beh Kian Teik, executive director of i3 at the Singapore Economic Development Board (EDB), welcomed the move by Intellectual Ventures to have Singapore as a strategic partner to spearhead their innovation strategy and business in Asia.
"The technology development centre is a unique combination of inventorship and entrepreneurship, which enhances the creation of new products and business models. This creates good value for the local industry and society and will continue strengthening Singapore's position as a global innovation hub."
The centre is part of IDF and Intellectual Ventures' commitment to developing, protecting, and distributing inventions from thousands of inventors around the world - from emerging countries like China and India to established invention leaders like the United States and Japan.
Intellectual Ventures, a privately-held invention capital company that was founded in 2000, hopes to turbocharge technological progress, create new businesses, and accelerate positive change across the region through the centre.
The company owns one of the world's largest and fastest-growing intellectual property (IP) portfolios, with more than US$6 billion committed capital and more than 40,000 IP assets in active monetisation programmes.