Cultivating intellectual property resources for Singapore's success

ON Dec 31 2015, a historical milestone was reached with the establishment of the Asean Economic Community (AEC). The AEC seeks to integrate diverse economies of the 10 member states into a single market. It will have the world's third-largest population with 625 million consumers and the seventh largest economy with a combined gross domestic product (GDP) of US$2.6 trillion. It presents a strategic platform for businesses and entrepreneurs in the region and beyond, to catapult ahead through innovation and compete in the global markets. Companies are now increasingly encouraged to promote innovation and creativity at the workplace, and focus on the commercialisation of their intellectual property (IP) rights for business success. The latter was also identified as the second pillar of success in the AEC Blueprint 2025 in transforming South-East Asia into a highly competitive region.

In Singapore, the recent launch of the Research, Innovation and Enterprise (RIE) 2020 plan is testament to an increasing recognition and focus on innovation as a key driver of our knowledge-based economy. A study of industries in Singapore that have above-average usage of IP shows that they contribute substantially to the economy and employ 42.5 per cent of the workforce. The study also revealed that jobs in these industries pay a premium income of 29 per cent more than those from other industries. The impetus for businesses, entrepreneurs and professionals to take full advantage of the myriad opportunities that are present in the global IP economy, therefore, has never been more compelling.

Business decision-makers could consider various strategies to capitalise on their existing IP effectively.