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.

A case in point: Jasmine Kway, CEO of RHT i-Assets Advisory Pte Ltd, a certified senior IP technology consultant, provided consultancy services to a Singapore clean-tech company. The company owns a proprietary platform technology that can be applied across several industries. Dr Kway conducted an IP valuation of the technology and helped in the commercialisation of this innovation by identifying interested parties who could integrate the technology with their businesses and explore new applications. In addition, she assisted the company in participating in government programmes that could further fund, develop and open new markets in the region.

Demand for such IP professionals is anticipated to increase significantly in key growth areas such as technology and business sectors. To this end, the Intellectual Property Office of Singapore and the IP Academy have introduced a host of exciting IP professional certification schemes and training courses, with the aim to set graduates and professionals alike on the winning side in today's innovation economy. The launch of an IP Technology Consultant Registry, for example, allocates up to S$1 million to train and certify 500 science, engineering and technology professionals in the next three years. These professionals will join a sizeable workforce undertaking high value-added jobs in the vibrant IP sector.

The innovation-driven future is promising. Singapore is well-positioned to leverage its strengths and provide a unique value proposition as a global IP hub in Asia, with its highly qualified IP professionals to support business needs and provide world-class IP services to them. Singapore can further capitalise on the new opportunities that the AEC presents, and attract central IP work that will contribute significantly to our economy and create high-value employment opportunities for our people.