New Intellectual property entity to help Singapore companies go global


File photo: CGTN

SINGAPORE, Aug. 27 (Xinhua) -- A new entity launched here Tuesday will help enterprises and industries to commercialize their intellectual property (IP) and intangible assets for business growth both in Singapore and globally.

Called IPOS International, it is a wholly-owned subsidiary under government agency Intellectual Property Office of Singapore (IPOS) and will act as its expertise and enterprise engagement arm.

For a start, businesses can use Illuminate for Enterprises, a free tool designed to help businesses assess their IP management status, gain insights on potential IP gaps and risks, as well as recommendations for further actions.

Companies can also tap IPOS' extensive networks with countries that cover 90 percent of global trade to expand globally through their intangible assets and IP.

Delivering the opening address, Minister for Trade and Industry Chan Chun Sing said intangible assets and IP will increasingly drive the next wave of global growth and Singapore must "redouble" its efforts to grow itself as a global trusted hub for IP.

IPOS chief executive Daren Tang said at the event, "As economies become transformed by innovation, technology and digitalisation, intangible assets, not just IP, but data, trade secrets, know-how, expertise and more, will increasingly move to the centre of our economies."

Separately, Chan also announced a new national-level skills framework for IP manpower development, to build a pool of competent and industry-ready IP professionals who can take their ideas to the global market.