Singapore ranks second as most innovative IP office in the world
Singapore, 9 March 2017 – Singapore emerged as first runner-up in a recent study on the world’s most innovative IP offices, conducted by established trade publication, World Trademark Review (WTR). Second only to the European Union Intellectual Property Office (EUIPO), the Intellectual Property Office of Singapore (IPOS) was credited for its strong performance in spearheading IP financing services and delivery of many other value-added products and services, that help entrepreneurs and enterprises to grow and compete in the global market.
2. The first study of its kind in WTR’s history, the study identified and evaluated the world’s top 40 trademark offices by trademark filing volume. These offices were then assessed for their online capabilities, value-added propositions and public outreach efforts. WTR sought opinions from over 100 leading IP practitioners, and partnered with IP software service provider, Alt Legal, to conduct the in-depth study.
3. IPOS topped the study’s ranking for value-added propositions and was highlighted as a first-mover in the IP financing space. Singapore’s IP office is one of only two IP offices in the world to support IP-backed lending with its IP Financing Scheme (IPFS), which was launched in 2014. The IPFS helps innovative enterprises tap on their portfolio of intangible assets, such as patents, brands and creative content, to raise capital (see Annex A for the overall rankings).
4. Beneficiary of the IPFS, founder and Group Chief Executive Officer of Masai Group International, Andy Chaw, shared, “There is intrinsic value in intangible assets, such as patents and trademarks, which is key to our business success. The IP Financing Scheme encourages innovative companies like us to access additional capital so that we can continue to innovate and implement new technologies to stay ahead of the competition.”
5. The study also recognised IPOS’ other value-added propositions such as its complimentary IP Business and Legal Clinics, where businesses can receive expert advice on incorporating IP into their business strategies, as well as IP dispute mediation assistance. Others include the IP Mediation Promotion Scheme, which helps businesses leverage on mediation as an alternative means towards achieving cost and time-efficient dispute resolutions.
6. Chief Executive of IPOS, Mr Daren Tang, said, “Supporting the innovation ambitions of our entrepreneurs and businesses demands that we ourselves be innovative as an IP office. We are humbled to be recognised, alongside other IP offices, for our efforts by the World Trademark Review. When we provide interesting and innovative products and services to support our entrepreneurs and enterprises, we in turn help them create value for our economy and society.”
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The Intellectual Property Office of Singapore (IPOS) is a statutory board under the Ministry of Law. We develop the right legal regime and business ecosystem to support an innovation-driven economy, build IP skills and expertise and foster innovation and creativity for Singapore’s future growth. We deliver on our commitments through our core values of integrity, professionalism, team work and by investing in our greatest asset – our people. More information on IPOS can be found at www.ipos.gov.sg.
Desmond Tan | +65 6330 8604 | Desmond_TAN@ipos.gov.sg
Angelia Chia | +65 6331 6572 | Angelia_CHIA@ipos.gov.sg