The biennial Singapore IP Survey was conducted to better understand companies’ perception and usage of intangible assets and intellectual property (IA/IP).
The 2023 Singapore IP Survey was conducted from February to March 2023, with over 500 responses by companies from various sectors.
Key Findings
*Correction issued on 27 Dec 2023: The datapoint “59% of companies are willing to pay a wage premium for employees with IP skills” was corrected from ”90% of companies are willing to give a wage premium of 26% or more for employees with IP skills”.
Click on each point below for quick access to the findings:
1. Business
2. Jobs
3. IP Hub
Business
1. Companies value IP
a. Most Important IP Types
Around one in three companies indicated that the following are important areas for them:
| (i) | strong brand; |
| (ii) | new technology and or process; and |
| (iii) | confidential information. |
b. Business value of IP
15% of companies perceive that the bulk of their value resides in IA/IP.
c. How companies are using their IA/IP
Recognising the importance of IA/IP, companies felt that IA/IP helped enhance their company performance in the following areas:
| (i) | Provide new opportunities for collaboration with other businesses |
| (ii) | Increase business competitiveness
|
| (iii) | Facilitate market expansion or internationalisation |
| (iv) | Increase revenue |
Did you know that you can gain revenue from IP and IA?Learn more about how IP and IA can boost company growth:
2. Support & resources for companies
While companies recognise the importance of IA/IP, there is a need to raise awareness of IP-related services and build IP knowledge.
4 out of 5 companies would like more opportunities to use IA/IP to obtain financing.
IP Resources for businesses:
Grants & Schemes: Apply for the following grants &/or schemes for defraying IP costs
IP Clinics: Consult business experts and lawyers on IP strategies and dispute matters
GoBusiness IP Grow: Understand IA/IP needs for your business and get tailored recommendations for IA/IP service providers
Jobs
1. Employees with IP skills are valued
Around 1 in 2 companies consider IP skills as a competitive edge when hiring employees, and 59% of companies are willing to give a wage premium for employees with IP skills.
These are the top three job functions which require IP skills:
2. Valuation
15% of companies in Singapore undertook standalone valuation, of which less than half were conducted by Chartered Valuer and Appraiser (CVA) holders.
Get certified for the CVA programme to be recognised as a quality Business Valuation professional.
IP Hub
1. Global IA/IP Hub
1 in 3 companies seek to expand into/have a presence in other ASEAN countries. However, more than 60% of companies face significant IP-related challenges.
The top 3 IP-related challenges companies face when seeking to expand into/have a presence in other ASEAN countries are:
2. Singapore as an IP Dispute Resolution (IPDR) Hub
1 in 5 companies choose Singapore as a preferred venue for IP dispute resolution.
a. Top factors for choice of IP dispute resolution location
Governing law of contract or agreement is important for more than 50% of companies when deciding where to resolve the company IP dispute. This is followed by ease of enforcement (36%) and the speed of dispute resolution process in the jurisdiction (36%).
Tap on these programmes and initiatives to defray mediation costs for IP disputes:
Tap on these grants to help you fund your IP activities:
IA account for more than 90% of business value (Ocean Tomo, Intangible Asset Market Value study, 2020). Drive business growth by
managing your IA/IP with us!
You may also
wish to see the findings from the
Singapore IP Survey 2021.