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Singapore Intellectual Property Office announces initiative to support innovative business in global markets

The Intellectual Property Office of Singapore (IPOS) announced a new initiative to support innovative enterprises as they enter global markets. The initiative is called the Intellectual Property Insurance Initiative for Innovators (IPIII), and it will give innovative enterprises insurance coverage for legal expenses that may be incurred in intellectual property (IP) infringement proceedings worldwide.

The IPIII initiative was announced this week by Minister for Education Ong Ye Kung in his keynote address at the Singapore Bicentennial 1819 – 2019, hosted by City of London Corporation. Minister Ong was part of an official delegation comprising Senior Minister Tharman Shanmugaratnam and Coordinating Minister for Social Policies, and Dr Tan Wu Meng, Senior Parliamentary Secretary for Foreign Affairs and Trade and Industry.

Innovators with SG Patent can get cost-saving insurance policy

Under IPIII, enterprises and innovators with a Singapore patent, trademark or registered design can take up an insurance policy with substantial cost savings that pays the legal costs of enforcing IP rights or defending against allegations of IP infringement, which can often be expensive and detrimental to business cash flows.

New business risks will emerge as more enterprises use innovation and digitalisation to grow and enter global markets. With over 60 million IP in force in the world today – about 10 IP for every 1,000 people globally – securing business interests with an IP insurance policy is emerging as a business priority.

This initiative comes at a time when value in the global economy is increasingly created in the form of intangible assets. For the first time in history, global intangible value surpassed US$50 trillion in 2018, making up more than half of the global economy. In advanced economies such as the USA, more than 80% of enterprise value of S&P 500 is already in the form of intangible assets. These trends are increasingly driven by Asian economies, with Asian IP filings growing at the compounded average growth rate of 12.7% from 2007 to 2017, twice as fast as the rest of the world according to figures taken from an IPOS press release.

“IP Growing faster than the world population”

Dr Bernard Ong, Group Director, Policy & Engagement, IPOS, said: “IP has been growing at a faster pace than the world population in the past decade. Yet, insuring IP is still nascent to a market that has witnessed multi-million-dollar patent litigation and trade disputes over IP theft.”

“The new insurance initiative is timely in a global economy increasingly powered by the new currency of intangible assets. Cutting edge initiatives such as IP insurance will anchor Singapore’s position as a financial and legal hub, and support our innovators and entrepreneurs as they expand into overseas markets with their IP.” said Mr Ong.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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