Asia IP

“There is an increasing realization that enterprise is the vehicle that takes IP to the market, because of an increasing focus on IP commercialization” said Daren Tang, chief executive of IPOS. Tang was speaking during the opening ceremony of IP Week @ SG.

Delivering the opening address, Ms. Indranee Rajah, Minister in the Prime Minister’s Office and Second Minister for Finance and Education, highlighted the changes that have taken place in the nature of business.

“More than a decade ago, the world’s 10 largest companies included the likes of General Electric, Exxonmobil and Royal Dutch Shell. Their success was founded on physical assets such as factories and oil fields. Today the story is a sharp contrast. Most of the top 10 companies in the world by stock market value are technology companies – Apple, Amazon, Alphabet and Microsoft to name a few” Rajah said.

“These companies have one thing in common. They are heavy on intangible assets, and light on physical assets. Their inventions and technology, product designs, customer relationships, databases, software and branding are pivotal to their business. They have grown exponentially and maintained their competitive edge by relentlessly innovating, and brining their creativity and ideas to the market”.

And Asia is at the forefront of this wave of innovative activities, explained Rajah. Citing a recent article by the Nikkei Asian Review, Rajah highlighted that investment in research and development in Asia has increased four-fold compared to a decade ago, a much greater increase compared to the US or Europe.

“Innovation is disruptive, but it will also create new opportunities and consumption patterns. We need to focus on helping enterprises innovate continually, and to build and maintain their competitive edge” she said.

“In the future economy, IP rights play an important role as an essential and strategic tool for business growth, helping our companies protect their innovations and bring their products and services to the global market” said Rajah.

“IP is territorial, but the flow of innovation is global. Ensuring that innovative enterprises are supported as they transform ideas into assets requires that we as researchers, regulators, judges service providers financiers and business owners find opportunities to connect, discuss and ultimately work together more closely” concluded Tang.

IP Week @ SG is being held at the Marina Bay Sands in Singapore.