On 26 April 2021, the Singapore IP Strategy (SIPS) 2030 (“SIPS 2030”) was launched at the virtual World IP Day 2021 event hosted by the Intellectual Property Office of Singapore (“IPOS”). Led by an inter-agency committee comprising over 10 government agencies, the 10-year blueprint builds on the 2013 IP Hub Master Plan and comprises the following three interlinked thrusts:
- Strengthen Singapore’s position as a global hub for intangible assets (“IA”) and intellectual property (“IP”)
- Attract and grow innovative enterprises using IA/IP
- Develop good jobs and valuable skills in IA/IP
Set out below is a summary of the SIPS 2030 recommendations as highlighted in the media release jointly issued by the Ministry of Law, Ministry of Finance, Ministry of Trade and Industry and IPOS:
- Develop a next-generation IP filing system to support innovators and enterprises by mid-2022.
- Establish Singapore as an IP dispute resolution hub by continuing to strengthen IP dispute resolution capabilities through working with law schools and professional training providers, building a pool of technical experts, and promoting Singapore’s IP dispute resolution offerings globally.
- Strengthen ASEAN and global linkages to support enterprises’ internationalisation efforts better.
- Set up a new online platform, called IP Grow, to provide an online marketplace for IA/IP services, enabling enterprises to access resources and services to help them along their innovation journey in Singapore and abroad.
- Spearhead an international IA/IP valuation panel to establish IA/IP valuation guidelines with a focus on key asset classes.
- Build a pool of IA/IP valuation professionals in Singapore.
- Provide an IA/IP disclosure framework and guidelines to help enterprises better communicate the value of their IA/IP.
- Nurture an IA/IP savvy workforce, equip leaders with IA/IP knowledge and skills through working with institutes of higher learning to support key innovation sectors in Singapore and developing executive training programmes to help senior management executives better appreciate the value of IA/IP in driving business growth.
- Promote IA/IP skills and competencies in job roles involved in innovation.
- Work with stakeholders to develop a set of nationally recognised standards and certification programmes that can be adopted by the industry.