The Intellectual Property Office of Singapore (IPOS) and home-grown private equity firm Makara Capital will be launching a one-billion dollar Makara Innovation Fund (MIF), according to IPOS’ press release last Wednesday (26 Apr).
Commercially-driven, the MIF will target high-growth companies with strong IP and proven business models, leveraging Singapore as a base for their growth and expansion into world markets.
Daren Tang, chief executive of IPOS, said, “IP is key to our future growth and the fuel for an innovation driven economy. Our focus must shift to IP commercialization, to allow our enterprises to use IP strategically for growth and global expansion.”
Following the Committee on the Future Economy (CFE) report, which identified IP as a key driver of economic growth, IPOS and the Ministry of Law have updated the 2013 IP Hub Master Plan to strengthen Singapore’s innovation ecosystem to help enterprises innovate and scale up.
Indranee Rajah, senior minister of state for law and finance, said: “The IP Hub Master Plan is the blueprint for developing Singapore into a Global IP Hub in Asia. IP is going to be an important enabler of Singapore's growth moving forward.”
To deliver on the priorities mapped out, IPOS announced several new strategies for Singapore’s success:
Helping enterprises innovate and scale up
IPOS and the Singapore Business Federation (SBF) are collaborating to help SBF’s 25,000 member companies build IP awareness and competencies.
Access to local and international expert IP advisory resources
IP ValueLab will also collaborate with EverEdge Global Ltd, an international IP management consultancy firm, to reach out to more than 150 local innovative enterprises over the next three years, to provide intensive and customised assistance on IP strategy and management.