Singapore Businesses Encouraged To Adopt Intellectual Property Strategies

May 17, 2023

Two recent studies have demonstrated a positive correlation between intellectual property (IP) and business performance, indicating that Singapore businesses can utilize IP for improved growth.

The studies were made public by the IP Office of Singapore (Ipos) on May 17 in conjunction with the 145th annual global conference of the International Trademark Association (INTA), which is taking place in Singapore from May 16 to 20.

With approximately 8,000 attendees anticipated, this is the first time INTA is hosting its meeting in Southeast Asia. Some portion of the current year’s center is bringing more Singaporean and Asian little and medium-sized undertakings (SMEs) into the IP environment.
“The new flood in the valuation of new businesses in this district not just focuses to a helpful environment for development, yet in addition to a colossal potential for IP development,” said INTA CEO Etienne Sanz de Acedo.

A business track on “the business of intangible assets” and an IP and innovation track to discuss cutting-edge IP legal issues are among the hybrid conference’s in-person components at Marina Bay Sands.

There are approximately 150 exhibitors who will be showcasing IP solutions, trends, and strategies. There will also be a Singapore Pavilion with twenty local and international businesses that make use of Singapore as an IP hub. Local businesses like Razer, the kaya toast chain Ya Kun, and the furniture brand Scanteak, as well as multinational giants like Procter & Gamble and Unilever, are among these.
“Brands and IP assist with driving business execution and development, particularly in an undeniably serious worldwide commercial center where organizations need to separate themselves,” said Edwin Tong, Priest for Culture, People group and Youth and Second Clergyman for Regulation, who directed the occasion.

He added, “We will continue to support businesses using their IP to grow in, through, and around Singapore.”

According to one of the two Ipos studies that looked at Singapore’s 100 largest companies, those with strong brands and patent portfolios had about twice as much revenue, net profit, and market capitalization as those without.

The median revenue of these businesses was approximately S$1.07 billion, or 2.4 times that of their competitors. Their median net profit was S$134 million, which is 1.8 times higher than the average for other businesses. Additionally, their median market capitalization was S$2.5 billion, which is 2.7 times higher than the average for other businesses.

The other investigation discovered that for nearby firms with positive income and benefits, claiming IP privileges was related with better execution. The ownership of intellectual property rights has contributed to an annual average increase of 5.9% in revenue per invested capital and a 20.8 percent increase in profit per invested capital over the past decade.

In addition, the conference marked the start of INTA’s first innovation challenge, in which eight businesses presented their business concepts to a global panel of experts in finance, brand valuation, intellectual property law, and branding.

Shortlisted out of many applications, the eight organizations included two Singaporean new businesses. Programming organization Happiness Trees made programming that peruses name cards and produces tweaked messages, while customized tailor shop Thankful Dress diminishes squander by associating clients straightforwardly to local designers and dressmakers.

The winners, who will be announced on May 19, will receive free US$25,000 worth of legal, IP, and business consulting services from experts.

INTA trusts that the advancement challenge will carry more local business people into the biological system, said Sanz de Acedo. ” A startup must be able to leverage their brand and intellectual property as strategic assets in order to navigate an environment that is becoming increasingly competitive, whether it is for international expansion or funding.

Source – Businesstimes

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