SINGAPORE (Aug 29): The Intellectual Property Office of Singapore (IPOS) and Deloitte Southeast Asia Financial Advisory Services have signed a Memorandum of Understanding (MoU) to help drive the growth of innovative enterprises as well as enhance Singapore’s position as an intellectual property (IP) and innovation hub.

Enterprises in the field of biomedical and healthcare, manufacturing and engineering and deep tech sectors can look forward to receiving a boost to not just grow, but to also scale up and expand into overseas markets.

The MoU will bring together IPOS’ expertise in IP along with Deloitte’s extensive global business and expertise in IP and financial advisory services.

The partnership will see IPOS reflecting its ongoing efforts as an innovation agency to build a vibrant and globally-connected innovation ecosystem, strengthen innovative enterprises’ competitiveness through using IP as a strategic business asset.

In line with the key recommendations highlighted in the Committee on the Future Economy (CFE) report, the partnership will also help them take their innovations to international markets.

Together, IPOS and Deloitte will target 100 innovative-driven growth enterprises and guide them to become future market leaders.

At an enterprise level, IPOS and Deloitte will help companies understand technology trends, connect to emerging and disruptive technologies, bring their products and services to the market as well as commercialise their IP and other intangible assets.

At an ecosystem level, this partnership will represent the connections Singapore is building to help enterprises from all around the word establish their operations here as well as a gateway to high-growth markets in Asia and beyond.

The innovation ecosystem is supported by a world-class IP regime and will encourage companies to gain a strong foothold in Singapore, enabling them to monetise their innovations and IP through easy access to market opportunities, technology and commercialisation expertise, strategic advisory and services as well as global connections.

Daren Tang, Chief Executive of IPOS, says, “As Asian economies develop, we are seeing more and more companies where a significant share of their enterprise value is in their intangible assets, including IP. To drive enterprise growth through innovation, Singapore must shift its focus on enabling innovative companies to commercialise their IP, scale up and internationalise quickly.”

Meanwhile, six local innovative enterprises – Benjamin Barker Aust, Concorde Security & Concorde Asia, Cylect Holdings & Cylect Electrical Engineering, Invitrocue, Pacific Forest Products and Heptagon Micro Optics – were honoured with the WIPO-IPOS IP Awards at the opening ceremony of IP Week @ SG 2017.