The Lion City is constantly coming up with new initiatives when it comes to innovation and technology. It is rapidly moving towards achieving “Smart Nation” goals. Today (26 April), the Intellectual Property Office of Singapore (IPOS) has announced the formation of a $718 million (S$1 billion) innovation fund.
With the aim to help innovative companies develop their businesses and expand overseas, IPOS has collaborated with private equity firm Makara Capital Partners. Christened as the Makara Innovation Fund, it will be seen investing S$30 to S$150 million each in 10 to 15 IP-rich and high-growth potential companies with globally competitive technologies.
The investment will be done over a period of next eight years in firms operating anywhere in the world, including Singapore. companies will then tap on Singapore’s IP ecosystem to help them deepen their value creation, compete effectively and expand into the global markets. Employing a “from Singapore and through Singapore” approach, MIF will help to anchor the nation as a destination for ideas to be translated into assets and revenue.
These firms can then tap on Singapore’s IP ecosystem to help them deepen their value creation, compete effectively and expand into the global markets. MIF is keen on making the nation as a preferred destination for the transformation of ideas into assets and revenue, by employing a “from Singapore and through Singapore” approach.
IPOS has also inked a MoU with the Singapore Business Federation (SBF) to work together in driving enterprise growth through IP and innovation. Through this collaboration, both the entities wish to help SBF’s 25,000 member companies build IP awareness and competencies. This will also allow the firms to directly access IPOS’ suite of IP services, such as training, executive education, and complimentary IP clinics.
The measures were taken in line with the strategies outlined in the Committee on the Future Economy’s (CFE) Report. It had identified IP as a key driver of economic growth. Daren Tang, Chief Executive of IPOS, stated in an official statement,
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.
