The Intellectual Property Office of Singapore (IPOS) recently launched a S$1 billion ($716.6 million) innovation fund with private equity firm Makara Capital.
Called the Makara Innovation Fund (MIF), it will target high-growth companies with strong IP and proven business models and using Singapore as a base for their expansion into global market.
The fund will invest S$30 to S$150 million across 10-15 companies with globally competitive technologies from anywhere in the world, including Singapore.
It was announced by the IPOS and Singapore’s Ministry of Law on Wednesday, April 26 as part of an initiative to drive growth in the economy.
“The initiatives in the IP hub master plan are estimated to inject at least S$1.5 billion value-add into the nation’s economy, with further benefits as it catalyses more innovation-driven enterprises, in the next five years,” said a press release from the IPOS.
It is expected that over the next five years, the number of skilled IP experts will be doubled to 1,000 to support the growing demand for innovation expertise, and company-level engagements will be stepped up by the IPOS.
The IPOS and Singapore Business Federation also signed a memorandum of understanding to collaborate in driving enterprise growth through IP and innovation.
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. We have made significant progress over the last four years.”