Opening Address by Mr Edwin Tong, Minister for Community, Culture and Youth and Second Minister for Law at the Brands for Good Awards Ceremony

10 DEC 2020

10 Dec 2020 Posted in [Speeches]

Prof Su Guanning, President Emeritus of Nanyang Technological University,

Friends from Brands for Good, IPOS Society, and International IP Commercial Council,

Distinguished guests,

Ladies and gentlemen,

  1. A very good morning to all of you.
  1. It’s my pleasure to speak at the third edition of the Brands for Good Awards Ceremony.

Importance of IP and Intangible Assets

  1. The Brands for Good Awards seek to recognise businesses that use IP and intangible assets to grow and expand, while benefiting their communities.
  1. I am sure everyone here today is well aware that IP and intangible assets make up an increasing proportion of total business value in today’s innovation and knowledge-driven economy.
  1. According to Brand Finance’s 2020 Global Intangible Finance Tracker study, the value of the world’s intangible assets today stands at an all-time high of US$65.7 trillion, representing 54% of the overall global value. That’s more than half1!
  1. With so much value in intangible assets, businesses which can harness them well will be able to reap significant benefits.

Government’s Support for Businesses in IP Management

  1. The Government is committed to supporting businesses in managing and extracting the value out of their IP.
  1. IPOS has been offering complimentary IP clinics since 2015.

a. These IP clinics are conducted weekly, and businesses can approach consultants and practising lawyers for advice on how to manage their IP.

b. The IP clinics continued to operate even during the circuit breaker, via videoconferencing.

c. This is the extent of our commitment to help businesses with their IP.

  1. We also recognise that the COVID-19 pandemic has accelerated digitalisation, and forced many businesses to change their operating models.

a. For example, those in the arts and entertainment sectors have had to turn to digital and online platforms to carry on with their performances and events.

b. The government agencies, including IPOS and MCCY, have therefore come together, to introduce a new initiative –

i. Growing with Resilience through InTangibles (GRIT),

ii. to help to manage businesses better, monetise their IP and intangible assets in today’s environment.

  1. IPOS has also made it easier for businesses to protect their IP.

a. IPOS commenced the SG IP Fast programme in September this year, to accelerate the registration of patents, trademarks and registered designs. Under this programme, a patent may be granted in as little as 6 months from the date of application. This has enabled many businesses to take advantage of opportunities even more quickly.

b. IPOS also recently enhanced IPOS Go, the world’s first mobile app for trademark applications. Businesses can now renew, not only their trademarks, but also their patents and registered designs via the app, which makes the process more convenient, accessible and cost-effective.

c. In addition, IPOS has also begun to engage aspiring and fresh law graduates on IP mediation through the Young IP Mediator programme. Mediation offers a fast and cost-effective means of resolving disputes, while preserving business relationships. It has been used to settle different types of commercial disputes, and there’s no reason why it cannot be used to resolve IP disputes.

  1. There’s really so much that we have done, and much more that we will continue to do.

Supporting and Recognising Businesses with a Heart

  1. Even as the Government continues to support innovative businesses, it is heartening to see Brands for Good recognise not just their entrepreneurial success, but also their concern for the community and the environment. Brands for Good and the ASEAN CSR Network have come together to help businesses pivot for growth while keeping their communities in mind.

a. Their joint platform, the ASEAN Responsible and Inclusive Business Alliance (ARAIBA), socialises the benefits of contributing to the community while still turning a profit.

b. Brands for Good’s CarbonCare® Label mark also helps SMEs signal to their stakeholders that they are mindful of their carbon footprint and have an interest in the environment. As consumers become increasingly concerned about the impact of their consumption, such marks can help SMEs differentiate themselves.

c. Forums like these also help enable businesses to exchange and showcase their innovative ideas and approaches to CSR.

d. We have many such businesses here today to share their experiences and best practices.

e. This year’s Brands for Good award winners, for example, show us how to marry innovation with a concern for the community. They cover varied sectors like the environment, healthcare, and education. They employ persons with disabilities, train foreign domestic workers to do more specialised work, and actively share their values of inclusivity and sustainability with others.

Conclusion

  1. Along with past year’s Brands for Good winners, this year’s winners - whom you will know soon - show us that if you know how to leverage your IP and intangible assets, you can not only generate profit, but also help the community in the process.
  1. I congratulate all of you on the good work in building bridges between businesses and the community.
  1. Hope their examples will inspire even more businesses to do the same.
  1. Thank you very much, and I look forward to seeing the rest of the event, and all of you, please do enjoy the event. Thank you.

Footnote

1. https://brandfinance.com/insights/intangible-value-hits-all-time-high ↩

Last updated on 10 Dec 2020