SINGAPORE - Singapore moved up two notches to be the fifth most innovative country among 126 nations in the Global Innovation Index (GII) 2018 report, according to the Intellectual Property Office of Singapore (IPOS). The Republic now sits alongside European innovation powerhouses such as Switzerland, the Netherlands, Sweden and the United Kingdom. Singapore also retains its top spot as the most innovative country in Asia. The annual GII report, co-published by Cornell University, INSEAD and the World Intellectual Property Organization, compares the innovation performance and capabilities of global economies.
Singapore tops the Innovation Input sub-index and shows improvements in the Innovation Output sub-index. This year, the strong performance in the global innovation index can be attributed to improvements in output indicators such as growth rate of purchasing power parity (up 33 spots) as well as infocomm and technology (ICT) services exports (up 15 spots). To support ICT which was identified as one of Singapore’s key growth sectors, IPOS recently introduced the FinTech Fast Track initiative (金融科技专利优速) to help innovators bring their FinTech innovations to the market more rapidly by shortening the patent grant process from two years to six months.
The report also highlighted improvements in IP-related output indicators such as IP receipts (up three spots) and patents by origin (up one spot). To help more businesses unlock the value of their intangible assets and generate IP-related revenue, IPOS’ enterprise engagement subsidiary, IP Value Lab (IPVL), will continue to support them in building up their IP management capability. To date, IPVL has provided customized 1-on-1 IP audit and IP strategy assistance to more than 60 companies since the update to the IP Hub Master Plan in April 2017.
Mr Daren Tang (邓鸿森), Chief Executive of IPOS (新加坡知识产权局局长), said, “Innovation is becoming a driving force in our economy and globally. The GII 2018 accolade supports the advancement of Singapore’s IP and innovation agenda. Being ranked fifth in a credible global study gives greater impetus for our enterprises and entrepreneurs to keep using innovation and leveraging their intangible assets to grow from Singapore to the world.”
As part of this year’s GII report, IPOS contributed a chapter detailing the developments and milestones for Singapore’s innovation landscape in the renewable energy (RE) sector. In particular, IPOS used its patent analytics capabilities to provide insights for decision makers by examining global trends, emerging areas, as well as leading countries in the field of photovoltaic technology. The chapter also showcases how small nations like Singapore can play an outsized role in driving innovation in the RE sector.