WIPO Director General Attends IP Week @ SG 2024, Meets IP Stakeholders in Singapore
August 30, 2024
WIPO Director General Daren Tang attended a series of events during IP Week @ SG 2024, an annual meeting in Singapore which brings together intellectual property (IP) thought leaders, legal experts and innovative enterprises from around the world. During his 26-28 August 2024 visit, Mr. Tang also met with other stakeholders from the innovation ecosystem in Singapore and the region, underlining the critical role of IP to transform ideas into assets.
Opening Ceremony IP Week @ SG 2024
Mr. Tang delivered a keynote speech at the opening ceremony of IP Week @ SG 2024 following remarks by Mr. Edwin Tong, Minister for Culture, Community and Youth and Second Minister for Law, and IPOS Chief Executive Mrs. Rena Lee. Mr. Tang gave an overview of the massive shift in the geography of innovation that has taken place over the years.
For much of these past 550 years, innovation activity has been heavily concentrated. As recently as 2000, 70% of patent filings came from G7 economies. This landscape is now changing. Not only are more people using IP, but the engines powering this growth are increasingly diverse. Now, 70% of IP patent filings come from outside the G7.
Mr. Tang
Mr. Tang said that countries in Southeast Asia are powering this shift. From 2017 to 2022, ASEAN’s IP offices saw applications for patents, trademarks and designs increase by close to 40%, from just over 430,000 filings to nearly 600,000 filings. In addition, six ASEAN economies are now in the top half of WIPO’s Global Innovation Index, the value of ASEAN’s leading brands has surged past $250 billion and creative exports generate almost $35 billion for the region.
Value creation is also seeing massive shifts, he noted. Mr. Tang cited a recent WIPO report showing that investments in intangible assets have grown three times faster than those in tangible assets over the past 15 years, reaching a value of almost $7 trillion.
Innovation patterns are evolving as well. Already one third of all patents relate to digital technologies, and with IP activity growing strongly in areas like semiconductors and gen AI, this trend is set to grow. In the end, digital innovation is merging more and more with industrial innovation, as you can see from the car, which is less and less a combustion engine, and more a laptop on four wheels. And we see this trend happening in other industries around the world.
Mr. Tang
In light of these transformations, Mr. Tang said “it is necessary to rethink and refresh how we look at IP, including its often invisible and undervalued role in turning ideas into assets.” IP, he noted, is increasingly not just a legal right, but a vital business and financial asset. For IP offices and regulators, IP is not just about having an adequate IP legal regime or well-run IP registries, but also supporting IP commercialization and the larger IP innovation ecosystem of countries, he said. IP is also a tool for jobs, investments, growth and development, as well as a way to address common global challenges like climate change.
The Director General outlined how WIPO is helping to support the international community to adapt and capitalize on this new environment, including a focus on impact-driven projects and supporting Member States in adapting the IP innovation ecosytem to new realities and making it more inclusive. He also noted that WIPO is also helping rights holders unlock the full value of their IP assets.
Today, as the engines of IP growth are becoming more global, and IP’s role in the modern world is becoming more central, we are poised to enter yet another chapter in its development. WIPO is excited to be your partner on this journey, and to work together with all of you to use IP to transform great ideas into assets that will change all of our lives for the better.
Mr. Tang
Launch of Science and Technology Clusters Ranking
Mr. Tang moderated a session at IP week to launch the annual science and technology clusters ranking. The session opened with remarks from Ms. Takaichi Sanae, Minister of State for Intellectual Property Strategy, Science and Technology Policy, Japan, and Mr. Yin Yong, Mayor of Beijing.
The ranking showed that among the top 10 clusters, seven are found in Asia and three in the United States (US). China and the US are home to the world’s largest science and technology clusters, with shifts among the top 100 showing especially fast growth of innovative activity in certain emerging economies.
Mr. Tang said this reinforces a broader trend that WIPO has been observing for some time – namely, the rise of select emerging economies as powerful innovation engines. He noted that not only are these countries identifying innovation and creativity as key growth drivers, but they are committing the necessary resources – the investment, coordination, and human capital needed – to develop increasingly sophisticated innovation ecosystems.
Mr. Tang said the rankings show that in many parts of the world, scientific research and patenting activity is growing. He recalled that these are stages on a much longer journey. The litmus test, he said, remains IP commercialization and the ability of these clusters to translate promising ideas into tangible products and services.
Panelists stressed the importance of collaboration between innovation clusters and institutions within the clusters to harness insights from scientific research for commercialization.
IPOS International and WIPO Academy Agreement
Mr. Tang and Mrs. Lee signed a memorandum of understanding to formalize and expand a new form of the Executive Training Program, launched in March 2024. The program will be facilitated by leading practitioners who have first-hand, real-world experience of turning ideas into assets. After signing the agreement, Mr. Tang said this collaboration will benefit not only Singapore and the wider ASEAN region, but also innovators and professionals worldwide.
Mr. Tang said the agreement aligns closely with WIPO’s overarching vision and mission, the Singapore IP Strategy 2030 and a shared objective of supporting a balanced and effective global IP ecosystem that works for everyone, everywhere.
Fireside Chat with Singapore Business Federation’s Young Business Leaders Network
At an event organized by the Singapore Business Federation, Mr. Tang said that protection of IP is just the beginning and IP commercialization is key. IP signifies quality and value, serving as a vehicle to market products. Mr. Tang underlined the importance of a tailored patent strategy and integration of IP into an overall business strategy.
Speaking to an audience of business leaders, Mr. Tang said enterprises should consider IP as a core asset, regularly discussing it in board meetings and investing in it as they would in other business areas like marketing.
WIPO-ACRA Event – The New Value Driver: The Role of Intangible Assets in Driving the Future Economy
In another IP Week event, Mr. Tang took part in a discussion organized by the Institute of Valuers and Appraisers and moderated by Council Chairperson Lie Kok Keong, and including Mrs. Lim Hwee Hua, Chair Board of Trustees for the International Valuation Standards Council.
The Director General spoke about how WIPO is helping economies and businesses around the world to unlock the potential of IP as a driver of economic growth. He also addressed global trends in the financing and valuation of intangible assets, noting an increasing interest in IP valuation and financing in countries around the world, especially to support the growth of small and medium-sized enterprises.
Mr. Tang noted that valuation can be tricky. Some valuators lack expertise, valuation reports may face lack of interoperability between different jurisdictions and other issues. But he underlined that anyone “who cracks the code” on how to value intangible assets is going to be a key player in the economy.
The Director General also noted that IP is not only a financial asset but a business asset. The challenge is to convince banks to accept IP as collateral so it can be used as a key business asset and for businesses to reflect their intangible assets in their accounting books.
Bilateral Meetings
The Director General also held a series of bilateral meetings including with Mr. Edwin Tong and other Singaporean Government and IPOS officials. He also met with Deputy Minister Chansouk Sengphachanh from the Laotian Ministry of Industry and Commerce and Mr. Xaysomphet Norasingh, Director General of the Laotian Department of Intellectual Property.
In another bilateral, the Director General met with Mr. Yota Ono, Commissioner, Japan Patent Office.
He also met with Mr. Ngeth Vibol, Director General of Industry, Ministry of Industry, Science, Technology and Innovation, Cambodia.
Regional Dialogue on ADR for Southeast Asian Countries
On August 27, Mr. Tang and Mrs. Lee opened the Regional Dialogue for Enhancing Understanding of Alternative Dispute Resolution (ADR) with participants from Southeast Asian countries.
In his opening remarks, Mr. Tang said ADR procedures are becoming increasingly attractive. This, he said, in part, is testament to their flexibility, practicality and confidentiality. Mediation, in particular, is becoming more attractive as it enables parties to resolve disputes whilst preserving business relationships.
Mr. Tang said the dialogue is designed to provide a platform for sharing experiences and best practices. It recognizes that different jurisdictions are at varying stages in their ADR journeys and this event is a chance to learn from each other, discuss the latest ADR trends, and develop best practices in relation to ADR for IP disputes. The Director General said the meeting is also an opportunity for all to explore collaboration in this important and dynamic area.