Innovation celebration: The award that commemorates IP champions in Singapore

A company’s most valuable assets nowadays aren’t physical – they’re intellectual.

Intellectual property (IP) and intangible assets (IA) like patents, copyrights, trademarks, and brand reputations are essential to fueling growth, innovation, and competition. These enable companies to develop groundbreaking technologies and products – for example, in Singapore, IA and IP have led to Razer’s award-winning gaming laptops and medtech startup Vivo Surgical’s flexible endoscopic surgical robot, a world first.

In order to recognize firms in Singapore that have leveraged their IP to catalyze innovation and growth, the WIPO-IPOS IP for Innovation Awards were established. Organized by IPOS International and supported by the Intellectual Property Office of Singapore (IPOS) and the World Intellectual Property Organization (WIPO), this year marks the awards’ 12th edition.

The 2023 winners at the awards ceremony at IP Week 2023 Celebratory Dinner.  / Photo credit: IPOS International

Past winners of the Awards include tech giant Grab, consumer bank DBS Bank, and digital entertainment manufacturer Creative Technology. Notably, 2023 award winner Mirxes, a Singapore biotech company, recently refiled for an IPO in Hong Kong with a target valuation of US$600 million, while entertainment firm Neon, another awardee from the same year, is considering a US$200 million funding round to facilitate its expansion plans.

“Our IP Awards serve as a beacon, attracting and nurturing innovative enterprises by spotlighting the strategic power of IA and IP. These awards are not just accolades; they are a testament to our commitment to cultivate a vibrant, supportive ecosystem in Singapore for enterprises to thrive with their IA and IP assets,” says Kok Kitt-Wai, managing director of IPOS International.

As applications open for this year’s edition, we learn more about the Awards and how they aim to encourage more innovative enterprises to derive and maximize value from their IA and IP.

The following interview has been edited for clarity and brevity.

What are the WIPO-IPOS IP for Innovation Awards?

The annual WIPO-IPOS IP for Innovation Awards celebrate Singapore enterprises that have achieved outstanding growth through their successful use of IA and IP. Since its inception in 2013, 48 organizations have received this award.

This year, the three winners of the WIPO-IPOS IP for Innovation Award 2024 will be recognized at the awards ceremony on August 27 during IP Week @ SG 2024, an annual global conference held at Marina Bay Sands Expo & Convention Centre. The most outstanding recipient will be awarded an additional WIPO National Enterprise Award. Edwin Tong, Singapore’s minister for culture, community, and youth and second minister for law, will be the guest of honor at the event.

Who should apply for the Awards and what does the application process entail?

The Awards aim to recognize companies that have leveraged the effective use of IP to innovate, transform, and grow their businesses. Interested firms can fill in a nomination kit and submit it to IPOS International by June 7, 2024. The judging criteria will look at the organization’s profile and its portfolio of IP and IA, its business strategy and how it has commercially leveraged IP and IA, and the impact of its work.

Pitching to the judges / Photo credit: IPOS International

Shortlisted finalists will be invited to deliver a 10-minute presentation at the IPOS office on July 5.

How does being involved with the Awards benefit companies?

Participating in the WIPO-IPOS IP for Innovation Awards offers a wealth of opportunities. Companies can gain industry-wide recognition for their IP-driven initiatives, allowing them to benchmark their efforts against peers in the industry. They can also connect with other individuals and organizations that drive innovation and business growth through IP.

Finalists will also receive an invitation to the awards ceremony in August.

In addition, winners will be featured in an aspirational awards video that showcases their achievements. There will also be enhanced exposure through profiling opportunities on both IPOS and IPOS International’s channels, with the potential for media interest to spotlight their innovation stories.

What’s new at the Awards this year?

For the first time, the Awards will introduce a complimentary Intangibles Disclosure Framework workshop for finalists. The half-day workshop will guide participants on how to effectively disclose and communicate their IA such as brand value, patents, and registered designs to stakeholders and investors.

How do the Awards support innovation in Singapore’s tech scene?

The Awards highlight successful examples of how IP can be used to protect, manage, and commercialize technological innovations. This not only encourages more companies to prioritize IP but also showcases how IP can be a cornerstone of business success and economic growth in Singapore.

The WIPO-IPOS IP for Innovation Awards celebrate Singapore enterprises that have achieved outstanding growth through their successful use of IA and IP.

The 12th edition of the Awards is now open for self-nominations. Applications will close on June 7, 2024. Learn more about the Awards and submit a nomination here.

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This content was produced by Tech in Asia Studios, which connects brands with Asia’s tech community. Learn more about partnering with Tech in Asia Studios.