Singapore launched the $717.31 million fund to invest in IP rich companies to establish the city-state as a global IP centre. The Chief Executive of Intellectual property office of Singapore Daren tang said that the funds will help local and foreign enterprises that they transform their ideas into assets.

The Intellectual property office of Singapore said that the partnership between them and   Makara Innovation Fund (MIF) and the local firm Makara Capital will invest between S$30 million to S$150 million each into 10 to 15 companies with globally competitive technologies.

This plan aims to double the number of skilled IP experts over the next five years to 1,000 while initiatives under the plan are estimated to inject at least S$1.5 billion into the economy over the period.

The Author is a Patent Consultant from MR Technollect Solutions (www.MRTechnollect.com).