In addition to scholarships and contracts, the university relies on research agreements, often referred to as unfunded research agreements (URAs), to promote cooperation and promote scientific discovery while ensuring the protection of the university`s intellectual property. IP IS THE KEY TO CREATING VALUE FOR SINGAPORE`S ECONOMY. 7. At the macro level, intangible assets such as designs can also generate significant value for the economy. This is clear when we look at today`s innovative companies. Apple, for example, can bring in 83% of all smartphone manufacturers` profits. This figure was $67.8 billion in 2016 and was made possible by investments in design, research and development and other intangible assets. 8. The Singaporean government recognizes this global trend and is committed to further supporting innovative companies. In line with one of the key recommendations of the Economics of the Future Committee (CFE), MinLaw and IPOS jointly announced last year the update of the IP Hub Master Plan to help companies achieve better IP marketing results.
I am pleased to see that progress has been made on several fronts, in different agencies and in different areas. 9. First, IPOS, NRF, A-STAR, MOH, Enterprise Singapore (ESG) and our universities have worked together to streamline our policies to enable companies to have better access to IP, generated by publicly funded research and development. A new national IP protocol, released today, will provide a standardized approach for public bodies and publicly funded research organizations in the commercialization of intellectual property. Businesses can also welcome more business-friendly conditions under the revised protocol. All public bodies will also participate in a revised public sector research cooperation agreement (MRCA), which will facilitate cooperation in research at the national level, improve cooperation between the public and private sectors and accelerate the marketing of products and services. 10. Second, we will continue to support companies that wish to develop their skills and develop their activities abroad using both the country of mind and locally developed technologies. Singapore recently announced a series of programs in its 2018 budget to help businesses innovate and internationalize. In order to strengthen the capacity of our companies, Enterprise Singapore was created on April 1, 2018 from the merger between SPRING and IE Singapore. Businesses can take advantage of the Enterprise Singapore`s Capability Development Grant (CDG) and the Global Company Partnership (GCP) to fund internationalization assistance and tar skills development to better compete in the domestic and international market. These grants will be tightened from the fourth quarter of this year in the financing of the company`s development (EDG).
One company that has benefited from this support is pasta manufacturer and distributor Tan Seng Kee Foods. The company took advantage of this grant to identify opportunities and fill gaps in its IP management strategy. This has enabled it to strengthen its IP portfolio to better support its growth and expansion plans. The company recently filed a patent for a pasteurization technique that extends the lifespan of fresh noodles in the area from a few days to a month.