A LEADING American firm that patents inventions and invests in the inventions of others is basing its regional headquarters here.
The move by Intellectual Ventures (IV) will boost Singapore's aim to be the global hub for commercialising intellectual property (IP), a catch-all term meaning legal rights protecting how certain products are made and marketed.
In IV's case, it patents inventions and files patent applications in more than 30 technology areas, including nanotechnology, biomedical devices, software and consumer electronics.
The firm, which is helmed by former Microsoft chief technology officer Nathan Myhrvold, said yesterday that it chose Singapore because of its 'pro-business environment' and 'strong intellectual property protections'.
Dr Myhrvold said that when he and his colleagues founded the firm eight years ago, they wanted to focus time and resources on invention as a full-time activity - not as a sideline to other projects. He said this focus had brought success in the United States.
Dr Myhrvold, who completed a PhD in theoretical and mathematical physics by 23, said they were thrilled their invention efforts were generating growing interest among Asia's leading inventors.
'Expanding our invention efforts to Asia allows us to support even more inventors and to expand our initiative globally,' said Dr Myhrvold, who is also a prize-winning nature and wildlife photographer and master French chef.
Mr S. Iswaran, Senior Minister of State for Trade and Industry, who attended the launch of IV's Asian headquarters yesterday, spoke of the potential of IP.
Mr Iswaran said that while the IP generated in Singapore and beyond will benefit the economy, there are also opportunities to exploit it internationally.
'We believe that Singapore's strategic location at the confluence of IP creation and commercialisation...positions us well as a base for global companies to create, manage, and commercialise IP in the region and beyond,' he said.
IV is staffing the Singapore office at Gateway Building with 22 professionals, including business executives, technologists and IP law experts but that number will grow in the near future.
IV will also open offices in Tokyo, Bangalore, Beijing and Seoul.
This article was first published in The Straits Times on October 03, 2008.
