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SINGAPORE (Reuters) - Singapore on Wednesday launched a S$1 billion ($717.31 million) fund to invest in companies with strong intellectual property profiles as part of a government push to establish the city-state as a global IP centre.
The Makara Innovation Fund (MIF), a partnership between the Intellectual Property Office of Singapore and local private equity firm Makara Capital, will invest between S$30 million to S$150 million each into 10 to 15 companies with globally competitive technologies, the IPOS said.
IPOS Chief Executive Daren Tang said the funds will "help local and foreign enterprises transform their ideas into assets."
IPOS also said it has updated its 2013 masterplan to strengthen Singapore's intellectual property framework. The updated 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, it added.
($1 = 1.3941 Singapore dollars)
Reporting by Himani Sarkar; Editing by Sam Holmes