Frequently Asked Questions
01 What is EDG Grant?
The Enterprise Development Grant (EDG) helps Singapore companies grow and transform. This grant supports projects that help you upgrade your business, innovate or venture overseas, under three pillars:
Core Capabilities Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations. These should go beyond basic functions such as sales and accounting.
Innovation and Productivity Projects under Innovation and Productivity support companies that explore new areas of growth, or look for ways to enhance efficiency. These could include reviewing and redesigning workflow and processes. Companies could also tap into automation and technologies to make routine tasks more efficient.
Market Access Projects under Market Access support Singapore companies that are willing and ready to venture overseas. You may tap into the EDG to help defray some of the costs of expanding into overseas markets.
02 What is Patent?
A patent is a form of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention for a limited period of years in exchange for publishing an enabling public disclosure of the invention.
There are several characteristics about patent.
Patents are territorial rights. In general, the exclusive rights are only applicable in the country or region in which a patent has been filed and granted, in accordance with the law of that country or region.
Patent protection is granted for a limited period, generally 20 years from the filing date of the application.
Once a patent expires, the protection ends, and an invention enters the public domain; that is, anyone can commercially exploit the invention without infringing the patent.
In general, applicants can prepare their patent applications and file them without assistance from a patent attorney. However, given the complexity of patent documents and the legal skills required, such as claim drafting, it is highly advisable to seek legal assistance from a patent attorney/agent when drafting a patent application.
03 How much to file a patent in Singapore?
To file a patent in Singapore and get granted, the estimated cost is about S$17,000. Here are the details.
If excluding patent annual renewal fee, S$ 20,000 (budget) should be enough to cover a patent application process in Singapore. Patent application is typically last 2-3 years before it gets granted.
04 What is patentability requirement?
According to patent law, there are three basic requirements for patent.
Novel –To be novel, an invention must be substantially different from anything else that is public knowledge before the date of the application.
Non-obvious (Inventive Step) – A feature of an invention that involves a technical advancement as compared to the existing knowledge or having economic significance or both, and that makes the invention not obvious to a person skilled in that invention’s particular field.
Useful (Industrial Application) – Your invention must be possible to be actual made or useful in industry.
Patent is expensive. From first filing to PCT and into national phase (such as US, China, and EU), it needs 2-5 years to be granted and easily costs your S$ 50K-100K. A good patent must serve business strategy to justify the cost.
05 How to use SG EDG Innovation Grant to Build Up SMEs’ Patent Portfolio?
Innovation and technology are key drivers of company growth. Patents play a prominent role in the entire technology life cycle. A patent is important because it can help:
Protect against copying – by having a patent, no one will be able to steal your idea or concept.
Protect the company’s ability to do business – you may lose the right to compete if someone files a patent for your innovated product before your filing a patent.
Get licensing fees – you may get licensing fees for your patented invention.
Increase company’s valuation – patent is an intangible asset, which can greatly increase the company’s valuation.
Patenting products take time and resources, but the benefits of it are huge. Even if it is hard for SMEs, it is important that you get a patent for your invention. In Singapore, SMEs can apply Enterprise Development Grant (EDG) to fund the innovation project. As announced at Singapore Supplementary Budget 2020, the maximum support level for SMEs innovation project will be raised to 80% from 1 April 2020 to 30 September 2021.
Three Questions must be answered for SG Innovation Grant Application
EDG encourages companies to innovate and transform business to create a new business model or innovative products and processes. When SMEs apply EDG Innovation and Productivity grant, there are three most important questions must be answered in their grant proposals. They are:
Business Viability: expected business outcomes, current in-market competitors' products, pricing strategies, commercialization plans;
Technical Feasibility: company's track record and capabilities to handle the challenges of technology and to see through the project successfully;
Customer desirability: customer analysis to validate demand.
Besides these three most important points, the grant project proposal should also evaluate the risk, such as regulations. Here is an example of our customized Business Canvas for a novel disinfectant.
You can contact us email@example.com to get a free assessment about patent and grant!
06 Why SMEs need build their own Intellectual Property (IP) Portfolio?
SMEs are the engines of growth in Southeast Asia, creating jobs for the masses, motivating the development of new products and services, spurring consumption growth, and playing a crucial role in promoting industry competition. In Singapore, 99% of enterprises are SMEs and contribute to 65% of all employment.
In current VUCA world, traditional businesses being disrupted by new technologies and new business models, however, the majority are not well positioned to transform due to a weak understanding of intangible asset, as well as limited resources to develop their own intellectual property.
Why IP is important
Intangible assets in the S&P 500 have reached unprecedented levels.
As of 2020, 90% of all assets in the S&P 500 are now intangible.
Intellectual Property is key component of intangible asset, which will increase your company’s valuation tremendously.
Challenges for SME to build its own intellectual property
Multinational Corporation (MNC) has its own inhouse IP manager and Innovation Manager to build and manage its own intellectual property. However, to maintain an IP Manager & an Innovation Manager in an MNC typical will cost 400,000~600,000 S$ annually.
Cost to maintain an inhouse IP Manager in an MNC: 200,000~300,000 S$
Cost to maintain an inhouse Innovation Manager in an MNC: 200,000~300,000 S$
How many SMEs can afford to spend half a million dollars to maintain an inhouse IP Manager & an Innovation Manager? Without IP Manager & Innovation Manager, how can SMEs create and build up their own Intellectual Property (IP)?
Shared IP Manager & Innovation Manager
HIPPSUN Pte Ltd is a Singapore based intellectual property management company, which provides the first shared IP manager and innovation manager service to SMEs.
Why choose us?
Professional Intellectual Property & Innovation Management team
Pay only when you use the service
Directly enter China IP market
We partner with China Star Patent Lawyer to help SMEs directly file patent in China. Compared to file patent in Singapore, you may use 1/3 of money and get patent protection at 1.4 billion population market.
Free one to one assessment for SG Innovation Grants!
Zero charge if grant not approved!
Save up to 80% to own a patent