OPENING ADDRESS BY SENIOR MINISTER OF STATE, MINISTRY OF TRADE & INDUSTRY MR. S. ISWARAN, AT THE OFFICIAL LAUNCH OF INTELLECTUAL VENTURES’ ASIAN HEADQUARTERS IN SINGAPORE, 2 OCTOBER 2008, 1930 HRS, FULLERTON HOTEL

Dr Nathan Myhrvold, Founder and CEO Intellectual Ventures,

Mr Edward Jung, Co-Founder and CTO Intellectual Ventures,

Distinguished Guests,

Ladies and Gentlemen

Introduction

A very good evening to you.I am pleased to join you this evening for the launch of Intellectual Ventures’ (IV) Asian headquarters in Singapore.Nathan and Edward are both luminaries of the scientific and business community and I understand that that their collective interests span a broad spectrum of disciplines, from theoretical physics and information technology to biomedical research and palaeontology.Notably, Nathan is also an award winning chef whose palaeontology expeditions have discovered more Tyrannosaurus Rexes than anyone else in the world; while Edward devotes a significant amount of his time to non-profit projects involving technology and science education.What a great diversity of interests is embodied by both of them, indeed!Today, yet another common interest brings the two of them to Singapore, and this is the dynamism of Asia as a region of growth.

Investing in Research, Development and Innovation

For Singapore to retain our competitive advantage, the future of our economy needs to be grounded in science and technology.Moving forward, Singapore is committed to invest in research and development (R&D) as a driver for economic growth and as a foundation for our long-term competitiveness.Focusing on R&D will enable Singapore to be a developer of innovative solutions for the world.

In 2006, we launched the Science and Technology (S&T) 2010 Plan to strengthen R&D capabilities in both the public and private sector. This included the setting up of the National Research Foundation to develop policies and implement national research, innovation and enterprise strategies.Under this plan, we intend to intensify our national R&D spending to reach 3% of GDP by 2010, putting us on par with other innovative countries such as Sweden and Finland.Over S$12 billion of public funding has been allocated to fund R&D programs from 2006 to 2010. Thus far, there are early signs of progress and success.Total R&D spending in 2006 reached $5 billion, an improvement of 11% from $4.5 billion in 2005.Of the total R&D spending, some $3.2 billion or 65% came from the private sector. In addition, we are looking at establishing a new university with a strong focus on S&T and a multi-disciplinary approach to help integrate the various areas of study.The new university will eventually have an annual intake of between 2,500 and 3,000 students, and this will add to the diversity of our R&D workforce.

A Conducive Environment for R&D and Innovation

While we commit resources and develop our people, Singapore’s environment and infrastructure to spur R&D and innovation have also been enhanced.We have a strong regime, comparable to that of advanced economies, for the protection of intellectual property (IP).In the last five years, we have consistently been ranked top in Asia in terms of IP protection and enforcement.Last year, we were ranked 2nd in the world in the World Competitiveness Yearbook of the International Institute for Management Development.

Rankings aside, Singapore is already seeing tangible results from our push into R&D.According to the 2006 National Survey of R&D in Singapore conducted by the Agency of Science, Technology and Research, the number of patent applications has grown at a compounded annual growth rate of 21% from the year 2000 to 2006. Also, in 2006, Singapore was ranked 11th in the world for the number of utility patents granted per million population by the US Patent and Trademark Office.Evidently, Singapore and more broadly Asia, are fertile grounds for invention, innovation and the generation of intellectual property.

Moving up the value Chain into IP Commercialization

As Singapore’s thrust into research and innovation gathers momentum, there will undoubtedly be more ideas to nurture, inventions to commercialize and IP to manage.While the pursuit of research and innovation is an intellectually challenging and enriching endeavor in its own right, the ability to bring it to the marketplace is equally important.The R&D community, from the individual inventor to large corporate research labs, constantly pose these questions to themselves: “What are the options to commercialize my inventions?”“Are there opportunities in other industries to leverage my IP?”“Is there more value to be created by bundling my IP with that of others to create a holistic solution?”Indeed, the modalities for the commercialization of IP have evolved rapidly over the last decade or two.

Singapore aims to be a global hub for the commercialization of IP.While the IP generated in Singapore and beyond will benefit the Singapore economy, there are also opportunities to exploit them internationally.We believe that Singapore’s strategic location at the confluence of IP creation and commercialization, coupled with our international talent pool, strong legal regime and international connectivity, positions us well as a base for global companies to create, manage, and commercialize IP in the region and beyond.

Against this backdrop, the establishment of Intellectual Ventures’ Asian headquarters in Singapore is an important development for us.The hope is that IV will build a team of over 20 professionals in Singapore to primarily help inventors in Asia commercialize their ideas.This will include technology analysts, patent and finance professionals, and licensing experts, which will undoubtedly build new capabilities and give a strong boost to innovation and the IP commercialization landscape in Singapore and the region.By shortening the time to market and economic returns on investments in R&D, the work of IV will help spur further innovation and entrepreneurship.

Conclusion

To conclude, let me congratulate Nathan, Edward, and your team at Intellectual Ventures.We are glad that you have chosen Singapore as your Asian headquarters and look forward to a long and productive collaboration.I wish you every success in your Asian venture.

Thank you.