Since Singaporean design market offers interesting opportunities for European SMEs, 40 selected companies recently took part of the EU Gateway Business Avenues mission to Singapore, where they met with local companies in the context of the International Furniture Trade Fair that took place at the Singapore Expo just last week. As IP protection is the key to successful new business endeavors abroad, then in today’s blog post, we have chosen to discuss IP protection issues in the contemporary design industry in Singapore. You will learn what you need to do in order to ensure that your product design is protected in Singapore.
Market Opportunities for European SMEs in Singapore
Underpinned by the efforts of the Singapore’s government to promote a shift to a high-tech creative economy in the industrial design and lifestyle sectors, Singapore is rapidly becoming a contemporary design hub, operating as a gateway to the whole Asian region. Being present in Singapore’s market, would also give European SMEs an easy access to the rest of Asia.
The domestic market of Singapore is also very promising for European SMEs in design sector. Changes in lifestyle across business and consumer segments have increased the demand for high quality products and new design solutions, which offers many business opportunities to European designers. Furthermore, increasing awareness and appetite for eco-friendly solutions amongst Singaporean increasingly affluent middle class offers lucrative business opportunities for European SMEs specialized in eco-design and new design solutions.
Promising business opportunities for European SMEs are also expected in the long run, as the demand for higher quality retail consumption is expected to grow steadily in Singapore. Forecasts show that over one-third of Singapore households will earn more than €135,000 by 2018. Continue reading “IPR Protection in Singapore for Contemporary Design Industry” »