Without a strong IP strategy to protect your business, you run the risk of competitors stealing your ideas and passing them off as their own. On the other hand, once you understand how IP works, you can leverage it to profit from your brand and even increase the value of your business.
While it might be expensive to hire a lawyer to give you advice on intellectual property, you can get started on a strategy by following these steps, which outline the key things you need to know about IP.
1. Research local requirements
IP is a broad description for intangibles or non-physical assets that are owned and legally protected from external use without consent. Companies obtain IP rights to protect brands, designs, inventions, software and works of art such as music, among other things.
Intellectual property is increasingly becoming important in Southeast Asia due to the sharp rise in regional trade that is expected to come with the newly established ASEAN Economic Community, which facilitates the free movement of goods and services. Companies who want to do business in the region are therefore advised to consider all 10 countries and protect their IP rights accordingly.
There are three main types of protections: