Intellectual Property (IP), the driving determinant of a business’ success, is the most important asset for every company and measures need to be taken to keep it safe.
When it comes to the creation of businesses in Malaysia, many locals are unaware of the importance of protecting its IP. In 2018, only 16% of all patent applications were owned by Malaysians whilst the remaining 84% belonged to foreign applicants.
IP refers to the creation of intangible things pertaining to one’s company such as inventions, formulas, designs, products, services, or processes.
The protection of a company’s IP prevents competitors from reaping nonconsensual financial benefits of another’s unique ideas via infringement. If a company is protected, it has the rights to stop unfair competition and the theft and use of its original resources by other companies.
Once a company is set up, it is crucial to take steps to identify the aspects which need to be protected and few have a solid understanding of why, when, and how to protect their products.
Many business owners fail to protect their IP, citing reasons such as not anticipating other companies copying them, not knowing what types of protections may be available for their products, or just attempting to cut costs, especially at the initial stages.
Registering a company’s IP is affordable and there are ways for companies to independently apply for patents that protect their IP but doing so correctly is not a simple task and missing out on important details may result in a loss of income, and this is where IP law firms come into the picture.
There are several aspects to be protected in one’s company, such as trademark, copyright, or trade secrets and each type of IP requires different procedures to protect them, which a professional is well versed in. To keep copycats at bay, there may be a need to conduct extensive research to find out if anyone else already has exclusive rights to that which a company wants to develop.
“IP firms assume the responsibility of managing the entire process of application, registration, and the filing of IP, giving companies the chance to focus on running their business, stated Mohan Kodivel, Managing Director of Adastra IP, an IP firm based in Malaysia, India, Indonesia, and Singapore.
Understanding the points of frustration companies have with the application of its patents when it comes to having a cost effective and an easier method of managing their IP assets, Adastra IP launched a user-friendly online portal which simplifies this process, saving the time and resources of a company looking into protecting its rights.
Also serving as a platform for clients to manage their IP portfolio through instructional processes, and deadlines typical to IP filing, the portal allows for companies to have all their submitted IP information in one place.
“With the portal, we hope companies will be able to file their IP assets more cost effectively. By strengthening their IP portfolio, the businesses can raise the value of their business, create an image for the company by differentiating their products or services, give an edge when applying for public or government funding, improve export opportunities, and finally, increase profitability and market share.” he shared.
For account registration and more information, kindly visit www.adastraip.com.