An article entitled “Innovative but little protected” published in Today discusses about the lack of emphasis in Singapore firms when it comes to safeguarding their intellectual property (IP). It is important to emphasize that IP is an important aspect when it comes to protect the competitive advantage of the company.
From reading the article, only a third of the firms surveyed has applied for patents. Only about 28 per cent of the patents owned by these companies are in effect. These companies did not follow up to fully exploit the IP. TIt is shown that the IP strategies of the technology firms surveyed centered on “protecting their own IP and expanding their IP portfolio instead of maximizing revenue generation from IP” (quoted directly from the article).
For a start, I will suggest that the entrepreneurs to check out the Intellectual Property of Singapore office. They have resources and also clinics to help people who need to seek advice in protecting their intellectual property.
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