Safeguarding intangible assets (IA) and intellectual property (IP) is paramount for enterprises looking to protect their valuable work. However, navigating this complex terrain is akin to steering a ship through uncharted waters for many businesses. They are presented with numerous challenges. One of the primary hurdles is the difficulty in charting the right course for their IA/IP needs throughout the stages of the innovation cycle. This often entails casting a wide net for research and information, involving substantial time and effort. 

Furthermore, within the intricate world of IA and IP, identifying suitable service providers that can address a business’s specific IA/IP needs can be a trying task. This challenge is compounded in a globalised environment, where businesses venture into diverse international markets. Each has its unique IP protection requirements, varying from one territory to another. 

But one thing is for sure – protecting your IA and IP is like setting your sail in the right direction. It is a strategic move with the potential to significantly shape the course of your business, amidst the unpredictable tides of the market. 

In response to these challenges, the government has introduced a new resource called GoBusiness IP Grow, designed to strengthen enterprises’ readiness to safeguard their IA and IP. It is Singapore’s latest one-stop online marketplace for enterprises to seamlessly access services related to IA and IP.

Through the free one-stop platform, enterprises can access: 

1. The e-Adviser for IP Service to help them understand their IP needs based on their business activities
2. The e-Adviser for IP Service Provider to match them to suitable IP service providers that can address their diverse needs
3. A comprehensive range of 20 IA/IP service directories that covers a spectrum of legal and non-legal commercial services

Intangible assets and intellectual property are your business’s treasured jewels

Intangible assets (IA) hold immense significance for businesses across all industries. They encompass non-physical elements of a company’s assets, such as brand reputation, proprietary technologies, and established customer relationships. Together, these elements play a vital role in driving a business’s success on multiple fronts. They form the bedrock of a business’s competitive advantage, innovation, and long-term growth.

Also read: Things you need to know to be a part of the 2024 TOP100 program

Safeguarding these assets grants businesses exclusive control over their innovations and creations, as well as their brand and customer relationships. This deters competitors from replicating or using these assets without permission. 

Take Hydroemission, a material science company that has developed its proprietary technology to combat the pervasive issue of root rot diseases in food crops. This problem significantly impacts crop yields, resulting in hefty annual losses amounting to tens of billions of dollars yearly. Following successful trials in Malaysia, the Singapore-based company is now expanding into oil palms in Indonesia, Thailand, and India. Recognising the value of its innovative technology, the company explored various IA protection strategies such as patent protection and trade secret management to safeguard it, enabling the business to broaden its market presence.

Grace Chew, Technical Director and Co-Founder of Hydroemission said, “We registered a provisional patent as soon as we achieved the proof of concept. It is fundamental for us to seek patent protection as it protects our market from direct competition and facilitates technical collaborations with strategic partners.”

Protecting these IA can greatly bolster a company’s competitive advantage, setting it apart from its rivals in the market. It can help place a company in an advantageous position when looking to form and negotiate strategic collaborations and partnerships.

Consider home-grown irrigation firm Cisgenics, which has effectively optimised its IA to nurture strategic collaborations. With high-profile projects such as Gardens By The Bay, The Jewel, and Changi Airport Terminal 4 in Singapore, Cisgenics is a leader in their industry with over 43 years of experience in residential, commercial, and golf irrigation.

“Cisgenics has partnered with some of the biggest names in the industry. We bring to market a unique cutting-edge technology-driven irrigation system to owners and operators of golf courses, agribusinesses, and landscape properties globally,” said Sam Rebera, Director of Cisgenics.

Also read: YEAP partners with Sustainable Living Lab to support e-waste initiatives

“We are investing in new products and R&D. IP is critical to protect and capitalise our investment,” Yeo explained.

Moreover, IA protection creates formidable barriers for competitors looking to enter a specific market. Companies with strong and loyal customer relationships or a multi-layered protection strategy for their innovations are more resilient to new entrants. A robust IA protection strategy makes it challenging for competitors to replicate these assets.

Acez Sensing, a part of Acez Group, focuses on energy efficiency and long sensor life cycles with minimal maintenance, thereby providing customers with valuable and cost-effective temperature measuring solutions to achieve a green and sustainable practice in their operations.

AcezGroup is an excellent example of a Singapore-founded company that has achieved significant brand recognition and trust in its industry. Customers from overseas often inquire about their thermal sensing solutions, highlighting the value of the well-established brand.

“It’s pretty common that we have customers from overseas as far as Sri Lanka inquiring on CSA, ATEX/IECex certified explosion proof temperature sensors to be used in hazardous locations, as well as high accuracy temperature sensor for Energy Efficiency used in Chilled Water System,” said Amanda Yeo, Director of Acez Group of Companies. “The company has been around for more than three decades and the name has a certain value. It is important that we protect it for brand recognition and long-term success.”

Charting a course: Navigating the challenges of IA and IP protection

Registering IA and IP rights acts as a shield to safeguard a company’s innovations, creations, and processes. It is especially crucial for companies seeking collaborations and technology transfer. However, the process of registration can seem complex and overwhelming, particularly for those new to IA and IP.

The complexity of the process can vary depending on the industry and the nature of the innovation. Cisgenics is anticipating these potential difficulties as it finalises its product development before registering for IP protection. 

“There are multiples challenges we are facing to effectively protect our IP and gain a competitive edge in the market; key few ones are — building and sustaining a multi-discipline team to Identify what aspects of a new product can be protected by IP rights, the need to keep new products confidential while navigating the IP landscape, registering and maintaining IP rights can be expensive,” said Sam. 

Cost is another significant factor, particularly for businesses with many products and international presence. As most IP rights are only valid in the country where they are registered, businesses like Acez Group need to apply for registration in all the overseas markets it intends to target. Amanda emphasises the importance of engaging service providers knowledgeable about the company’s technology and industry to guide and support them effectively.     

“Cost is definitely one area,” Amanda added. “Another [challenge] area is that sometimes we don’t know which company or law firm specialises in the kind of product and industry that we are in.”

For many companies, one way to address challenges in IA/IP protection is through extensive research, examining your options, and then evaluating which protection strategy best suits your needs.

Also read: Five startups closer to bagging EUR100,000 in EQT Impact Challenge

“We allocated significantly more resources to prior art and patentability searches. Apart from internal research, we engaged with 2 other professional firms to conduct the analysis. With 3 different reports to cross-check,” shared Chew of Hydroemission. She added, “We are confident that we identified a patentable scope which we believe is inventive and robust.”     

Grace Chew’s account vividly illustrates the value of seeking specialised guidance. Similarly, Sam Rebera emphasised the significance of selecting the right service provider with a proper understanding of your technology and industry, considering the complexities and requirements of patent registration.

With GoBusiness IP Grow, businesses can avoid the pitfalls of wasted investments and frustration, while enjoying these free benefits: 

• Get personalised advice in less than 5 minutes. Use the e-Adviser for IP Service to identify the most relevant IA/IP services based on specific business goals. Use the e-Adviser for IP Service Provider to match with suitable IA/IP service providers based on IP needs and preferences.
• Choose the right service providers with confidence. Enterprises can compare and review eligible IA/IP providers that can meet their needs, across 20 specialised services. Detailed information on service providers is listed in their profile pages, including experience in a particular service area, hourly rates, and minimal project fee — metrics typically not available in other directory listings.

Get one-stop access to IA/IP-related resources, designed for every aspect of their innovation journey.

The importance of IA and IP cannot be overstated. By securing IP rights, businesses can chart a course for their business’s future, ensuring its longevity and success in the ever-evolving world. 

As Grace from Hydroemission said, “IP rights ownership…support the company’s stability and sustainability. It is also fundamental in driving growth as IP ownership gives strategic partners such as investors and collaborators confidence and assurance in working with us.”

IPOS International, a wholly owned subsidiary of the Intellectual Property Office of Singapore (IPOS), is conducting a special giveaway. Simply utilise the GoBusiness IP Grow e-Advisers and receive a $10 eCapitaVoucher as a reward. This rewards program is valid from now until the 31st of March 2024.

Here’s how you can participate: 

1. Simply use either the GoBusiness IP Grow e-Adviser for IP Service or the e-Adviser for IP Service Provider
2. Stay connected with us by filling in your contact information
3. Key in “e27 IP Grow” in the Source Code field and submit!

Limited to the first 500 unique users who fulfil the criteria. Terms and conditions apply. 

Embark on your journey of IP and let your business set sail towards success and growth. Visit GoBusiness IP Grow today!

– –

This article is produced by the e27 team, sponsored by IPOS

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

The post Set sail with intellectual property: Your business’s journey to success appeared first on e27.