Businesses need to protect intellectual property rights: IPA

Business

IT is important for businesses to protect their intellectual property rights to be competitive, according to the Investment Promotion Authority (IPA).
IPA managing director Clarence Hoot said, in an IPA August newsletter, that by doing that, businesses could prevent competitors from copying or closely imitating a company’s products or services.
“SMEs or businesses must dedicate time and resources to protecting their intellectual property assets,” he said.
“By doing that, they can increase competitiveness in a variety of ways.”
Intellectual property protection helps in:

  • Avoiding wasteful investments in research and development and marketing;
  • Creating a corporate identity through a trademark and branding strategy;
  • Negotiating licensing, franchising or other agreements;
  • Increasing the market value of the company;
  • Acquiring venture capital and enhancing access to finance; and,
  • Obtaining access to markets.