The Invisible Force
IN the bustling landscape of entrepreneurship, where ideas take flight and dreams materialise into reality, there exists an invisible force, similar to fertile soil, nurturing the seeds of innovation.
Intellectual property (IP) stands as this foundation, providing sustenance for ventures to flourish and entrepreneurs to thrive.
Picture it as the rich earth beneath a thriving forest, where each tree owes its stature to the nutrients below — IP offers that essential foundation for growth, enabling entrepreneurs to sow the seeds of their vision and reap the fruits of their labour.
In this ecosystem, IP serves not merely as a legal construct but as a catalyst for creativity.
It creates a sanctuary where entrepreneurs can explore, experiment and innovate without the constant shadow of replication looming over their shoulders.
This freedom emboldens them to push boundaries, paving the way for ground-breaking ideas, products and services that redefine industries and shape the future.
Moreover, IP does not just safeguard ideas; it transforms them into vital assets.
Take patents for example. They emerge as blueprints for unparalleled inventions, bestowing upon entrepreneurs a temporary monopoly over their brainchild.
Trademarks, on the other hand, metamorphose into powerful symbols, imprinting the brand identity in the collective consciousness.
As for copyrights, they stand guard over original expressions, granting entrepreneurs the licence to monetise their creativity through various channels, be it licensing deals or product sales.
This symbiotic relationship between entrepreneurship and IP is the essence of economic growth and societal progress.
Empowered by IP protection, entrepreneurs are emboldened to take calculated risks, attracting investments and creating employment opportunities that fuel economic prosperity.
This virtuous cycle of innovation not only propels industries forward but also equips societies with diverse solutions to the myriad challenges they face.
Yet, traversing the IP landscape is not without its hurdles. The steep costs associated with acquiring patents and trademarks pose a significant barrier, particularly for budding entrepreneurs navigating the early stages of their venture.
Additionally, the intricate process of enforcing IP rights, compounded by the complexities of a globalised marketplace, often deters many from venturing into the realm of protection.
Below are three of the most common pitfalls entrepreneurs make (in general) regarding IP.
Failure to create and implement an IP strategy
Not establishing a thorough intellectual property (IP) strategy is a significant mistake for start-ups, often causing their downfall.
Despite developing plans for their business, marketing and recruitment, many start-ups overlook their valuable IP assets.
This oversight is usually driven by a rush to enter the market, leading to inadequate identification and protection of IP assets.
This short-sighted approach results in higher-than-anticipated costs and insufficient protection.
Start-ups should prioritise consulting qualified IP experts to identify, acquire and protect their IP assets from the start, ensuring their value and guarding against potential infringement.
This proactive approach is vital for long-term success and outweighs the costs of inaction. Engaging with IP counsel and implementing an IP plan is crucial for start-ups and their advisors to minimise risks and ensure future success.
A piecemeal, “do-it-yourself” approach to IP
Some start-ups face limited funding or are in their early stages, leading the entrepreneur-founder(s) to handle tasks beyond their expertise. Others prioritise speed to market over a systematic approach.
While experienced entrepreneurs recognise the importance of expert guidance in intellectual property (IP) matters, inexperienced start-ups may struggle.
Engaging qualified IP counsel from the start is essential for identifying needs and finding solutions.
Surprisingly, this initial consultation is often affordable and lays the foundation for understanding and planning for the start-up’s IP rights and needs.
There’s no excuse for not seeking such guidance as it provides invaluable insights and ensures proper planning.
Failure in navigating IP ownership
The ownership of IP resulting from work done by employees or independent contractors may vary by jurisdiction, potentially hindering a company’s ability to utilise funded projects if ownership rights are unclear or held by third parties.
To mitigate these risks, it is prudent to establish IP ownership provisions in employee agreements, clarify ownership among co-founders, and carefully assess outsourced tasks.
As a best practice, start-ups should hold IP titles rather than individual founders to safeguard against ownership disputes.
To overcome the abovementioned pitfalls, a concerted effort to cultivate a culture of IP awareness is imperative.
Educating entrepreneurs about the nuances of different IP categories, elucidating the benefits of protection and offering guidance on strategic utilisation of IP tools can empower them to harness their full potential.
Moreover, streamlining the IP application process and making it more accessible can democratise access to protection, ensuring that all aspiring innovators have a fair shot at realising their visions.
By nurturing a supportive ecosystem that nurtures both entrepreneurs and IP, we lay the groundwork for a future teeming with innovation, economic prosperity and societal advancement.
It is a future where creativity flourishes under the protective umbrella of intellectual property, heralding a new era of progress where challenges are met with ingenuity and the world is transformed for the betterment of all.
● Jacob Ting, School of Business, Faculty of Business, Design and Arts, Swinburne University of Technology Sarawak Campus
The views expressed here are those of the writer and do not necessarily represent the views of the New Sarawak Tribune.
