Managing intellectual property isn’t just about knowing your business’ intellectual property rights and implementing them. It also includes maximizing your intangible assets (your intellectual property) to your full advantage so that your business will become successful. Managing IP services would encompass and make use of both the IP legal services and IP business services.
Managing IP Legal Services
Managing IP legal services is all about knowing how the IP rights and legal implications can be advantageous to the business. This is primarily where IP advisory services would come in.
In Singapore, the IP laws are very strict because the government encourages people to actually register more intellectual property to boost the economy further.
With this, it’s important that you know how to manage IP for your business to maximize its full advantage within the boundaries of the law. Legal services would first include determining what kind of intellectual property rights you should get for your business (such as patents, copyrights, or trademarks).
Other services would also include product clearance analysis wherein experts will be analyzing the object with the intellectual property whether or not there are possibilities of infringement. Legal service advisers would also give advice on renewing licenses, registering the intellectual property, and selling the rights. Aside from that, legal advisers would advise the clients on how to go about during a breach or infringement.
Managing IP Business Services
While the legal services deal with how to keep within the boundaries of the intellectual property laws, the IP business services deal more with strategies and tactics that will help you optimize intellectual property for your business’ future.
This would include forecasting analysis of future events with regard to IP so that you’ll know what technologies, designs, or inventions you should concentrate on getting intellectual property rights in the future.
IP advisers will also be able to guide businesses in making use of IP to have another source of income through royalties and such.
A business should have an IP portfolio wherein they can collect or exploit income from the use of some of their intellectual property. IP advisers will help businesses strategize this endeavor properly and how to go about within the boundaries of the law.
Lastly, IP experts will also deal with advisory regarding government incentives for IP management. As a part of Singapore’s vision to encourage more registration of IP, the government offers a lot of incentives to further promote IP management.
IP business service advisers and experts will guide their clients through knowing what incentives and government grants are available each time they register for intellectual property.
Intellectual property laws and plans in Singapore are very robust and very attractive to business owners who know how to make use of them. For SME’s and even corporations who want to maximize their IP potential, IP advisory firms will come in.
Firms such as IPA Singapore are able to help by providing services like the ones mentioned above. IPA Singapore is especially well-known as one of the best providers of IP services in Malaysia and Singapore.
Though they are mainly based in Singapore, an office in Malaysia allows them to reach clients and serve intellectual property services in Malaysia as well. If you have a business in either country, you’ll definitely benefit from their services.