Malaysia is made up of many innovative businesses looking to contribute to the nation with their forward-thinking technology or ideas. If you own a business like this, you’ll need to register your intellectual property if you haven’t already.
Intellectual property (IP) refers to intangible creations of the human intellect – like logos, inventions, publications, designs, slogans, and more. It is a form of property, and they’re integral to your business.
Why Is IP Important?
As a business owner, protecting your business assets like designs and technology is essential to the core services of the business. When you have a great business idea going on, someone may want to duplicate it and profit without your consent. So how can you prevent this?
By registering your intellectual property, of course. Without IP protection, trying to chase up guilty party can be time-consuming, and maybe even fruitless. Registered owners have the exclusive right to use their IP in business. They may also take legal action for infringement, which is when another company or individual uses their IP for their own profit. As a business owner, it is your responsibility to ensure that no one else is mis-using your assets.
IP protection also serves companies with a competitive advantage in the market. For small-to-medium businesses, it is even more important to register your IP so competitors can’t duplicate your success to take away your market share.
Types Of IP
Intellectual Property Corporation Malaysia (MyIPO) is the official government agency that oversees intellectual property regulation in the country. The organization recognizes 6 types of IP. Businesses may register their intellectual property with MyIPO.
1. Patent – A patent is an exclusive right granted for an invention, which is a product or a process that offers a new technical solution to a problem.
2. Trademark – A trademark is any sign that may be represented graphically, capable of distinguishing goods or services of one business from another. Make sure your product qualifies to be within these 45 classes before applying for a trademark.
3. Industrial Design – An industrial design is the ornamental or aesthetic aspect of an entity that appeals to the eye.
4. Geographical Indication – A geographical indication is a sign used on products that have a specific geographical origin and possess qualities or a reputation due to that origin. Sarawak Pepper is an example of a Geographical Indication IP of a pepper-based product produced in Sarawak.
5. Copyright – Copyright is a protection given to authors, copyright owners and performers of their copyrighted work like literary works or broadcasts.
6. Layout-Design Of An Integrated Circuit (IC Design) – A layout design of an integrated circuit encompasses the particular logic and circuit design techniques required to design integrated circuits.
IP Protection Is Not An Option, It Is A Must
Although it is not mandatory, the ideas of business owners who did not register for IP protection are at risk of being plagiarised or worse – registered as someone else’s IP. Someone else may get the rights to use your ideas without permission.
Interested business owners may register for IP protection online or in person at MyIPO customer service counters. Plus, protecting your business assets can actually be quite affordable. For example, trademark registration only requires entrepreneurs to spend RM950 once for 10 years. This means that the trademark will be protected by law for 10 years. After that, business owners may renew their trademarks.
During the registration process, MyIPO will conduct examinations to ensure that the IP is new and not yet owned by any party. They will also take steps to make sure that it complies with the IP acts. The rightful owner of the IP will receive a certificate of proof. If anyone tries to copy your business ideas, you may choose to take legal action.
Protect Your Business Ideas & Assets Today
You’ve spent so much time, effort, and money trying to build your business from scratch. Why not invest just a bit of effort into getting your IP registered?
There are many advantages to having IP protection like officially calling an idea or a product your own. Plus, it helps your business stand out from its competitors. Whether you’re a small, medium, or large organization, IP protection can help your company claim its identity.
Don’t take IP protection for granted, register now with MyIPO at myipo.gov.my.