Following on from the previous article in collaboration with Asia Law Network, IP specialist Wai Yeng Chan, talks about patent strategies for startups.
Startups generally worry that acquiring a patent is prohibitively expensive
As discussed in the first patent article, the cost of patenting is high and generally several order of magnitudes higher than the cost of acquiring other IP rights such as trade mark and industrial design rights.
A cohesive patent strategy can yield significant competitive advantage
The high level of financial investment involved in patent filing may deter startups from developing a comprehensive IP strategy that includes patent filings at its initial development stage. However, startups with a cohesive patent strategy that aligns with their business can benefit from gaining a strong competitive advantage in the market. Having a patent filing strategy can also mitigate litigation risks from competitors.
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If you missed it, don’t forget to read the previous article: Top 5 misconceptions start-ups have about patents in Singapore