Following on from the previous article in collaboration with Asia Law Network, IP specialist Wai Yeng Chan, talks about the top five misconceptions start-ups have about patents in Singapore.
Intellectual property protection is an important consideration for most start-ups. The exclusive monopoly that comes with patents can help start-ups carve a niche in a crowded marketplace. Patents have always been important to some industries like Big Pharma where they develop expensive drugs in lengthy R&D processes. They have become increasingly important and relevant to new business models and technologies in the technology sector.
While the concept of a patent is fairly simple to understand, there are several misconceptions about patents which I’d love to clarify. It is important to clarify these misconceptions before embarking on the intensive patenting process.
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If you missed it, don’t forget to read the previous article: Patent 101: Things you need to know before patenting in Singapore.