Focus on intellectual property in innovative startups

Mr. Ta Quang Minh, Director of the Institute of Intellectual Property Science , spoke at the Conference.

On October 18, the Institute of Intellectual Property Science ( Ministry of Science and Technology ) organized a conference "Connecting to learn about needs and providing legal advice for innovative startups and science and technology enterprises on intellectual property".

The conference is part of a series of activities to implement the task of "Supporting market development for innovative startups; developing online platforms to link and connect components of the innovative startup ecosystem" under the Project "Supporting the national innovative startup ecosystem to 2025" (Project 844).

Speaking at the Conference, Mr. Ta Quang Minh, Director of the Institute of Intellectual Property Science, said that in the world today, 90% of business development is determined by intellectual property, more specifically intellectual property rights.

If you want to increase the market value of your business, especially innovative startups and science and technology businesses, the shortest way is to focus on developing intellectual property. There are three types of assets that are most valuable to businesses: customer database, digital technology, and research and development (R&D) information.

Mr. Ta Quang Minh cited a 2021 joint study by the European Patent Office (EPO) and the European Union Intellectual Property Office (EUIPO) showing that businesses with intellectual property ownership generate 20% higher average revenue per person than businesses without intellectual property ownership. For businesses with intellectual property ownership, business results increased by 36% for inventions, 21% for trademarks, and 32% for industrial designs.

At the Conference, many opinions were shared about the current situation and need for legal advice on intellectual property of innovative startups, science and technology enterprises, universities and research institutes.

Current reality shows that the majority of Vietnamese enterprises have not yet paid attention to the use and exploitation of industrial property information.

Especially for many innovative startups and science and technology enterprises, they have not grasped the solutions, evaluated the technology and strengths to find business partners, expand the market, and do not know how to use industrial property information exploitation tools (IPPlatform, IPVietnam...).

To solve this problem, experts from the Institute of Intellectual Property Science shared about the role of intellectual property and industrial property for innovative startups and science and technology enterprises; at the same time, they made suggestions and recommendations on the effective use of industrial property information for innovative startups, science and technology enterprises and startup support organizations as well as introduced tools for exploiting industrial property information to serve innovative startups.

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