In these challenging times, having side job is nothing new here in Malaysia. The Intellectual Property Corporation of Malaysia (MyIPO) – an agency under the Domestic Trade and Consumer Affairs Ministry (KPDNHEP) said that the low-to-medium income groups (B40 and M40) find it hard to get by monthly by relying on one income only. This also creates a negative impact for the country’s economic growth as their spending powers are limited.
Many Malaysians put in immeasurable efforts in creating a product or brand to sell either online, in flea markets or bazaars. These creations range from food recipes, fashion designs, jewelry, music and creative arts, and even coding software and apps. These are intangible assets that are recognised as Intellectual Property(IP), and is given protection under Malaysian law.
Apart from creative creations, trademarks and brands are another aspect of IP that must be considered. Although brand recognition is not a physical asset that can be seen or touched, it can have a meaningful impact on generating sales.
Take Coca-Cola, the world’s most valuable soft drink brand, as an example; It built its ubiquitous presence through a careful mixture of marketing and brand building campaigns. Today, over 94% of the world’s population recognizes the distinctive red & white trademark.
The most important aspect of turning intellectual properties into economic opportunity is ensuring that they are properly managed; and that a well-planned commercial strategy for handling the portfolio is in place. Therefore, it is important to start thinking of the innovativeness, value and uniqueness of your creations and to identify the risks of these creations being a target of IP infringement.
Through the efforts MyIPO and few other related ministries, the government has put in place some measures to raise awareness, development, protection and commercialisation of IP assets.
So it is time for you to know what’ intangible assets you have on hand, and start exploring the commercial opportunities using your IP rights before unscrupulous parties exploit your IP assets, at your cost!