Why Protect Your Business Idea Legally in Thailand?

Mon, 08/30/2021 - 14:50 -- tilalegaladmin
It is common to find stories about lawsuits and businesses regarding intellectual property infringement on websites and newspapers. In order to ensure favorable results in such circumstances, business owners are advised to protect their ideas through copyright, patent, trademarks.

Intellectual property is one of the most valuable assets in the business industry these days. Being tangible in nature, intellectual property is basically a result of ideas, knowledge, and creativity. It is basically a spark that is responsible for the flames of success in the business industry and has the potential to differentiate your business from other competitors. That is why all foreign investors in Thailand are advised to follow all legal requirements for protecting their business idea.

The method of protecting an idea or intellectual property within a business is considered the main ingredient of national economic growth. Therefore, business owners are advised to cover their ideas completely before company registration in Thailand. However, if you are new to the concept of legal protection for your business idea and are looking for some expert guidelines to proceed ahead with it, below we have listed few details to build your knowledge base.

Conduct audit for intellectual property
Start by creating a proper list of different intellectual properties associated with your business. It may include anything that defines the uniqueness of your business such as logos, name, unique processes, service offerings, innovative products, and trade secrets as well. The list can also contain shapes, colors of products, and design-related uniqueness.

Whenever a new business is created in Thailand or some innovative ideas are applied to the existing business, it is better to put everything on paper as much as possible. You can also create an information-rich paper trail that includes summaries of discussions, minutes from meetings, research notes, dairy notes, photographs of prototypes, and emails from and to the suppliers.

Know the drawbacks of early publicity
During the initial stage of the company, the entrepreneurs often get excited about publicity. After all, broadcasting everything in media can give them a competitive edge in the market and can spread awareness about their brand with ease. But the process of early publicity can be more like a double-edged sword. If you publish your innovative idea at an early stage, chances are that the competitors in the market may start using your information to get media coverage for their business.

Other businesses may even create a price war in the market and this situation will further make it difficult for you to enter the target market. Some competitors may even steal your idea at an early stage and run it on their platform. Without proper documentation, you will not even find a way to lead a legal battle.

Therefore, it is important to consider the legal protection of your business and idea through trademarks, patents, copyright, and designs. You can take help from experienced attorneys in your area to complete the process for securing your innovation legally.

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