How do you make intellectual property tangible?

Picture your mind as a gold mine site, where you can explore for the precious metal. You dig deep through muds, water, rocks, and landfill.

 Protecting Intellectual Property Rights in Vietnam

Naturally, before going to dig for gold, you know what it looks like therefore you know what you are looking for (trying to manage and commercialise acquired IP or not understanding the nature of your business original Intellectual Property could be a waste of effort). In reality, people are not always aware of the unique identity of gold, diamond or any precious metal for that matter, with this fact, it is safe to assume most businesses are not aware of the raw form of their intellectual property asset and how to make it tangible.

One can easily step on a rough looking gold and mistake it for an ordinary rock likewise you may have a eureka moment that could lead you to ownership of a precious IP asset but easily disregarded or discouraged by reducing it to a regular thought.

The good thing about Intellectual Property is that the raw material (ideas) is abundant, unlike gold. Therefore, every individual has an unlimited gold mine.

Intellectual property essentially is the mining of the mind. A person will mine their mind or soul as the case may be - for a creative solution. Now at this point, the result of the "eureka moment" is not yet a full-blown Intellectual Property but already can be classed as an intellectual asset because once you expose an idea to the market, it becomes a commodity of some sort. However, there are so many variables in the market that are going to influence how tangible your Intellectual Property will be.

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If you steal someone else business idea and start your own company, what is the worst thing that can happen?

Well, to answer your questions, I’m going to say hypothetically that “you” stole something that was legally protected in some way (be it via patent, trademark, copyright, signing an NDA, or the likes).

Can they successfully stop you from operating your business? Yes, they have options that could put “you” out of business. If you’ve violated their legally protected rights to certain items (their trademarked name, their copy-protected material, their patented goods, or business processes from a former employer after you signed an NDA and it is still within the legal timeframe), they can exercise their options (cease and desist letters, lawsuit for an injunction to stop you plus damages) under the law.

IP infringement lawyers in Vietnam

Can they sue you? Yes, they can, but whether or not they will sue you is a different story. Keep in mind two things: they must first elect to exercise their rights and they’re probably going to wait until it is profitable to sue “you.”

What are the consequences? That depends on what, if anything, that they can prove in court that you did to violate their intellectual property rights.

In all honesty, if you or someone you know have found yourself with a legal threat of a lawsuit because of intellectual property, you should consult with a lawyer experienced in the area. The laws related to intellectual property can be complex and it isn’t something that you should do on your own (and you could get advice on whether what happened was actually a legal issue).

Antlawyers.vn is a legal marketplace that could help. We make it easy for inventors and entrepreneurs to hire and work with business-minded lawyers at low flat rates. We offer free initial consultations as well as quick and easy price quotes. Hope this helps!

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How Can IPR Holder Protect Intellectual Property Rights?

An intellectual property right holder shall have the right to apply the following measures to protect the intellectual property rights of such holder in Vietnam:

To apply technological measures to prevent acts of infringement of its intellectual property rights;

To request any organization or individual who commits an act of infringement of the intellectual property rights of the holder to terminate such act, make a public apology or rectification, and pay damages;

To request the competent State body to deal with acts of infringement of its intellectual propertyrights in accordance with the provisions of this Law and other relevant laws;

To initiate a lawsuit at a court or a claim at an arbitration centre to protect the legitimate rights and interests of the holder.

Organizations and individuals who suffer loss and damage caused by acts of infringement of intellectual property rights or who discover acts of infringement of intellectual property rights which cause loss and damage to consumers or society shall have the right to request the competent State body to deal with such acts in accordance with the provisions of this Law and other relevant laws.

Organizations and individuals who suffer loss and damage or who are likely to suffer loss and damage caused by acts of unfair competition shall have the right to request the competent State body to apply the civil remedies stipulated of IP Law and the administrative remedies stipulated in the law on competition.

Our Intellectual Property Lawyers in Vietnam always follow development in IP Laws to provide client with update

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