Start-ups must focus on intellectual property that can enhance their competitiveness, experts said.

Tran Le Hong, chief of the secretariat of the Intellectual Property Department under the Ministry of Science and Technology, said at a conference on Tuesday that intellectual property was an important asset to start-ups.

But many start-ups seem unaware of intellectual property and have not invested adequate amount of time, effort and money in it to develop their brands from the beginning.

The inadequate investment in intellectual property may result in disputes and lawsuits, which can hinder the development of start-ups, Hong said.

He said enhancing awareness and knowledge about innovation and intellectual property must start from universities and colleges.

According to Bui Anh Tuan, principal of the Foreign Trade University, many universities now pay special attention to enhancing students’ knowledge about intellectual property, together with the foundation of start-up clubs, to promote a spirit of innovation and entrepreneurship as well as contribute to the development of the national start-up ecosystem.

Tran Thi Tam, CEO of IPCom, said there was a huge demand for basic knowledge about innovation and intellectual property of start-ups.

Experts at the conference said it was necessary to enhance the cooperation of universities, communication agencies and businesses to raise awareness on the matter.

At the conference, a project on enhancing students’ and start-ups’ awareness of innovation and intellectual property was officially kicked off, which will be jointly implemented by IPCom, VietnamPlus online newspaper under the Viet Nam News Agency, and Foreign Trade University. Tam said that in the 2018-19 period, the project would evaluate the innovation and intellectual property management capacity of start-ups and provide support tocommercialise intellectual property products to contribute to socio-economic development.

Phan Ngan Son, deputy director of the Intellectual Property Department, said the project was critical to raising awareness on intellectual property, which was important in rapid economic integration. — VNS