Recognising that its latest innovation was essential in the COVID-19 pandemic and beyond, homegrown cleaning solutions company Speco Singapore Pte Ltd worked with IPOS International to uncover its intangible assets and safeguard its competitive edge.
Founded in 2017 as a humble housekeeping service, this Singaporean enterprise was borne from its founder’s desire to help disadvantaged workers secure employment in the housekeeping sector. It has since evolved into a full-fledged cleaning solutions company, partnering over 60 social service agencies to provide stable employment opportunities for marginalised groups such as ex-offenders, persons with disabilities, victims of abuse, and the homeless. Its latest innovation is a proprietary cleaning agent that is effective against bacteria and viruses for up to 6 months per application, including against coronaviruses.
The absence of a contractual relationship between the client and the external parties whom it funded to invent and manufacture its core product meant that the client’s business model was highly vulnerable to copying and risks of loss. Proving IP ownership was also a challenge that hindered the client’s plans for securing investor funding and business expansion.
IP Strategists at IPOS International and EverEdge jointly devised a comprehensive strategy to secure all IP rights critical to the client’s business, including providing advisory on negotiation for key commercial terms in their licensing agreement with the inventor of the cleaning agent. To differentiate this new product from its competitors, recommendations on its trade mark strategy were also provided, along with key considerations for devising a new product brand.
Having gained a comprehensive overview of the IA portfolio it owns and controls, the client not only recognised how each one critically impacts its business model, but was empowered to leverage them to drive enterprise growth. Early identification of risks associated with each IA were also significantly mitigated through the plans proposed. In adopting the recommended IA strategy and frameworks, the client successfully obtained a Provisional Patent for its core product – a commitment that distinguished them from their competitors and boosted their credibility among consumers. The recommended actions also enabled the client to further secure strategic accounts to fuel its long-term growth and sustainability.
As the expertise and enterprise engagement arm of IPOS, IPOS International helps enterprises and industries use IP and intangible assets for business growth. To learn how you can leverage on your IP, email us at [email protected] or call +65 6330 8660.Book a complimentary IA chat with us