Economic Significance of Intangible Assets in Nicaragua
In recent years, the “millenials”, with the intention of getting rid of the “nini” label, have become empowered and focused on entrepreneurship, exploiting and taking advantage of technological development, making use of social networks to carry out their commercial activities.
For the most part, entrepreneurs are concerned with complying with basic legal obligations, the registration of their company and the payment of the corresponding taxes; but on very few occasions they see beyond mere commercial activity and do not take into account those assets, which at the end of the day are the most important for their company, as they are those that differentiate them from their competition in the market, by which we mean, among others, trademarks and distinctive signs, and those original creations that are subject to protection through copyright.
When starting a business, the idea that the great majority has about the protection of these very important intangible assets is erroneous, because at first, because they do not know the economic significance that these assets represent; the registration of a trademark or the deposit of a work, they see it more as an expense than as an investment. But, if the distinctiveness and quality of the products or services of your business is due to your brand because it is what differentiates you from your competition in the market, shouldn’t this be the first thing to protect?
The owner of a trademark and/or distinctive sign is concerned about being known through them, but does not know that he will acquire his exclusive right over them until they are duly registered in the Register of Intellectual Property, or do not worry about having a Certificate of deposit that will enforce their rights against third parties, when their original creations are used without their authorization, namely computer programs, literary, musical or artistic works.
It is important that the protection of your intangible assets is the first thing you think about when you start your business, because consumers will associate to your brand the distinctiveness and quality of your products or services in the market, as well as attribute your authorship to your original creations. If so, does a computer identified with an apple and a particular operating system seem the same to you as one that has none of it? It is precisely this distinction that represents the economic transcendence of intangible assets.
Think also that, by having an exclusive right, and the Certificates of Registration or Deposit that prove such a thing, you could expand your business through licenses of use, and even consider transfers to third parties, all because of the great economic significance of counting your intangible asset.
Do not allow others to take advantage of what it has cost you so much to create, since the protection of your intellectual property is considered an expense.
Lía Incer Flores
Senior Associate
García & Bodán
Nicaragua