Intellectual Property (IP) plays a crucial role in the modern economy, particularly within the creative industries. In Indonesia, the trend of managing IP has been steadily rising as businesses become more aware of the importance of protecting their copyrights, trademarks, and patents. IP innovation not only safeguards original creations but also serves as a significant source of revenue through licensing and rights sales. Industry players are increasingly realizing that well-managed IP can provide a competitive edge and unlock new market opportunities.

In line with this trend, Alcor Fest has emerged as an IP festival that brings together intellectual property owners, corporations, and event organizers. Held at The Kasablanka, Jakarta, on August 1, Alcor Fest aimed to foster synergy within the creative industry by offering strategic collaboration opportunities. The festival was designed to help businesses reach new markets through customer event activations and serve as a platform for various communities to come together and exchange ideas.

One of the standout speakers at Alcor Fest 2024 was Bhayu Sugarda, Associate Director of ID COMM and Deputy 2 of APPRI. In the Expert Talks Session 1, titled “Innovating Intellectual Property Across Industries: The Power of Transformation,” Bhayu shared deep insights on the importance of innovation and transformation in IP management.

During his session, Bhayu emphasized that successful IP often stems from a highly specific niche. He explained, “Hyper-niche is more important. Look for something substantial, community-based. The trend doesn’t need to be new; you can revive the old.” Reviving older IPs and making them relevant to today’s target audiences is an effective strategy for success.

To build relevant IP, Bhayu stressed the importance of assessing risk factors. “When determining IP, you have to consider the risk factors,” he said. Many people only realize the importance of managing their IP later on. “It’s just an idea if you don’t claim it. The current trend is to patent IP, but it takes time to connect with the right community and produce something meaningful,” he added.

In IP planning, Bhayu emphasized the importance of commitment and thorough research. “What’s important is commitment. Conduct research and benchmarking studies. Compare it to the international landscape.” Promotion is another key factor in the success of IP. “Proactive marketing, promoting abroad, and benchmarking with other countries are essential.”

One of the crucial aspects of monetizing IP is finBhayu also highlighted that the key to successful IP lies in its connection with the target community. “It has to be community-based because the revenue comes from there. The key is when the IP can connect with its target audience community. Find a difference.” In other words, IP that can resonate with its audience is more likely to generate sustainable revenue.

When discussing competition, Bhayu pointed out the importance of communication through communities. “The first step is connecting with the largest community. Communicate through the community.” A good idea requires solid execution. “Ideas aren’t expensive; the execution is. Value is also important to highlight—this is what connects IP to its target audience,” he explained.

Bhayu also touched on the significance of niche markets in the IP world. “The niche exists outside our bubble; many niches start from small bubbles, so there are no boundaries. A niche can be built through FOMO (fear of missing out) and rabbit-hole exploration.” According to him, a strong IP must be built to last. “If you want to create IP, it has to be sustainable.”

ding the right gap to connect the IP with its audience. “An IP can generate revenue if it finds the gap with its consumers. Brands see this as their marketing target. While IP may generate small revenue, the largest income comes from sponsors.” Once this gap is identified, monetization opportunities become much clearer.

To maintain momentum, Bhayu underscored the importance of sustainability and community engagement. “Sustaining means it continues. No matter how difficult, interest comes from different crowds and niches. Brands are more attracted when the audience is already engaged. The community consists of people willing to spend money on our IP because they see the value. Don’t treat the community as just a marketing target; offer them value to maintain their interest.”

As a concluding point, Bhayu emphasized the importance of understanding and valuing the community as the primary consumers of IP. “Find a community that aligns with the product. This requires dedication, and once you find a ‘cult following,’ it needs to be managed well.”

Bhayu Sugarda’s participation in Alcor Fest 2024 not only reinforced ID COMM’s commitment to innovation and transformation within the creative industry but also demonstrated how they continue to push boundaries and create new opportunities for their clients in an increasingly competitive market.