Radar | Dec 05,2020
Apr 30 , 2021
By Thomas Bundi
Last Monday marked World Intellectual Property Day. The theme this year was "Intellectual Property and Small & Medium Enterprises: Taking Your Ideas to Market."
Intellectual Property (IP) refers to assigning ownership for both physical and intangible creations and recognising such rights when it comes to the usage and exploitation of these works.
However, many creators, entrepreneurs and businesses in the developing world are yet to fully exploit the potential of IP either due to ignorance or lack of resources.
The registering and exploitation of IP hold immense economic potential and benefits. For instance, technology companies and start-ups in manufacturing, software and pharmaceuticals utilise registered patents to value their market capitalisation and access credit.
Generally, local small businesses may start by branding their products. Market and customer recognition can then be built by the registering of trademarks. These offer exclusive rights and create value as they can be commercially exploited through sale and licensing.
Design works and especially industrial designs are highly valuable in the manufacturing sector. With the coming into effect of the African Continental Free Trade Area (AfCTA), trade is expected to increase business opportunities among an estimated 1.2 billion people. IP holders will hold a distinct advantage because registered rights are protected by law.
Creative industries have a massive potential for the exploitation of IP. Countries like Korea have embraced IP as a key pillar for sustainable development. In a recent report by the Bank of Korea, in 2020, the country recorded a 160-million-dollar trade surplus from art and culture copyrights, including music and TV shows.
By registering and exploiting IP brands, the African music sub-sector is leading the way in illustrating how copyright recognition and enforcement are creating a viable industry and empowering thousands. The development of collective management organisations (CMOs) and digital platforms are helping individuals and companies along with the value chain benefit because of payments through royalties and licensing.
However, for intellectual property to truly benefit the majority, awareness and adoption by entrepreneurs is key. Small businesses should put IP at the core of their strategy. To aid in this, the World Intellectual Property Organization (WIPO) has developed an online tool for assessing business competitiveness through IP assets, thus helping stakeholders identify and create value. This comes in handy, especially for those looking to expand internationally.
In many African countries, agriculture is a key industry and, in most cases, the largest employer. The Union for the Protection of New Varieties of Plants (UPOV) system was set up to encourage the innovation of new plant varieties. Countries can then invest in developing crop varieties that are best suited for their regions.
County and regional development authorities can also use geographical indicators to build brands that identify and communicate their uniqueness. Adoption by co-operatives and groups can add immediate brand value to foodstuffs and offer differentiation.
Another way IP directly benefits communities is through the protection of contemporary expressions of traditional and cultural knowledge. These include unique designs of items such as handicrafts, musical instruments and fabrics.
A key challenge is the lack of adequate technical expertise to advise on the processes of securing IP rights.
As a matter of priority, universities and institutions should set up and implement intellectual property departments. These can act as development hubs and educational centres to serve the communities that surround them.
IP awareness among learners and entrepreneurs will better prepare business practitioners to build generational African industries that can rely on their IP assets to effectively compete globally.
However, the adoption and enforcement of progressive IP laws is crucial, especially when dealing with new technologies and combating counterfeits. Innovation without robust intellectual property safeguards is not sustainable.
PUBLISHED ON
Apr 30,2021 [ VOL
22 , NO
1096]
Radar | Dec 05,2020
Radar | Feb 17,2024
Commentaries | Aug 21,2021
Life Matters | Apr 02,2022
View From Arada | Dec 04,2021
Agenda | Jun 08,2019
Life Matters | Dec 17,2022
Fortune News | Jan 23,2021
Radar | Dec 12,2023
Fortune News | Dec 13,2021
Photo Gallery | 96082 Views | May 06,2019
Photo Gallery | 88351 Views | Apr 26,2019
My Opinion | 66980 Views | Aug 14,2021
Commentaries | 65709 Views | Oct 02,2021
My Opinion | Apr 13,2024
Feb 24 , 2024 . By MUNIR SHEMSU
Abel Yeshitila, a real estate developer with a 12-year track record, finds himself unable to sell homes in his latest venture. Despite slash...
Feb 10 , 2024 . By MUNIR SHEMSU
In his last week's address to Parliament, Prime Minister Abiy Ahmed (PhD) painted a picture of an economy...
Jan 7 , 2024
In the realm of international finance and diplomacy, few cities hold the distinction that Addis Abeba doe...
Sep 30 , 2023 . By AKSAH ITALO
On a chilly morning outside Ke'Geberew Market, Yeshi Chane, a 35-year-old mother cradling her seven-month-old baby, stands amidst the throng...
Apr 13 , 2024
In the hushed corridors of the legislative house on Lorenzo Te'azaz Road (Arat Kilo)...
Apr 6 , 2024
In a rather unsettling turn of events, the state-owned Commercial Bank of Ethiopia (C...
Mar 30 , 2024
Ethiopian authorities find themselves at a crossroads in the shadow of a global econo...
Mar 23 , 2024
Addis Abeba has been experiencing rapid expansion over the past two decades. While se...
Apr 13 , 2024
A severe financial stranglehold has been imposed on the banking industry, underminin...
Apr 13 , 2024 . By MUNIR SHEMSU
In an unprecedented move, the central bank has published its inaugural stress test report, uncovering potential fault lines within the finan...
Apr 13 , 2024 . By MUNIR SHEMSU
In a bold departure from its historical position on foreign investment, the federal government has opened...
Apr 13 , 2024 . By AKSAH ITALO
A proposed excise tax stamp system draws controversy amongst industry leaders in the alcohol, tobacco, be...