The Registry of Companies and Intellectual Property through the Attorney General’s Chambers joins in celebrating World Intellectual Property Day today, 26 th April 2021. This annual event aims to create and increase awareness of the role of Intellectual property rights in encouraging innovation and creativity. This year, World Intellectual Property day is celebrated under the theme: “IP & SMEs: Taking your ideas to market”. The theme seeks to highlight the key role of Intellectual Property rights in helping SMEs build stronger, more competitive businesses.
Intellectual property (IP) assets are part of the intangible or non-physical property of a business which can be legally protected and enforced in a court of law. It is important to understand the economic value of your IP assets such as:
- Patents – which protect your innovative or improved product/process, affording you a right that can give your business a competitive advantage.
- Trademarks – which allow customers to distinguish your products/services from those of your competitors and serve as a guarantee of consistent quality.
- Industrial designs – which protect the aesthetic aspect of your product and which can distinguish yourself from the competition and gain market share.
- Copyright – which protects your literary, musical, and artistic works and allows you to derive financial reward from the use of your works by others.
- Trade secrets – which defend your competitive space and allow a business to maintain its edge over the competition.
Together, these IP rights protect your innovation and nurture your brand. IP is an increasingly important tool for maintaining and strengthening a business’ competitive edge and expanding its market share.
The Covid-19 pandemic has caused disruptions in employment resulting in the laying off of individuals in various sectors. In response, individuals have developed and put in motion ingenious small business ideas. On the occasion of World Intellectual Property Day, we encourage the general public to take their ideas to market. Keep in mind that every successful business started with an idea that took shape in someone’s mind and made its way to market.
An idea becomes an IP asset that can drive business success, economic recovery, and human progress. We wish everyone a Happy World Intellectual Property Day.