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SMEs need to give greater importance to intellectual property

[ 02-01-2015 ]
SMEs need to give greater importance to intellectual property

KUALA LUMPUR: Small and medium enterprises (SMEs) need to take greater cognisance of the importance of intellectual property (IP) and should not neglect it in order to protect their businesses.

“IP assets are the core value of a business, for instance the brand of a business is an example of IP and it helps the producer to market the product and develop a loyal clientele.

“Almost every SME has a trade name or trademarks and should consider protecting them. The brand is the trademark which is as important as the products, as people nowadays tend to recognise the brand followed by products,” Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) secretary-general Datuk Low Kian Chuan said at a briefing.

The conference titled “IP helps SME to transform”, organised by ACCCIM and Intellectual Property Corporation of Malaysia (MyIPO), was aimed at strengthening and promoting public awareness on the benefits of IP.

Issues discussed at the full-day conference included the benefits, impact and implications of IP rights on businesses.

Low said SMEs should consider how best to use the IP system to their own benefit. He added that IP may assist an SME in almost every single aspect of their business development and strategy.

“SMEs should consider taking the probable steps to protect, manage and enforce the IP assets so as to get the best possible commercial outcomes from its ownership,” he said.

MyIPO director-general Shamsiah Kamaruddin said there had been several initiatives mooted by MyIPO with the support of the Government to further enhance the realisation of IP as part of wealth creation through IP valuation.

“The move to monetise IP rights (IPR) is expected to help SMEs use their IP as an alternative source of collateral in obtaining funds. MyIPO will continue to spearhead the IP valuation to facilitate greater acceptance by banks and financiers, in particular, to recognise and value IP in financing arrangements,” she said.

Shamsiah said MyIPO was currently preparing the IP Valuation Blueprint 2015-2020 to consolidate and enhance the usage, service, delivery, trust and credibility of the IP valuation systems in Malaysia.

“The IP valuation model alone doesn’t drive IP economic growth. The IPR marketplace must co-exist hand in hand to provide an avenue to list IP rights such as patents, trademarks and copyrights from various industry sectors, available for sale or licensing,” she added.

MyIPO launched the IPR marketplace portal in June with a current number of 163 IP listings. To further strengthen the IPR marketplace, MyIPO established a network and alliances with renowned and reliable IP marketplace players in China, Hong Kong and Singapore.

“MyIPO will be exploring IP marketplaces in many other countries and hopefully establish more co-operation for Malaysian IPRs to be recognised and traded internationally,” Shamsiah said.