INTRODUCTION
Every year, new ideas are created and generated. A majority of these new ideas are generated within the Small and Medium Scale Enterprise (SMEs) sector. According to the World Bank Group “SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development.[1]
This year’s World Intellectual Property Day celebrates the ingenuity and creativity behind every SME, their courage to make a difference, their contributions to enhancing our lives and the role of intellectual property (IP) rights to build stronger, more competitive, and resilient businesses.
World Intellectual Property Day 2021 creates awareness of the opportunity to discover the economic benefits and supports of Intellectual Property to businesses and its environs.
It is no news that the Global Pandemic led to economic crunch, hence there is an urgent need for global economic recovery. WIPO celebrates the World Intellectual Property Day 2021 and uses the opportunity to shine a light on the critical role of SMEs in the economy and how they can utilize their IP rights to build a stronger, competitive, and resilient businesses.
While SMEs are struggling for survival, competitive, distinctive, and meaningful impact, they regardless, take exposure risks for visibility and audience through technology. The theme of the year “IP & SMEs: Taking Your Ideas to Market” is presenting a window for a thorough understanding of the principle of defending new ideas, inventions, trademarks/brands, and software by company entrepreneurs and risk takers.
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[1] https://www.worldbank.org/en/topic/smefinance. Accessed on the 23rd of April, 2021: SMEs represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included.”
