Understanding intellectual property (IP) and how it can benefit business remain a challenge for some local entrepreneurs.
That assessment was delivered by Michael Bynoe, director of the entrepreneurial development division at the Barbados Investment and Development Corporation, to a seminar on Effective Intellectual Property Management by Small and Medium Sized Enterprises.
The seminar took place at Bagnall’s Point, Pelican Village.
Bynoe said IP “continued to puzzle a number of people in Barbados” but knowing and understanding what it was, could help to “move business forward”.
“In the earlier years intellectual property was based purely on tangible assets. Today, intellectual property is more akin to innovation and technology. It can open doors for you in terms of joint ventures,” added Bynoe.
Some common types of intellectual property rights include patents, industrial design rights, copyright, trademarks and trade secrets.
Regional consultant with the World Intellectual Property Organization Mary-Ann Richards also spoke at the seminar.
She said: “I often meet entrepreneurs in my interaction in the region and what amazes me is that people tell me ‘Ms Richards, I have been in business for 20 years and I don’t know about this IP thing and I don’t think it is important’.
And I said if that is the case either you are stealing someone else’s intellectual property or you are giving away your intellectual property for free.” (MM)
