Our CEO recently had the honour of being invited to speak at an intellectual property (IP) talk titled "Inspiration and Innovation Intensified and Unleashed" at the 2024 IP Fair. The talk addressed the critical role of IP in the modern intangible economy and outlined how organisations like the World Intellectual Property Organization (WIPO) support businesses in navigating this landscape. Here’s a recap of the insightful discussions that took place.
WIPO’s Support for Businesses
Prof. Guy Pessach highlighted the invaluable role WIPO plays in assisting businesses to thrive amidst both tangible and intangible assets. WIPO’s comprehensive support allows companies to diversify their IP rights, which in turn helps maximise value creation. By protecting their intangible portfolio, businesses can safeguard their innovations in multiple ways, reducing associated risks.
In an era where intangible assets are becoming increasingly significant, Guy introduced the WIPO Diagnostic Program. This initiative is designed to provide businesses with tailored insights into their IP strategies. “IP minimises risk and maximises value creation,” he noted, citing Meticuly as a prime example of how a robust IP portfolio can be effectively utilised in business operations.
IP Initiatives in Thailand
Thitapa shed light on the upcoming Clinic about Intellectual Properties in Thailand. This event, scheduled for September, will showcase advanced data analytics platforms and introduce several key initiatives:
ASEAN IP Register: This single gateway IP database simplifies the search and management of IPs within the ASEAN region.
IP Management Clinic for SMEs: Launching in September, this programme is tailored to help small and medium-sized enterprises understand and manage their IP effectively. Learn more about the clinic.
Tool Kit for IP Valuation: This tool kit assists companies in understanding the value of their IP and facilitates the disclosure of intangible assets.
Mediation Program: A communication tool to enhance dialogue with investors, aiding in negotiations and dispute resolution. Read about the mediation program.
For more information on WIPO’s activities in the region, click here.
The Importance of IP in the Digital Economy
Mr Dixon Soh, a renowned lawyer, emphasised the critical importance of deploying an effective IP strategy in today’s digital economy. With the rise of intangible assets, Dixon pointed out the paradigm shift from physical to digital platforms. For instance, audiences can now enjoy movies at home, thanks to innovative platforms.
He stressed the importance of prioritising markets and understanding existing patents before venturing into new territories. Rather than investing in the development of new products, businesses can explore licensing existing patents, thus streamlining their entry into new markets.
Commercialising IP for Business Growth
Assoc. Prof. Boonrat Lohwongwatana, Meticuly CEO and co-founder, discussed the commercialisation of IPs and their significance in business expansion from the perspective of a medical devices manufacturer founded in Thailand. He detailed the importance of IP protection when developing new technologies, collaboration with other organisations, and building an IP portfolio aligned with business direction. By acquiring IPs, businesses can bolster their portfolio and enhance revenue streams.
The discussions at the talk highlighted the transformative power of IP in fostering innovation and driving business success. As the world continues to evolve into an intangible economy, it’s crucial for businesses to harness the full potential of their IP assets, with the guidance and support of organisations like WIPO.
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