The Jamaica Intellectual Property Office (JIPO) says the protection of intellectual property (IP) can enhance the capacity to create wealth for micro, small and medium-sized enterprises (MSMEs).
Speaking at a recent ‘Jamaica Business Development Corporation (JBDC) Virtual Biz Zone’ session, Assistant Patent Manager, JIPO, Jason Wongsam, said that research and development is key to developing industries as new ideas and solutions promote economic growth.
“If you see an opportunity to do further research and development and come up with a new technology altogether based on somebody else’s research or you provide a new way or an improved way of doing that particular process, that improvement is patentable,” he explained.
Mr. Wongsam suggested that businesses should use their patent as a strategic tool.
“It could be a situation where you are the company that is selling a particular technology to other companies or other competitors in the market. That sale of the technology or that transfer of technology can benefit your company in the short run, so that you can continue to innovate and continue to do things while you are in the business of doing even further research and development,” he said.
Mr. Wongsam pointed out that MSMEs accumulating intellectual property empowers their business.
“This is how you are going to develop your business into a larger venture because your business starts to accumulate assets but you’re not investing as much capital as most, because you’re not buying land and machinery and all that. We need to get to that level, so that you can leverage that intellectual property, so you know that when you’re selling your business, and you’re selling your intellectual property, this is something that has a particular intrinsic value,” he said.
JIPO is the Government’s central focal point for the administration of intellectual property in Jamaica and has the mandate of administering various intellectual property systems in Jamaica.