This April 26th we celebrate the 2021 World IP Day. The theme of this year IP Day is IP & small and medium-sized enterprises (SMEs), emphasizing the critical role of SMEs in the economy, as well as raising awareness on how SMEs can use their IP to support their businesses in stronger, more competitive and resilient ways.
World Bank appraises that SMEs are considered among core motivations of global growth as they take up 90% of total enterprises and more than 50% of global employment. These statistics are relatively the same for Vietnam, who has around 400,000 active SMEs. The local SMEs in Vietnam contribute more than 40% to the national GDP.
However, it appears that the investment of SMEs on their IP is still limited. Korean IPO reported that only 20% of their SMEs have their IP protected. Meanwhile, the EU Committee highlighted in 2020 that SMEs, who own at least one protected IP subject, have 20% higher revenue. Likewise in Vietnam, SMEs are recommended to spend better investment in their IP protection.
Some key tips for SMEs in this regard:
(i) Know the rules and laws before entering the market(s);
(ii) Identify, manage and secure protection for your IP;
(iii) Create an in-house position in charge of your IP;
(iv) Maximize the commercialization of your IP.
Source: IP Vietnam