Covid pandemic highlights importance of investing in ideas
Entrepreneurs need to understand that Intellectual Property ( IP) is an asset, and it ought to be treated as such. It does not only go beyond ideas and products, but is also a real property that has commercial value and can be traded with in commerce.
This is something that Intellectual Property Consultants, ParkGrey IP remains committed to educating entrepreneurs both locally and outside the country on. The company recently held an Intellectual Property for Entrepreneurs Webinar. The sessions touched on various issues such as how trademarks, copyrights, patents, trade secrets work for an entrepreneur’s business.
Speaking in an interview with the founder of the company, Letlhogonolo Moremi, an Attorney at Law and Intellectual Property Specialist, he explained that if there is one thing that the COVID pandemic has shown, is the importance of investing in the power of ideas and solutions, and that intellectual property is that product and asset which best embodies both of these things.
“It is therefore imperative that we train Botswana entrepreneurs to be knowledgeable in the ideation, creation, monetization and protection of their ideas and solutions,” said Moremi.
According to Moremi, the Webinar sought to equip entrepreneurs, businesspersons and creatives with basic knowledge and skills on intellectual property, the role of intellectual property as an economic asset in a business, recognising and investing in the growth of intellectual property assets, deriving value from intellectual property, and the legal framework for protecting and enforcing intellectual property rights.
The webinar, he said is one in a series of many educational sessions where the company seeks to educate and impart knowledge around this important subject. The commitment to share this knowledge is a journey that dates back to the formative years of the company in 2019.
He said that ParkGrey IP has invested in empowering entrepreneurs and creatives with knowledge that allows them to derive economic benefit from their intellectual labor. This workshop, he noted is a continuation of the work that we have done in many other workshops and sessions before.
“It is a continuation of our belief in ensuring that Batswana and Africans at large are not left behind as the world transitions towards knowledge- driven and knowledgebased economies. These economies at their core rely on intellectual labour and the products thereof, their success is inextricably linked to the existence, awareness and utilization of intellectual property protection and enforcement frameworks,” said Moremi.
Giving an example, Moremi said that the recent rush by developed countries to develop a Covid- 19 vaccine, and the ownership of the intellectual property rights arising from the development of the vaccine has had far reaching consequences in terms of who the vaccine is accessible to and who cannot access it. “This webinar is a step towards bridging these economic gaps at both a local and international level,” he said.
Painting a picture of the Botswana landscape when it comes to IP, he shared that the country has legal frameworks in place that make provision for the protection of the various forms of intellectual property, primarily the Copyright and Neighboring Rights Act and the Industrial Property Act. However, as the country makes the transition from a resource- reliant economy to a knowledgebased economy, Batswana’s creative capacities, intellectual labour and the products thereof will become the centerpiece upon which the economy relies, he said.
He also highlighted that in order to achieve a full and comprehensive knowledge- based economy, comprehensive frameworks must be put in place to ensure that the country creates an environment where creativity across all sectors is incentivized by comprehensive intellectual property frameworks that foster return on investment from creativity and intellectual labour.
One of the biggest challenges facing entrepreneurs in Botswana, in terms of intellectual property, he said is the lack of knowledge about what intellectual property is, as well as the various legal consequences of the various forms of intellectual property, and the monetization and economic exploitation off the various forms of intellectual property.
“The solution to any lack of knowledge is education. It is through workshops like these that we at ParkGrey IP are assisting entrepreneurs in resolving these issues,” said Moremi.
Meanwhile, over the past couple of months, there has been an influx of new ideas/ businesses mushrooming all over. For these creators who might wish to safeguard their ideas, he said that they first need to understand the product that they are creating, this solution that they are attempting to provide and most importantly the social and economic value of their products, and lastly, the legal questions that arise from the creation and economic exploitation of their product.
“An understanding of your product and the applicable protections that apply to it will be key. Creators and entrepreneurs must in understanding that must understand that investment in the legal protections of their products and businesses is a key aspect of ensuring that their interests are protected all the way. This goes a long way in professionalizing their craft and in ensuring that they are not taken at an advantage of,” he cautioned.
For those who wish to protect their works, Moremi shared that his ParkGrey IP provides assistance in assessing their particular products and the needs of that business.
They also provide guidance and assist in formulating and implementing comprehensive IP protection strategies that cover both business and legal aspects that arise. This, he said, may typically involve assessment and implementation of any registration needs, auditing of existing IP assets, review and management of contracts and contractual frameworks, and assessing any and addressing any breaches against a client intellectual property or any breach committed by clients against a third party’s intellectual property.