Small businesses must protect intellectual property

ZIMBABWE’S exports are projected to continue growing in the coming years, driven by demand for local products in regional and international markets, as well as an expanding exporter base.

In recent years, there has been an increasing appetite to venture into exports by many businesses in Zimbabwe, including small enterprises and rural communities.

This follows several programmes implemented by President Mnangagwa’s Second Republic to level the playing field, allowing small businesses to export.

Previously, export ventures were thought to be a preserve of established multi-million-dollar businesses. However, the narrative is changing, thanks to multiple interventions to improve access to export markets through capacity-building, expert interventions and strengthening of linkages with buyers.

There have been efforts to encourage small enterprises to venture into the export business by providing support services such as export promotion programmes, export financing and export market intelligence.

It is clear that small businesses have a huge shot at performing well in export markets. This is particularly so if they target niche markets with niche products. Niche products can help small players establish a loyal customer base as their offerings suit the needs of a specific customer segment within the broader market.

Through initiatives such as the Eagles’ Nest Youth Export Incubation Programme, which is implemented by ZimTrade, the national trade development and promotion organisation, youth-led businesses have been at the forefront of developing niche products that respond to specific requirements of buyers in export markets.

These products, which are already in regional markets such as South Africa and Zambia, have been developed in what most people would agree is a demonstration of the ingenuity of young people in Zimbabwe.

This is because the products are original, inventive and unique.

They do not only provide the face value solution, but also respond to emerging global issues such as environmental friendliness and sustainable development.

While venturing into the export business will ensure success of businesses, sustaining that also requires measures to safeguard their innovations.

Exporting goods and services is an excellent opportunity for small and medium enterprises (SMEs) to increase their profits and reach new markets. However, it also exposes them to risks such as piracy, counterfeiting and infringement of their intellectual property. Intellectual property protection is, therefore, critical for SMEs as they venture into the export business.

Protecting intellectual property

Before venturing into the export business, SMEs should conduct an IP audit to identify their intellectual property and assess its value.

This audit should identify any patents, trademarks, copyrights or trade secrets that the SME owns.

Once an audit confirms the needful, a business should register its IP rights in Zimbabwe and countries to which they plan to export. This registration gives the enterprise legal protection and prevents others from using its IP without permission.

Patents in Zimbabwe are governed by the Patent Act (Chapter 26:03), which was amended in 2002. The Act provides for registration and protection of patents.

What is intellectual property

Intellectual property (IP) refers to the legal rights that protect the creations of the human mind. These creations can be inventions, literary and artistic works, symbols, names, images and designs used in commerce.

IP rights are divided into various categories, which include patents, trademarks, moral rights, copyrights and trade secrets.

Patents protect inventions such as new products or processes, while trademarks protect names, symbols and designs used to identify products and services.

Copyrights protect literary and artistic works such as books, music and films. On the other hand, trade secrets protect confidential information that gives a company a competitive advantage, such as customer lists or manufacturing processes.

Protecting intellectual property is essential for SMEs as they venture into the export business for several reasons, such as prevention of loss of revenue and enhancement of business reputation.

One of the main reasons for protecting intellectual property is to prevent loss of revenue. SMEs invest time and money in creating and developing their products and services.

If they do not protect their intellectual property, their competitors can easily copy their ideas, products and services and sell them at a lower price. This can result in loss of revenue for the small business. In addition, protecting intellectual property enhances the business reputation of the SME.

It shows that the company values innovation and is committed to producing high-quality products and services.

This, in turn, can attract more customers and investors. Furthermore, protecting intellectual property provides legal recourse for SMEs if their IP rights are infringed upon.

SMEs can take legal action against infringers and seek compensation for damages.

Protecting intellectual property also fosters innovation by encouraging SMEs to invest in research and development.

It gives SMEs the confidence to innovate and create new products and services without the fear of their ideas being stolen.