SMEs challenged to protect innovative ideas
Otlarongwa Kgweetsi | Wednesday September 25, 2024 13:22
The call was made by officials of the Companies and Intellectual Property Authority (CIPA) at a recent SME project event, highlighting that Intellectual Property (IP) is an essential asset for small businesses looking to grow in local and global markets. CIPA Caretaker Registrar General, Joel Ramaphoi, said at the event, which was a collaboration between CIPA and the World Intellectual Property Organisation (WIPO) that SMEs continue to play a crucial role in economic growth and job creation. 'Protecting an idea is key to protecting a business,' he said. “By registering a business intellectual property, entrepreneurs gain legal protection, which allows them to market their products and fully benefit from their creativity,' he added. Ramaphoi further urged entrepreneurs to secure trademarks early and to keep detailed records and monitoring competitors.
He revealed that COVID-19 posed challenges for SMEs, but new opportunities have emerged in sectors like health, technology, and agribusiness adding that entrepreneurs in these sectors are increasingly registering their IPs, positioning their businesses for long-term success. Ramaphoi added that CIPA remains committed to supporting SMEs in rebuilding their businesses and improving competitiveness through the use of intellectual property. 'SMEs should make use of the CIPA services, which include assessing and registering intellectual property,” he said. He also highlighted the value of traditional knowledge held by Batswana and encouraged them to explore ways to turn this knowledge into products that benefit their communities. Collaboration between WIPO and CIPA aims to help SMEs understand how IP can drive business growth.
The partnership, supported by the Japan Patent Office, is designed to ensure businesses know how to protect their intellectual assets, including inventions, designs, and trademarks. The programme has already seen participants registering their brands and intellectual assets. These entrepreneurs are set to be role models in showcasing how IP can enhance business competitiveness. Ramaphoi encouraged them to continue developing their innovations, expanding into new markets, and utilising the support offered by CIPA and WIPO. Botswana’s SME sector is central to the economy, with over 50, 000 operational SMEs identified by the Local Enterprise Authority (LEA) in a 2020 study. “SMEs are a significant source of job creation and economic diversification, but they must integrate IP into their strategies to remain competitive,' he added. As Botswana moves towards becoming a knowledge-based economy, the use of intellectual property will be key to driving business growth and innovation. Entrepreneurs who protect and commercialise their intellectual assets will be well-positioned to succeed on both the regional and global stage.