Minister Shaw urges MSMEs to utilize Intellectual Property

Minister of Industry, Investment and Commerce, Hon. Audley Shaw, has urged Micro Small and Medium sized Enterprises (MSMEs) to make better use of Intellectual Property (IP) assets to protect their innovations and to improve their growth potential especially against the background of the globally increasing demand to utilize the virtual or online spaces for business.
Addressing a virtual High Level Meeting on Intellectual Property Capacity Building for MSMEs Support Institutions, hosted by World Intellectual Property Organization (WIPO) and the Jamaica Intellectual Property Office (JIPO), at the Ministry’s New Kingston offices on Tuesday, November 10, Minister Shaw noted that the institutional support and protection of the intellectual property of our innovators is another step in the ecosystem that we must bolster in support of their growth and expansion.
Minister Shaw noted that the online or virtual world is now the centre of business evolution and must be more wholesomely embraced by Jamaican businesses, innovators and content creators if we are to take our place in the global arena.

Against this background, the minister noted that “the Government of Jamaica recognizes that the IP system is instrumental to leveraging the potential of the MSME sector as a catalyst for economic growth and development and social and cultural well-being”.

He said the government recognizes that a modern intellectual property regime as critical to striking a balance between the interests of innovators and the public interest, thereby providing an environment in which creativity and invention can flourish, for the benefit of all.

“It is therefore critical that we increase the understanding and registration of IP rights for the MSME sector to improve their capacity to innovate as well as improve the capacity of the institutions that support them. This is key to national development,” Minister Shaw said.

In the meantime, Minister Shaw noted that the government has allocated $540 million for the Access to Finance for Micro, Small and Medium-Sized Enterprise (MSME) project. He noted that this initiative, which is being implemented in partnership with the International Bank for Reconstruction and Development (IBRD), and the Development Bank of Jamaica (DBJ), will see our MSMEs benefitting from improved access to financing.
Meanwhile, Executive Director of JIPO, Lilyclaire Bellamy, said that more members of the MSME sector must recognize the importance of IP protection in helping with the development of their businesses.

“It is critical that you distinguish yourself with your branding. In light of the COVID-19 pandemic, it is an opportune time for us in Jamaica and the region to utilize the change in our circumstances,” she said.

The Webinar featured presentations from representatives from WIPO, JIPO, Belize, Saint Lucia and Trinidad and Tobago, and aims to raise awareness of the importance of Intellectual Property to enhance the competiveness of MSMES and to empower MSME support institutions to provide IP advice and support to them.
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