Leaders from companies including Nestlé, Microsoft and Intel, and international organisations including the World Intellectual Property Organization (WIPO) and the World Trade Organization (WTO) were among the participants of the ICC Side Event at the 63rd Meetings of the Assemblies of WIPO in Geneva earlier this week.
The event was a wonderful opportunity for the business community to contribute to the important discussions of the WIPO assemblies. Increased business engagement in the important work of WIPO is indeed crucial and can lead to smarter, better and more effective policies not only for the business community but for society as a whole.
As one of the cornerstones of global commerce, intellectual property protection deserves special attention. Through IP protection, companies are capable of making the investments in research and development needed to create innovative products and services and to bring to life the creative works that we enjoy.
Global IP systems are complex and involve stakeholders that range from the scientific community, artists and investors to customs authorities. Such complexity calls for a careful approach in policymaking and for keeping an attentive eye on the reality on the ground for the businesses that use these IP systems.
Speaking at the event, ICC Global Policy Director Andrew Wilson said: “In our conversations with ICC member companies, what we see is that companies are highly sensitive to the topic of IP and that they understand the importance of healthy innovation ecosystems. As we face the challenges of climate change and economic uncertainty, the voice of business will be a key ally for policymakers and for international organizations to create better policies and to build stronger, more resilient innovation ecosystems.”
To face these challenges, some of the priorities identified at the event include:
- Sustainability: Innovation will play a key role in creating a sustainable future and facing the challenges associated with climate change. Innovation ecosystems must be prepared to kick into high gear the development of the tools we will need to face these challenges.
- SMEs: Both private and public organizations should work to leverage the potential of SMEs as powerful engines of innovation. More widespread, and more effective, capacity-building is necessary for them to commercialize their intangible assets to their full extent.
- Finance: IP-backed financing is a strategic tool, especially for #SMEs, to take advantage of their IP assets and improve their financial strength. In order to address the financing gap for the business community, regulatory and business frameworks must enable this source of finance.
Stay up to date on ICC’s work on innovation and intellectual property here on our website.