The Importance of Intellectual Property for SMEs; Challenges and Moving Forward

Abstract

Intellectual property (IP) and its value often not adequately appreciated. In the increasingly knowledge-driven economy, IP is a key consideration in day-to-day business decisions. New products, brands and creative designs appear almost daily on the market and are the result of continuous human innovation and creativity. Therefore, this paper will look into the importance of IP for Small Medium Enterprises (SMEs) and product development specifically on agro-based products. This paper further demonstrates how IP can become an economic tool and the challenges faced by SMEs in implementing IP system. In addition, this paper offers useful insights to policy makers and SMEs in utilizing IP by drawing lessons from other countries.