Raising the Economy of a Country through Intellectual Property

Intellectual Property (IP) is the hottest commodity that everyone wants to have, since IP is the unique selling factor for any brand that brings in money. You could have a big business with branches from Florida to Las Vegas, but when everybody else sells what you have, then your sales figures will be down. The late Steve Jobs found that it was only when a unique Intellectual Property was created that his company grew. However, when that IP was copied by everyone else, his profits went down.

Since IP is a crucial factor in the growth of a company, the government of Barbados has taken unique measures to come up with a national plan that will strategically aid the country’s economic growth through Intellectual Property.

Enlisting the Aid of WIPO

Barbados has enlisted the aid of the World Intellectual Property Organization (WIPO) and has taken measures to ensure that the country’s Intellectual Property will be protected against any global threat of theft. This calls for the restructuring and development of the country’s industries, so that productivity will be increased. Of course, the key to this is the creation of Intellectual Properties in the economic, industrial, and social sectors which will improve the competitiveness of the country in the global market.

The Key Factor

It is not an easy task for a government to undertake, especially as it involves the creation of Intellectual Properties and everyone knows just how vulnerable they are. It will take a toll on the resources of a country as extensive research will have to be done in every sector and it will bear fruit only when they come up with results that are marketable. Certain policies will have to be adopted from other countries to improve their science and technology field. Numerous infrastructures will have to be enhanced and there must be an evolution in the conditions that are prevailing in the country.

The Future is Set

All things said and done, Barbados seems to have taken a step in the right direction, and since the country was classified as a developed country, there is great hope that it will achieve its goal in the near future. The plan has been set in motion and the country is heading for economic and cultural growth. Barbados seems to have addressed one of the main concerns for any country in today’s world, which is existing protection available to Intellectual Properties and important measures to be implemented that will meet the people’s needs and aid in the economic growth and development.