Intellectual Property Ownership Boosts SME Business Value by 65%, Official Says
RIYADH: Small and medium-sized enterprises that own intellectual property rights contribute to increasing their economic value by up to 65 percent compared to others, Abdulaziz bin Mohammed Al-Swailem, CEO of the Saudi Authority for Intellectual Property, stated.
Intellectual property ownership boosts SME business value by 65%, official says
RIYADH: Small and medium-sized enterprises that own intellectual property rights contribute to increasing their economic value by up to 65 percent compared to others, Abdulaziz bin Mohammed Al-Swailem, CEO of the Saudi Authority for Intellectual Property, said.
He pointed out that their investment appeal increases fivefold when they own a patent, sixfold when they own a trademark, and up to tenfold when they combine both.
This came during a dialogue session held as part of “Innovation Week,” organized by the General Authority for Small and Medium Enterprises, or Monshaat, which concluded April 26 in partnership with the Research, Development and Innovation Development Authority, King Abdulaziz City for Science and Technology, and SAIP, coinciding with World Intellectual Property Day.
Al-Swailem noted the rise in awareness of intellectual property in the Kingdom from 52 percent in 2018 to more than 70 percent currently, while the compliance level increased from 54 percent to 71 percent, indicating a growing understanding of the importance of protecting intellectual property rights.
The CEO of the authority emphasized that intellectual property is a crucial economic pillar that has contributed to the establishment of numerous businesses within Saudi Arabia and enabled SMEs to increase their value and expand into other markets.
The “Innovation Week” events featured nine dialogue sessions and 51 entrepreneurial meetings, in addition to more than 1,380 consultative sessions.
These events drew 72 participants from the public and private sectors and were attended by over 2,345 entrepreneurs and others interested in innovation.
The organization of the week is an extension of Monshaat’s efforts to empower entrepreneurs and open up high-quality investment opportunities in promising sectors, thereby contributing to the growth of SMEs and achieving the goals of the Kingdom's Vision 2030.
RIYADH: Small and medium-sized enterprises that own intellectual property rights contribute to increasing their economic value by up to 65 percent compared to others, Abdulaziz bin Mohammed Al-Swailem, CEO of the Saudi Authority for Intellectual Property, said.
He pointed out that their investment appeal increases fivefold when they own a patent, sixfold when they own a trademark, and up to tenfold when they combine both.
This came during a dialogue session held as part of “Innovation Week,” organized by the General Authority for Small and Medium Enterprises, or Monshaat, which concluded April 26 in partnership with the Research, Development and Innovation Development Authority, King Abdulaziz City for Science and Technology, and SAIP, coinciding with World Intellectual Property Day.
Al-Swailem noted the rise in awareness of intellectual property in the Kingdom from 52 percent in 2018 to more than 70 percent currently, while the compliance level increased from 54 percent to 71 percent, indicating a growing understanding of the importance of protecting intellectual property rights.
The CEO of the authority emphasized that intellectual property is a crucial economic pillar that has contributed to the establishment of numerous businesses within Saudi Arabia and enabled SMEs to increase their value and expand into other markets.
The “Innovation Week” events featured nine dialogue sessions and 51 entrepreneurial meetings, in addition to more than 1,380 consultative sessions.
These events drew 72 participants from the public and private sectors and were attended by over 2,345 entrepreneurs and others interested in innovation.
The organization of the week is an extension of Monshaat’s efforts to empower entrepreneurs and open up high-quality investment opportunities in promising sectors, thereby contributing to the growth of SMEs and achieving the goals of the Kingdom's Vision 2030.
