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BACKGROUND
OF THE STUDY
The world over,
entrepreneurship and small and medium enterprises (SMEs) have provided
effective means of greater employment and improving the standard of living for
people. SMEs are regarded as the engine of economic growth and development in
most developing countries. The contributions of the SMEs in industrial sector
to the Nigeria’s Gross Domestic Product (GDP) are valued at about 46% thereby
making it the second largest contributor to the nations GDP after the oil
sector.1 SMEs are also perceived as the key to Nigeria’s economic growth,
poverty alleviation and employment generation but their unimpressive
performance in employment generation in recent year has generated a lot of
research interests on their challenges and prospects.2 It is in recognition of
the immense contribution of the SMEs to national development that Intellectual
Property (IP) has stepped up to provide for protection, promotion and support
for the SMEs.
IP is the product of one’s
intellectual activity and consist of different areas of creativity. These areas
include industrial property and copyright and related rights. Intellectual
Property Rights (IPRs) on the other hand are those rights derived from intangible
property that protect innovation and reward innovative activity.3
IP is unique, as it is the
fruit of personal creation and inventiveness. In virtually every instance, it
stimulates progress, growth and transformation. Hence, society provides legal
rights over IP to encourage the production of inventions and creative works
that benefit society and so help innovators and creator make a living from
their work.4 The system is designed to benefit society as a whole by striking a
balance between the creator and user i.e. ensuring that their needs are
satisfied. Daily, new products appear in the market and this is as a result of
continuous human activity. The innovative and creative capacity, however, is
not always fully exploited as many SMEs are not aware of the IP system or the
protection it can provide for their inventions, brand and designs. The result
is, a good invention or creativity is lost to larger competitions that are in
better position to commercialize the product or service at more affordable
price, leaving the true inventor without any financial benefit or reward. IPRs
enable people to benefit from their innovations, creative work and prevent
others from copying or unfairly gaining from the inventor’s creativity and
investment. With IP protection, it deters potential infringement and turns
ideas into business assets with real market value. IP is an increasingly
important asset that must be continually nurtured, protected and stimulated to
grow.
TOPIC: THE ROLE OF INTELLECTUAL PROPERTY (IP) LAW IN THE GROWTH OF SMALL AND MEDIUM ENTERPRISES (SMES) IN NIGERIA
Chapters: 1 - 5
Delivery: Email
Delivery: Email
Number of Pages: 65
Price: 3000 NGN
In Stock
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