MyIPComm22 – Setting The Benchmark in Malaysia’s IP Commercialisation
The IP Industry
IP plays an important role these days as many businesses are going digital
Intellectual property is often a concept that is widely overlooked when it comes to the protection or preservation of legal and binding ideation. IP concerns span across different industries, involving different fields and functions as well as individual and organisational purposes.
In the grand scheme of things, IP matters are directly correlated to the growth of companies, the integrity of industrialisation processes, and the progression of developing economies. It’s safe to say that intellectual property is very important.
Yet as it stands, more can be done to reinforce the IP infrastructure within the context of Malaysia’s growth. Fortunately, that reinforcement has begun in the state of Penang, which has set the benchmark in commercialising intellectual property (IP) in the country.
Paving The Way For Better IP Ecosystems
“Penang in its advanced state is particularly vulnerable to IP threats in the form of IP infringements and trade secret leakages in the highly digitalised post-covid economic rebuilding,” shares Patricia Chung, the President of IIPCC Malaysia Berhad
This next step toward stronger IP ecosystems was initiated by the International Intellectual Property Commercialization Council (IIPCC) Malaysia Chapter, which primarily seeks to provide a platform for innovators, entrepreneurs and IP communities for developing IP-Innopreneurship.
In March of 2022, during the Opening Program of the SAMENTA SME CEO Forum, officiated by Chief Minister YAB Chow Kon Yeow, IIPCC Malaysia launched its inaugural IP Commercialisation Programme 2022 (MyIPComm22) which stands as the IIPCC’s global flagship programme aimed at making Malaysia a future-proof IP environment.
Implementing Safety With Innovation
“IP rights protection is one of the important determinants of R&D investments for multinational corporations (MNCs). With a stronger IP ecosystem, we can develop new energy, new tactics, and new strategies for the diffusion of ideas and progress, for Penang to truly become a creative, innovative and transformed state.” Says Dato’ Seri Wong Siew Hai, President of Malaysia Semiconductor Industry Association
The goal of the MyIPComm22 programme is to create a highly secure and strong IP ecosystem, particularly in Penang, Malaysia’s most industrialised state.
MyIPComm22 will be held between 26th May 2022 to 3rd June 2022 as a hybrid event anchored in Malaysia and is expected to receive participants from not less than 23 countries. For full details please visit the official website.
The highly industrialised Penang, according to YB Dato’ Haji Abdul Halim, attracts high-quality investments from all over the world.
These investments will necessitate advanced technical transfers, and maintaining a secure environment will be essential. It is imperative that stakeholders like IIPCC Malaysia take steps to ensure that the IP ecosystem is well-protected, boosting investor confidence.
In the highly digitalised post-covid economic rebuilding, Penang, in its advanced condition, is particularly vulnerable to IP threats in the form of IP infringements and trade secret leakages.
Essentially, MyIPComm22 was created to raise awareness and educate industry stakeholders about IP in order to build a highly secure environment for cases like this.
A Multi-faceted Solution Programme
Kam Lian Hooi, the National President of SAMENTA Malaysia, offers another perspective. “SMEs are often the driving force behind such human innovation and creativity, and intellectual property IP should be a key consideration in our day-to-day business decisions.”
Among other things, the programme is also important for trade development, FDI, exports, industrialization, and digitalization in all industries. IP commercialization has a lot of promise, and there are still a lot of untapped resources that firms from all industries may use to expand and catapult their enterprises to new heights.
Recognizing intellectual property, transferring technology, and expanding FDI are all linked in a virtuous cycle.
Companies that nurture their IP ecosystems become more profitable, allowing them to hire more people and pay greater wages. As a result, local governments will have more tax revenue and finances to provide extra services.
One of the most important determinants of multinational firms’ R&D investments is the protection of intellectual property rights (MNCs). We can build fresh energies, new methods, and new strategies for the diffusion of ideas and advancement with a stronger IP ecosystem, allowing Penang to genuinely become a creative, inventive, and transformed state.
Intellectual property IP should be a crucial consideration in our day-to-day business decisions because SMEs are often the driving force behind such human ingenuity and creativity.
Exploring Innovative New Grounds
One of the physical paintings that IIPCC presented to Dato’ Haji Abdul Halim was sponsored by the artist Ms Vanness Chan Tat Wai through the Island Gallery founded by Madam Cheong Mei Foong of the Penang Artist Association
The NFT trend is an excellent illustration of how IP may help to promote the art and entertainment scene by providing a new platform for artists to sell their works in the digital realm.
Non-fungible tokens (NFTs) are “cryptographic assets on a blockchain with unique identification codes and metadata that separate them from each other,” according to investopedia.com. NFTs are commonly used to represent assets such as real estate or artwork, and their unique identity helps to limit the risk of fraud.
Penang’s entire IP ecosystem also allows new sectors to flourish, such as the emergence of non-fungible tokens (NFT), which have lately gained traction in the art and entertainment world.
Such power will have a huge impact on the state’s and people’s well-being.
Combining NFT filing with the International Knowledge Registry, an IIPCC-patented system, is one of the realistic approaches to secure IP commercialization while benefiting industries and players.
Malaysians must embrace the concept of intellectual property (IP) in order to promote inclusiveness and balanced sustainable economic growth, safeguard the environment, directly create quality jobs for all socioeconomic strata, and improve the overall quality of life. This is what IP value creation should be like, and what the IIPCC eventually aims for.
The NGO provides a secure global social network that uses IP to connect the worlds of creativity and business. It allows the circulation of ideas and their intellectual property (IP) in an entrepreneurial ecosystem in order to commercialise IP for the benefit of one’s community and communities all over the world.
Moving forward, this newly minted programme hopefully helps to secure even more ground for Malaysia as the prevalence of intellectual property power becomes clearer and the future of economies begin to leverage this holistic concept of IP for the better.
About The International Intellectual Property Commercialization Council (IIPCC)
IIPCC is an apolitical, non-profit, non-partisan global NGO that provides a platform for innovators, entrepreneurs and IP communities to develop their IP-Innopreneurship
The International Intellectual Property Commercialization Council (IIPCC) is a global, apolitical, non-partisan, non-profit, non-government organisation (NGO) providing a platform for the innovator, entrepreneur/enterprise and intellectual property (IP) communities to increase their understanding of IP; and to gather resources for unleashing the value and realising the commercialisation potentials of their creative and innovative IP into products, services, and or processes to benefit societies worldwide. We call this “IP- Innopreneurship”™.
We embrace innovation and its IP that promote inclusiveness and balanced sustainable economic growth, protect the environment, directly create quality jobs for all social strata, and improve quality of life. This is what value creation of IP should be and what we strive to achieve.
At IIPCC, we offer a trusted global social network that brings innovation and the business world together through IP. It facilitates the circulation of innovations and their IP in an entrepreneurial ecosystem for IP commercialisation to benefit one’s community and communities around the world.
IIPCC’s mission is to provide a balanced offering of services and activities that promote: IP education for innovators, entrepreneurs, investors, policymakers and professionals
Good IP practices and standards toward certification for effective commercialization in the regional and global markets
Innovation, entrepreneurship, networking and collaboration for shared interests in IP commercialization opportunities
IIPCC comprises a highly structured network that enables interaction and encourages innovation and commercialization at all levels: local, regional, and international. IIPCC is the first global IP commercialisation “think tank”.
Please refer to IIPCC official website for full details: https://www.iipcc.org/malaysia
