MSMEs URGED TO INNOVATE IN THE DIGITAL ECONOMY

Government officials at the recent Intellectual Property (IP) Grand Forum called on MSMEs to raise their innovative capabilities and protect all IP-able assets in the process, especially as they expand to e-commerce and into its global competitive environment for recovery.

Industry Development and Trade Policy Group Assistant Secretary Allan B. Gepty said that as more are on-boarding e-commerce to adapt and survive, the competition for MSMEs has been pushed to the global stage. And with big competitors online, MSMEs have "to compete smarter and in a different manner."

"In this context, innovation is key. And when you talk about innovation, you cannot afford not to talk about IP," Gepty said.

IP, Gepty added, is “a great equalizer” that allows fair competition for small businesses.

“The rules are uniform whether you are big or small," he said, explaining how IP as an asset has value that is translatable to its equity or market value, making them sellable, licensable for added revenue, and used as loan collateral or capital generation.

For Competitiveness and Innovation Group Assistant Secretary Napoleon K. Juanillo Jr., the government must be more aggressive in compelling MSMEs to strategize with their IPs, given how this aspect has been largely overlooked by micro-businesses.

"The knowledge-based society is where we are now, it's a world of intangible assets and brains. The real empires now are the empires of the minds," Juanillo said.

"Talking to MSMEs, giving them this particular mindset and value orientation that their brand is an asset and should be protected all the time given this particular ecosystem, I think would just make for a more vibrant and tactical and strategic core for MSMEs," he added.

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