Looking Seriously at the Economic Value of Intellectual Property in Jamaica By Lisa Rhooms: Jamaica is home to some of the world's most recognizable and valuable brands, such as Bob Marley and Usain Bolt. These brands highlight the immense potential of intellectual property (IP) in areas beyond their primary fields. This article, written by Lisa Rhooms, Managing Partner at Grant Henry & Rhooms, explores how emerging talents can extract value from their IP and how financial institutions and Jamaica's IP framework can support this endeavour.
For creatives and businesses to harness the value of their works, understanding the different types of IP rights is crucial. Public education is essential to help individuals know whether their works, such as novels, songs, or logos, are protected by copyright, trademarks, or other IP rights. Proper exploitation of these rights can be extremely valuable.
Registering IP is fundamental to maximizing its value. While some rights, like copyright, attach as soon as a work is created, others, like trademarks, benefit significantly from registration. In Jamaica, registering IP with the Jamaica Intellectual Property Office (JIPO) establishes ownership and enhances the ability to exploit IP for financial gain.
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Individuals and businesses should have their IP valued and recorded as an asset. For businesses, this means including IP in financial statements. Recognizing IP as an asset is a crucial step in leveraging it for economic benefit. Lisa Rhooms
To gain value from IP, it must be actively used and exploited. This can involve everyday use of a logo or more focused activities like promoting a song or book. Licensing or assigning IP rights can increase their value and provide income. Keeping detailed records and maintaining up-to-date registrations are also essential.
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Valuing IP in Jamaica involves serious discussions, public education, and a shift in cultural norms. By recognizing, protecting, and exploiting their IP, individuals and businesses can maximize their potential. Establishing a culture where IP is seen as valuable will lead to more fruitful conversations about monetizing these assets.
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