What does “Innovating for a Better Future” mean?

May 5, 2022

The ASEAN IP Association organized a fascinating webinar that followed the theme of World IP Day – “IP and Youth: Innovating for a Better Future” but delved into the topic by posing the question, “What does “Innovating for a Better Future” mean for inventors, brand owners, and IP practitioners?”

The Officer-in-charge of the WIPO Singapore Office, Mr. Peter Willimott, contributed a range of points in relation to the question during the discussion. He also provided the opening remarks to the event, explaining the important role IP will play for all future inventors and brand owners. In particular, he emphasized that with the prevalence of online market places, global markets become more accessible, as a result the protection of IP assets overseas will become more and more important. Therefore young inventors and entrepreneurs can get ahead by understanding how WIPO’s global IP services work and utilizing the vast array of tools and resources WIPO has created to help young (and old) innovators and entrepreneurs.

Mr. Willimott also put forward the point that a better future is very much dependent on innovation. Issues such as the climate emergency, public health, and food and water security in all parts of the world need innovative solutions. IP, as a driver of innovation, is a key ingredient in the way humanity responds to these challenges.

He encouraged the audience of ASEAN IP professionals and young innovators and entrepreneurs, to be the agents of change – to help lead and influence society’s thinking so that IP shifts from being considered as a legalistic concept that represents cost to businesses, to something that is accessible to everyone and is viewed as an investment in the business. After all, unlike tangible assets that depreciate over time, IP has the potential to appreciate and eventually become the most valuable asset of a business.

The WIPO Singapore Office sincerely thanks the ASEAN IP Association President, Ms Darani Vachanavuttivong for the kind invitation to speak at the association’s World IP Day event.