Essential Intellectual Property Safeguards For SMEs

Introduction

Globally, Small and Medium Scale Enterprises (SMEs) largely contribute to the development of host economies, particularly in developing countries like Nigeria. SMEs play significant roles in providing employment and job opportunities, and account for about 90% of businesses and more than 50% of employment globally. The outcome of a recent survey conducted by the National Bureau of Statistics (NBS) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) indicates that Micro, Small and Medium Scale Enterprises (MSMEs) contribute to nearly 50% of the country's GDP and account for over 80% of employment in the country. However, despite this enormous potential of the sector, SMEs are bedeviled by several challenges ranging from improper legal structure, access to market and legal support, funding, and commercialisation issues vis-à-vis delays in recouping their investments.