Intellectual property rights are some of the most important intangible assets possessed by business owners in Malaysia. It comprises patents, trademarks, industrial designs, copyright, geographical indications and layout designs of integrated circuits. These rights prevent the unauthorised duplication or use of any item or work to which the business owner is to have full rights.
Recent statistics reveal a glaring ownership disparity that demands immediate attention. In 2022, only 956 granted patent and utility innovations belonged to Malaysians, while a staggering 5,249 were owned by foreign applicants.
In relation, recent World Bank findings highlighted by Malaysia’s Economy Minister Rafizi Ramli shows that only 10.5% of Malaysian firms engage in research and development (R&D), with just 3.5% introducing new products in the past three years.
With that in mind, we speak to Safuan Zari, Chief Ecosystem Development Officer of the Malaysian Research Accelerator for Technology & Innovation (MRANTI) to help us digest how Intellectual Property could be a growth driver for entrepreneurs and enterprises, as well as MRANTI's role in bridging the intellectual property knowledge gap in the country.
