Let’s say you invented the cure to COVID-19. Not only would you receive P50 million from President Rodrigo Duterte, you would be saving the lives of millions of people worldwide stricken with the novel coronavirus.
Your cure to COVID-19 would also be considered as your intellectual property (IP), defined by the World Intellectual Property Organization (WIPO) as “creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.”
IP, adds the WIPO website, “is protected in law by patents, copyright, and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.”
But IP isn’t just beneficial to innovators. According to the Global Innovation Policy Center website, “consumers use IP to ensure they are purchasing safe, guaranteed products.”
Since April 26, 2000, World Intellectual Property Day has been observed annually by the WIPO “to raise awareness of how patents, copyright, trademarks and designs impact one daily life and to celebrate creativity, and the contribution made by creators and innovators to the development of societies across the globe.”
This April 26, 2020, World Intellectual Property Day marks its milestone 20th year with a timely theme: Innovate for a Green Future. Indeed, who wouldn’t want to be behind such groundbreaking inventions and designs that address climate change, save water, harness natural wind and sunlight for energy, or find the eco-friendly alternative to fuel?
For inspiration, check out WIPO Green, a database of green technology innovations. Who knows? The next exciting intellectual property could be yours!