The companies today are creating value by shifting from a commodities economy to a knowledge-based sector that focuses on intangible assets and output in business in addition to embracing intellectual property (IP), said an expert.

The approach helps protect businesses of all sizes, in addition to monitoring and auditing events that impact the organisation, according to Anwar Imam, technology and media consultant, as well as former lawyer specialising in intellectual property.

"Migration to a knowledge-based operation is more relevant for SMEs, which need to protect their brand, increase awareness on contractual rights, and identify ways to monitor business processes," he remarked.

"Interestingly, intellectual property is also viewed differently with the emergence of the internet. Policymakers, legislators, rights holders, content creators, businesses, and users are aware of the scenario and taking concrete steps on this front. Speed of innovation is another facet that raises a number of issues related to trademarks, copyrights, trade secrets and patents," he added.

Imam’s comments came at the Dubai Internet City Excellence Series on ‘Intellectual Property - The currency of creativity and innovation’.

Imam is a technology and media consultant, music producer, founder of local start-up Viral Media Technology Consulting and a former lawyer with specialised interest in intellectual property matters.

The session hosted business partners of Tecom Investments’ entities and featured industry experts to offer insights on IP, its value to business, and practical concepts/tips for local start-ups, media and technology companies.

Majed Al Suwaidi, the director at Dubai Internet City and Dubai Outsource Zone, said: “Intellectual property rights gain relevance throughout the region as awareness increases across sectors. The case for IP will also escalate as the IP produced in the region rises."

"The UAE will definitely take a lead as one of the major technology centres in the region. Inclination towards entrepreneurship and technology development will support IP growth in the country," he added.

The Excellence Series hosts monthly sessions that feature distinguished speakers and tackle key topics relating to business, best practices, case studies, personal growth and more.-TradeArabia News Service