IMPACT OF INTELLECTUAL PROPERTY LAW ON THE GROWTH OF SMALL AND MEDIUM-SIZED ENTERPRISES

Small and medium sized enterprises (SMEs) are believed to be the catalyst for economic development and national growth in both large countries and underdeveloped countries. SMEs can effectively achieve its developmental goals with the help of intellectual property (IP). This research explores how the effective use of IP rights can facilitate business and economic growth, innovation and competitiveness. The aim is to assess the extent to which SMEs understand, utilise, and benefit from IP protection, and to identify the posing challenges and threats they face in leveraging said rights. This study employs a qualitative research methodology, combining doctrinal study of relevant IP legislation and policy with empirical evidence from semi-structured interviews and survey questionnaires from business owners of SMEs, and regulatory agencies. Although IP is a wonderful asset for SMEs, few Nigerians have little knowledge and awareness of IP rights, hence the underutilization and vulnerability to infringement. The cost, and cumbersome nature in registration processes, as well as the weak enforcement mechanisms, are other limitations to effective use of IP protection. However, those firms that actively manage their IP portfolios enjoy increased brand recognition, investors’ attention, and competitiveness. This research recommends increased government support in the form of awareness generation, simplification of IP procedures for SMEs and recommends stronger enforcement procedures. In general, the research reiterates that IP, if well understood and harnessed, can transform SMEs, but there is a necessity to fill current structural and educational gaps to enable the fullest exploitation of its potential. Filling these loopholes will enable SMEs not only to protect their creativity, but also drive economic growth and technological advancement in Nigeria.