Quote from Emmanuel Awopetu on September 4, 2021, 5:41 AM

Commerce- simply put as the buying and selling of goods and service to make a profit, is known as the bedrock for civilization, for no nation can grow no matter the desire if there is neither the availability of resource nor the need for that resource-as could serve as a source of inflow for wealth. This exchange hence creates the need for companies, for they stand as an intermediary between demand and supply. They could further be grouped into a large conglomerate and a small and medium scale enterprise (SMEs). Although, it must be duly noted that each of this group contributes to the global economy, however, the emphasis would be laid on the SMEs, as the report from World Bank indicates that 90 per cent of the global firms are operated in this form and they also account for 60 per cent of employment. 

This sector, which could easily be sidelined on the grounds of sentiments cannot be done without, as data available consistently prove that they add both psychological impacts like fostering social peace, and bring prosperity, like economic growth, and job creation to the society. And with the just recent global pandemic- Covid’19, the mobile restriction has shown how fragile globalization is, and how handicapped large industrial co-operation could be, thus initiating the engagement of SMEs, making them take an active role as bulk breakers, linking demand and supply more effectively, hence earning the noble title Essential workers. 

 All these have brought the sector again to the global spotlight, as ways on how to strengthen its operation are matters of urgent concerns, as it in turn, increasingly becomes impactful for the rise of all. 

 To strengthen her, many ways have been routed in the past, some of which have proven to be ineffective, such as government cash hand out, request for equity and so on. Many of the previous method, especially the request for equity has proven to be abortive because of the nature of the business, and issues of trust, however, one method which has shown with data to back it up to be highly effective in lifting that sector is Intellectual property right. 

Intellectual property, simply put, are the stuff inside one’s head1. These refer to trademarks, patents and copyright and its emergence has become important in this era, as the desire to exit poverty, and the race to civilization intensifies. This caused by mankind broadened imagination, deepened thought, as it seeks better means to effectively utilize the limited resource to satisfy the largely insatiable wants. Hence, Intellectual property has proven to be the next and most crucial fueling component in the driving of global commerce.  

From the origin of growth, the agrarian era were waterways were the major linkage of export for the global trading community moving to the Industrial revolutions, where railways powered by steam engine were the means of connecting demand and supply, then to this age, in which depth of knowledge dictates the global economic tune. The need to protect one’s brain work, for profitability and against misuse cannot be overemphasized as this abstract valuable asset is more prone to theft than any physical asset.  

In fear of control, or take over, even when the search for funds to grow a business is cogent, Intellectual property right, can be highly useful. Urban Molecular Research, a chemical company was able to raise capital, increase its valuation in multi-million dollars, and expand its staff base by simply patenting, and giving license on the chemical formulation for Allegra a drug of importance. This example like many other shows more effective means which could be explored by Nigeria if it still seeks to achieve its ambitious goal of being a top 20 notable economy in the global space. But to achieve this she must be aggressive on mass education.