Developing countries are said to be losing large sums of potential revenue due to failure to register their creations with the intellectual property organisations.
Intellectual property rights are rights given to people’s creations of their mind.
They safeguard these creations against piracy and prevent the sale of counterfeit goods which in the end deprives the original owners of the ideas potential revenue.
African Capacity Building Foundation (ACBF) Director for Knowledge and Learning, Dr Thomas Munthali said the concept of intellectual property is one that innovators must seriously consider.
Africa is accused of being a dumping ground of counterfeit goods due to lack of legislation that protects intellectual property.
The use of counterfeit software, pirated music are examples giving testimony that patent rights are important in the development of any industry.