Penang Sets The Benchmark In IP Commercialisation With A Complete And Sustainable IP Ecosystem

Penang moves up the value chain with the strengthening of IP ecosystem to attract high-quality FDI and technology transfer for inclusiveness and sustainable economic growth.

Penang Sets The Benchmark In IP Commercialisation With A Complete And Sustainable IP Ecosystem
The Online Discussion Between The Penang State Government and SAMENTA

The state of Penang is in high gear to set the benchmark in commercialising Intellectual Property (IP) in Malaysia with aim of building an advanced and sustainable IP ecosystem in the state. This initiative is championed by the International Intellectual Property Commercialization Council (IIPCC) Malaysia Chapter. IIPCC is an apolitical, non-profit, non-partisan global NGO that provides a platform for innovators, entrepreneurs and IP communities to develop their IP-Innopreneurship.

IIPCC Malaysia recently launched their inaugural IP Commercialisation Programme 2022 (MyIPComm22) during the Opening Programme of SAMENTA SME CEO Forum on 18 March 2022, officiated by Chief Minister YAB Chow Kon Yeow. MyIPComm22 is the global flagship programme of IIPCC and aims to create a future-proof IP environment in Malaysia.

YB Dato’ Haji Abdul Halim bin Haji Hussain, Chairman of the Penang State Entrepreneurial Development, Trade and Industry Committee, Dato’ Seri Wong Siew Hai, President of the Malaysia Semiconductor Industry Association (MSIA), Mr. Well Kam Lian Hooi, the National President of Small & Medium Enterprises Association (SAMENTA) Malaysia, Dr Ngoo Seong Boon, President of Penang Care Society (Pg Care) as well as Ms Patricia Chung, the President of IIPCC Malaysia were also present at the launch.


The online attendees

The purpose of this programme is to ensure a highly secured and robust IP ecosystem is in place, especially in Penang, the most industrialised state in Malaysia. “The highly industrialised Penang attracts high-quality investments across the globe. These investments will require advanced technological transfers and a secured environment remains a priority. I am delighted to see key players such as IIPCC Malaysia taking the initiative to ensure the IP ecosystem is tightly secured to boost the confidence of the investors,” says YB Dato’ Haji Abdul Halim.

“Penang in its advanced state is particularly vulnerable to IP threats in the form of IP infringements and trade secret leakages in the highly digitalised post-covid economic rebuilding,” shares Patricia Chung, the President of IIPCC Malaysia Berhad. “Hence, MyIPComm22 is launched to create awareness and educate industry stakeholders on IP, so that we can create a highly secured environment for scenarios such as these.”

"MyIPComm22 also plays a crucial role in trade development, FDI, exports, industrialisation and digitalisation across all sectors. The potential of IP commercialisation is vast and there are still many untapped resources that companies from various industries can leverage to expand and propel their businesses to greater heights," adds Chung.

Michael Lin, Board Member of the International Intellectual Property Commercialization Council (IIPCC) explains, "There is a direct correlation between recognising IP, technology transfer and increasing FDI as it all leads to a virtuous cycle.

"Nurturing the IP ecosystem leads to companies that are more profitable who can then hire more people and pay higher wages. This leads to increased taxes and funds available to local governments to provide additional services." Says Lin.

"IP rights protection is one of the important determinants of R&D investments for multinational corporations (MNCs). With a stronger IP ecosystem, we can develop new energy, new tactics, and new strategies for the diffusion of ideas and progress, for Penang to truly become a creative, innovative and transformed state." Says Dato' Seri Wong Siew Hai, President of Malaysia Semiconductor Industry Association.

"Nurturing the IP ecosystem leads to companies that are more profitable who can then hire more people and pay higher wages. This leads to increased taxes and funds available to local governments to provide additional services." Says Lin.

"IP rights protection is one of the important determinants of R&D investments for multinational corporations (MNCs). With a stronger IP ecosystem, we can develop new energy, new tactics, and new strategies for the diffusion of ideas and progress, for Penang to truly become a creative, innovative and transformed state." Says Dato' Seri Wong Siew Hai, President of Malaysia Semiconductor Industry Association.

Kam Lian Hooi, the National President of Small & Medium Enterprises Association (SAMENTA) Malaysia, offers another perspective. "SMEs are often the driving force behind such human innovation and creativity, and intellectual property IP should be a key consideration in our day-to-day business decisions."

“NFT trend is a good example where IP can play an important role within in developing the art and entertainment scene, creating a new space for artists to sell their masterpieces through the digital space,” adds Kam.

According to investopedia.com, non-fungible tokens (NFTs) are “cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.” NFTs are generally used to represent assets like real estate or art pieces, and with their unique identification, reduce the possibility of fraud.

With a complete IP ecosystem, Penang is also able to open doors for new industries to thrive such as the emergence of non-fungible tokens (NFT) which recently claimed significance within the art and entertainment scene.

“Such leverage will significantly impact the welfare of the state and its people,” says Chung. “Synergising NFT filing with the International Knowledge Registry, a patented technology by IIPCC is one of the practical ways as protection tapping into IP commercialisation to benefit industries and the players within,” she adds.

This is demonstrated when IIPCC Malaysia had earlier presented Dato' Haji Abdul Halim with physical paintings sponsored by the artist Mr Vanness Chan Tat Wai through the Island Gallery founded by Madam Cheong Mei Foong of the Penang Artist Association. The gift of the paintings also includes the tokenised digital paintings respectively, via a recognised non-fungible token (NFT) platform which has been IKRed within the creative industry in Malaysia. The proceeds of sales from the NFTs will be donated to the Penang Care Society (PgCare) to ensure the health and safety of the people of Penang.

“This is the commitment IIPCC Malaysia makes towards the promotion of inclusiveness, balanced sustainable economic growth and improvement of the quality of life in Penang, the home state of IIPCC Malaysia,” Chung explains. Chung hopes that other states will follow suit in participating in IP commercialisation for the benefit of their own state as well as to contribute to Malaysia’s advanced development as a whole.

MyIPComm22 will be held between 26th May 2022 to 3rd June 2022 as a hybrid event anchored in Malaysia and is expected to receive participants from not less than 23 countries. For full details please visit the official website.