During the University of Guyana’s hosting of a discussion on intellectual property (IP) rights yesterday, Professor Leyland Lucas of the School of Entrepreneurship Business and Innovation (SEBI) highlighted the importance of understanding and protecting intellectual property in a rapidly growing economy like Guyana.
Emphasizing the significance of intellectual property as an intangible asset, he explained that it was the result of time and mental capacity and should be valued as such. Lucas further stressed the need for exclusivity in order to benefit those who created the intellectual property and prevent its misuse or dilution.
The presentation delved into the various forms of intellectual property, such as patents, trademarks, and copyrights, and their role in giving the owners a competitive advantage. Lucas also addressed common misconceptions about intellectual property rights, particularly pertaining to economic status justifying violations.