Jamaican people are very creative, and it never ceases to amaze me how we can effortlessly invent catchy phrases and popular dances in an instant. As the saying goes, ‘There’s a new idea born every minute’, and in this country we are constantly coming up with new trends that excite our imagination for a time.

It’s fascinating to see the tremendous interest that persons from other nations have in our little island. There are many anecdotes about Jamaicans travelling overseas who are almost mobbed by strangers wanting to learn more about our culture and famous personalities. In their minds, every Jamaican must have the inside scoop on icons such as Bob Marley or Usain Bolt.

Despite our citizens’ talents, flair and international presence, however, we seem unable to truly, capitalise on the popularity of ‘Brand Jamaica’. Unfortunately, persons from other countries will come here and quickly take advantage of the profit potential of our culture; yet barring a few notable exceptions, most Jamaicans are not aware of their true value.

Products created by the mind

One of the reasons that Jamaica has not sufficiently benefited from our people’s uniqueness is many of us don’t understand that the ideas we conceive can be harnessed and packaged into marketable products. The term ‘intellectual property’ refers to anything that is created with the mind, and includes items such as articles, songs, inventions, images and other creative efforts.

These innovations that originate in people’s minds are actually assets. An asset is anything that has a financial value, and has the ability to generate income for its owner. Unlike physical assets such as real estate, stocks or machinery, creative works are called intangible assets because in some cases you cannot touch them, and their value is more than what can be seen with the eyes.

The good news is that there is an increasing awareness of the potential of the creative industry to act as an engine of growth for Jamaica. Recently, the investment firm Stocks and Securities Limited hosted a seminar, entitled ‘Understanding Intellectual Property’, which examined the role that this sector could play in the economic development of the country.

Unlimited earning potential

Speaking at the forum, Ivan Berry of C2W Music Limited declared that our intellectual property is the only exportable commodity left in the Caribbean that has a competitive advantage. Unlike traditional export crops such as bananas or sugar cane, which have steadily been losing market share, the demand for our artistic genius continues to grow.

When a business owner closes a store at the end of the day, Berry explained, the money stops coming in. However, an income source that is derived from products created by the mind has almost infinite potential to earn. “The creative industry is where it’s at,” he affirmed, “as with intellectual property you can be earning 24 hours a day, seven days a week.”

While this sector has the possibility of delivering tremendous wealth to our country and our people, there is an inherent challenge that puts it at risk. Whereas tangible possessions can be rigorously monitored and controlled, intellectual property assets are more easily misappropriated if they are not properly protected.

Protecting creative works

In her address at the seminar, Carol Simpson, Executive Director of the Jamaica Intellectual Property Office (JIPO), noted that creators of original works also have economic rights that are similar to the entitlements provided to owners of tangible assets. She confirmed that countries around the world have implemented laws to protect the owners of intellectual property.

Simpson pointed out that under intellectual property laws, creators are granted exclusive rights for a specific time to determine how their works should be managed and exploited. She outlined some areas of protection that are applicable to different types of creative works:

Patent

A patent is a set of exclusive rights granted to an inventor for an invention which must be new and useful or industrially applicable. In Jamaica, a patent is provided for an initial period of up to 20 years, and it gives the owner the right to “prevent others from making, using, selling, or distributing the patented invention without permission.”

Trademark

A trademark is a distinctive sign that is used to distinguish one product or service from another. It can be a “name, word, phrase, logo, symbol, design, image, or a combination of these elements”. Unlike a patent, a trademark is initially protected for 10 years and can be renewed for subsequent 10-year periods as long as it is still being used by the owner.

Copyright

A copyright protects works of authorship that are expressed in a tangible form such as writing, music, art, and computer programmes. There is no formal system of copyright registration; once a work is completed, the author immediately owns the right to authorise its use. In Jamaica, a copyright owner enjoys this exclusive right for life plus 50 years after death.

Other forms of creative works that can be defended under law include designs, geographical indications, and traditional knowledge. JIPO’s website www.jipo.gov.jm has more details on how you can protect your right to earn from your intellectual property.

Cherryl is a financial consultant, money coach and founder of Financially S.M.A.R.T. Services. Her upcoming book, “The 3 Ms of Money” will reveal all the secrets she learned about financial success. Get financial and business advice at https://www.financiallysmartadvice.com and www.entrepreneursinjamaica.com. Please e-mail cherryl@financiallysmartonline.com to leave a comment.