Prof Chung (seat third from left) with panellists and participants of the panel discussion. — Courtesy photo
INTELLECTUAL property- backed financing has become a critical tool, with global IP licensing revenues estimated at US$180bil (RM792bil) annually, according to the International Intellectual Property Commercialisation Council (IIPC).
Its Malaysia Chapter president Prof Patricia Chung said, “In an era where innovation is the cornerstone of economic growth, effectively leveraging intellectual property through technology licensing is crucial for transforming ideas into valuable assets and driving sustainable revenue streams.
“The global patent applications reached 3.3 million in 2021, underscoring the importance of IP and innovation,” Prof Chung said in her welcoming speech at a panel discussion, ‘Driving Revenue: Technology Licensing as a Path to IP Commercialisation,’ held at Amari SPICE, Penang.
“As we stand on the brink of a new era driven by digital transformation, understanding the nuances of trade secret protection is more pertinent than ever.”
She said The International Chamber of Commerce estimated that trade secrets accounted for 80% of the value of companies’ IP portfolios.
Chung added that McKinsey estimated that AI could contribute up to US$13 trillion (RM57.2 trillion) to the global economy by 2030, making it imperative to address these challenges.
Malaysia Semiconductor Industry Association (MSIA) president Datuk Seri Wong Siew Hai said the panel discussion also focused on critical areas such as IP Finance, the challenges posed by AI to IP, strategic approaches for sustainable IP and aligning IP strategy with environmental, social and governance (ESG) goals.
“These topics are relevant and essential for future-proofing our industries.
“Effective IP finance strategies are crucial for transforming intangible assets into tangible financial returns.
“Understanding and navigating the financial aspects of IP will empower businesses to maximise the value derived from their innovations,” he said.
Wong added that the rapid advancement of AI presented unique challenges to the traditional IP framework.
“Addressing these challenges requires a collaborative effort to adapt our IP policies and practices, ensuring they remain robust and relevant in the face of technological disruption,” he said.
The IIPCC Malaysia and Singapore Chapters, Franchising & Licensing Association (FLA) Singapore and Singapore Digital Chambers of Commerce (SDCC) co-organised the event.
It was sponsored by Chung Chambers and VA Partners Group.
