World IP Day 2022: IP and Youth for Better Future

World Intellectual Property (IP) Day is an annual event celebrated on April 26 to increase awareness about IP rights and how they have developed worldwide. This event was established by the World Intellectual Property Organization (WIPO) – a United Nations specialised agency and global forum for intellectual property, intellectual property policies, and information.

Since 2000, WIPO has marked this annual event, which has been running for twenty-two years.

The Theme – IP and Youth: Innovating for a Better Future

Across the globe, the youth movement has emerged as a force in many industries through innovation and technology. With their vibrancy and exuberance, they have taken the technology and IP world by storm by providing solutions to generational challenges that have plagued the world. In so doing, they have earned their place and have gained WIPO’s recognition, making it fitting to make the theme about the youth.

This year’s theme adequately captures the impact young people all over the world have had on businesses across all the continents. This is because virtually all business spheres have been impacted by the innovation of young people who are now creating the future of industries and how they operate.

What to expect this year?

This year promises to be different from the previous year, which focused on SMEs. In this year’s celebration, young people will gain a much better insight into the critical components of IP functions such as design rights, patents, plant variety rights, trademarks, trade secrets, copyright, geographical indications, etc., and build a better future.

"This event aims to "raise awareness of how patents, copyright, trademarks, and designs impact daily life" and "celebrate creativity, and the contribution made by creators and innovators to the development of societies across the globe"."

Millennials and Gen Z: The Innovators of Tomorrow

According to the United Nations, as of 2019, there were about 1.2 billion young people in the world between the ages of 15 to 24; this figure accounts for almost a quarter of the global population, and Millennials and Gen Z are often regarded as the innovators of tomorrow.

Today, young people have an immense role to play in how policies are shaped across the globe. Unfortunately, these young talented people are a largely untapped resource of creativity and inventiveness. With 90 percent of the world’s young population living in developing countries, the number is set to grow in the coming years.

Despite being an untapped resource, Millennials and Gen Z are making a significant impact through innovation and creativity. Youngsters frequently have a new and novel perspective on the world and the creative mind and impetus to make changes. This impetus gives Millennials and Gen Z the courage to speak up and challenge the status quo. As digital natives, they are arguably the most creative, innovative, and entrepreneurial generation, with a never say die attitude and see possibilities amid daunting challenges. These young groups have also grown up at a time that coincided with the emergence of several tech giants like TikTok, Facebook, Twitter, Instagram, etc. In this tech boom, Millennials and Gen Z have seen opportunities in this space that the older generation has failed to see in art, science, and technology and have come up with innovative ideas just with their computers and smartphones.

Call to Action for Policymakers

For policymakers everywhere, it is essential to recognise the impact IP rights have on the economy. Intellectual Property is a crucial catalyst for economic growth because it helps companies and individuals ‘‘valorise their intangible assets.’’ These intangible assets, such as designs, brands, and most importantly, data, have become increasingly important in today’s economy.

Therefore, policymakers should pay attention to the younger generation of inventors, creatives, tech-preneurs and entrepreneurs and do everything to shape policies and programs that help nurture their ideas so they can innovate and help shape a better future

This is because innovation plays an essential role in addressing the challenges that plague society and several sectors, such as health care and pharmaceuticals, particularly during the Covid-19 pandemic. With young innovators changing the landscape with their ideas, they have demonstrated the power of innovation and their zeal to create a better future. Therefore, it is crucial to devise policies to protect these young innovators and their IP rights as they help advance the fields of education, sports, healthcare, and fintech, which have a direct impact on our collective livelihood.

To Conclude: Let us protect our young innovators

To some, intellectual property rights are intangible assets – agreed. However, the impact of the ideas of the bright and innovative minds of young people across the world should not only be celebrated but also protected.

World IP Day is the only day in the year set aside to discuss IP Rights. Celebrating the impact of young people this year only cements the growing importance of young people and their enormous role in the innovations the world currently enjoys.

Therefore, let us raise our glasses to the young generation for the positive impact they have made through their innovative ideas and do everything to ensure that their IP rights are protected as they continue innovating for a better future.

This is an appeal to all ambitious and young people in arts, science, and technology – a creative mind and innovative mindset will help make a difference once your IP rights are protected. Please, join the campaign and lend your voices at this year’s World IP Day as we celebrate and inform you about what IP can offer you.