Ambassador Matthew Wilson of Barbados moderated a session focused on empowering women entrepreneurs, particularly in micro, small, and medium-sized enterprises (MSMEs), to utilize intellectual property (IP) as a business tool. The discussion aimed at exploring strategies for equipping women with the necessary knowledge and skills to manage their businesses effectively.
WTO Deputy Director-General Xiangchen Zhang emphasized that WTO rules are crucial for creating an ecosystem where female entrepreneurs can thrive. He noted that IP is embedded in everyday goods and services, highlighting its importance. "For many small businesses, knowledge is their main asset," he said. Zhang pointed out that leveraging international trade could significantly benefit these businesses.
Despite this potential, Zhang acknowledged challenges faced by MSMEs in protecting IP due to cost and complexity. Addressing these issues could open new opportunities for women entrepreneurs and foster inclusive economic growth.
WIPO Assistant Director General Marco Alemán shared statistics showing progress yet highlighting ongoing gender disparities in patent applications. Women account for only 17.7% of patent applications filed through WIPO's Patent Cooperation Treaty (PCT). At current rates, gender parity among PCT-listed inventors may not be achieved until 2077.
Alemán stressed the financial benefits of IP for women inventors and entrepreneurs. He stated that women's active participation could drive growth and improve corporate performance. "Women entrepreneurs face a $1.7 trillion finance gap," he said, adding that IP can help bridge this gap by enabling protection and leverage of innovations.
Rebecca Osewa from the United Kingdom participated as a panellist, sharing insights from her non-profit Yield Initiatives aimed at impacting Nigeria's cotton sector positively. She highlighted various intellectual property rights beneficial to her work.
The event concluded with Ambassador Simon Manley underscoring the importance of multidisciplinary conversations in Joint Solutions Labs and including business voices.