The 17^th edition of the Innovation Index was published by WIPO in 2024. Trinidad and Tobago was ranked 108/133 for innovation and moreover, underperformed in terms of its expected rate of innovation performance given its level of development.

There is a direct link between intellectual property and innovation, with intellectual property rights providing the incentive to invest in research and development. Consequently, the fruits of research and development activities often give rise to patents copyright works, trade secrets and other forms of intellectual property rights. Given that Trinidad and Tobago already has a robust intellectual property law framework, it is necessary that additional resources be committed towards innovative activities to boost the output and performance of the economy. It should be noted that innovative activities are not limited to inventing new products or processes but also includes cultural creations and more efficient ways of doing or producing existing products or services. Furthermore, innovation is not limited to large enterprises. Any person can be innovative with the right idea and resources.

Any discussion about innovation must necessarily include in depth discussion about intellectual property rights and management. Whether you are a sole trader or a large corporation, you will have intellectual property rights. Contact Clover® today to maximise the commercial potential of your next business idea.

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