Speakers at a public lecture to mark the 2019 World Intellectual Property Day on Friday advocated for harnessing intellectual property opportunities to boost income in sports business.
According to them, this is the future of sports.
The speakers spoke at the Sports Writers Association of Nigeria (SWAN) Secretariat, National Stadium, Surulere, venue of the lecture and awards.
The News Agency of Nigeria (NAN) reports that the World Intellectual Property Day holds yearly on April 26, and was established by the World Intellectual Property Organisation (WIPO).
The intellectual property day is to raise awareness on patents, copyright, trademarks and designs impacts on daily life and to celebrate creativity and the contributions made by creators and innovators to the development of societies.
The 2019 World Intellectual Property Day campaign had its theme as: “Reach for Gold: IP and Sports.’’
It seeks to take an inside look on the world of sports to explore how innovations creativity and intellectual property rights encourage, protect and support the development of sports around the world.
In his address of welcome, the Chairman, Organising Committee of the World Intellectual Property, Dr Ogaga Ifowodo, said that intellectual property in sports though often overlooked was a billion dollar business.
“We tend to overlook the innovations in sports and the intellectual property inherent in it but it is billion dollars worth of investment which some personalities have been enjoying.
“Intellectual property rights can act as a catalyst for the growth and development of sports because sports have the power to unite everybody.
“The economic potential of sports cannot be overlooked now because it is now a serious business which Nigeria is still lagging behind to tap in.
“Intellectual Property (IP) rights is a way to protect designs which the initiator have the right to enjoy, but in Nigeria we have yet to scratch the surface,’’ he said.
Ifowodo said some world-class sportsmen were already reaping the rewards of their brand, adding that income generated through IP was huge revenue.
“Some of the world super stars are already enjoying their IP rights which are imprinted in their various brands which are products designs raging from towels, boots, T shirts and others.
“Also, stadiums are now branded for commercial purposes, while some players have customised their names in a particular manner that they are the only ones with the right to the name.
“In homes, stadia, arena, sports bars and even on mobile devices, millions of people across the globe watch one sporting event or another and root for their team and favourite heroes.
“For some, identification with team or player is total and ownership of their branded products extend to every imaginable things, mugs, lapel, scarves and tie pins among others,’’ he said.
Also, the guest speaker at the event, Beverly Agbakoba-Onyejina, a sport and entertainment lawyer and the Head, Sports Entertainment and Technology Practice, said that sports could generate huge return on investment if properly guarded through IP.
“IP can drive creativity, innovations and advances in communications.
“Nigeria is ranked 42 in the world among those who have not protected the property rights; this accounts for the Nairobi Treaty on the protection of the Olympic symbol of the five interlinked rings.
“The treaty obliges member states to refuse or to invalidate the registration as a mark and to prohibit except with the authorisation of the international Olympic Committee.
“We need to look into these rights under the IP which are Copyrights, Trademarks and image rights,’’ she said.
NAN reports that awards were given to some individuals who have contributed to sports developments.
The recipients include the 1st Vice-President, Nigeria Olympic Committee, Solomon Ogba, Segun Odegbami, Enefiok Udo-Obong and Abdulhakeem Mustapha. (NAN)
