Introduction
The success of SME development depends on various external factors (namely, policy and regulatory environment, infrastructure, corruption, access to finance, governance, bureaucratic hurdles, business development services, among others) and internal factors (namely, experience, capacity, organizational culture, technology, among others). From another point of view, the success of SMEs can be influenced by the following factors: political, economic, social and technological. However, in
Trademark Protection
Trademarks are signs used to distinguish in the marketplace the goods or services of one enterprise from those of other enterprises. They allow the customers to identify a business as the source or point of origin of a product or service. Trademarks are the basis to create a company's brand and reputation. It helps in creating a relationship of trust with customers which helps in enabling the business to establish the loyal clientele and further, embrace the brand's goodwill. The exclusive rights granted by the trademark protection can benefit the SMEs in different ways. The registration provides exclusive rights to the registered owner to prevent third parties from marketing identical or similar products or services under a confusingly similar trademark. Further, it provides a long-term protection for the owners, subject to renewal. The proprietors of SMEs in the country can have a potential source of income by selling, assigning or licensing the associated rights with the trademarks. The funding institutions shall also easily facilitate the process for SMEs based on their established reputation and brand.
The country implemented a new trademarks law recently. Previously, the penal code defined a trademark as a "mark used for denoting that goods are the manufactured merchandise of a particular person". The scope was narrow because the definition did not include the marks used for services. There was no trademark legislation in
Patent Protection
It is expensive to innovate. Further, it involves efforts and manpower to enable any proprietor to innovate and invent. Even after a strong legislation to protect the patents established in the territory, it becomes hard for the
Conclusion
The significance of global integration for SME development has been well recognized. With regard to this aspect, policymakers can serve as communicators and educators, as SMEs are often unaware of the latest developments in the global markets such as market demands, trade procedures, product/service standards and certifications and requirements for their participation in regional and global value chains. Public financial support may also be required to develop quality products and services to compete in the global markets. The Government of
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