Experts task government on intellectual property regulation

Experts have urged the government to create legal framework protecting intellectual property (IP) as well as policies that would be controlled by owners of industries.

In a business conference organised by Duale Ovia & Alex-Adedipe law firm themed; Investment in Nigeria’s Telecommunication Media and Technology Market”, General Manager, MTN Mobile Financial Services, Usoro Usoro said regulators make policies based on self interest rather than that of the players and nation as a whole.

Usoro said regulators need to be educated on a regular bases as they lack understanding of the business due to rapid growth in technology thus unable to make favourable policies.He said: “They need to be educated because they can’t perform in areas they are ignorant.”

I think a structured framework should be created were owners of industries control it and not investors, legislators or regulators.”

“Players need to interact with regulators at regular intervals and in a less formal way in other to gain their trust,” he added.

CEO, Alpha African Advisory, Mrs. Sanyade Okoli said one major problem affecting the sector is re-invention stating that industries and businesses do not take time to constantly improve in their dealings and services as well use of technology.

Sanyade called on industries and businesses to take advantage of the Internet and social networks as large numbers of customers are found there.She hailed the Central Bank of Nigeria for its efforts in policy making and regulations, encouraging it to increase its performance capacity and upgrade its technology for better efficiency.

Partner, KTA Advocates, Uganda, Keneth Muhangi said IP could bring lots of money if the company has great ideas as well as investors.Speaking on brand protection as well as copyrights, Muhangi said IP protects the expression of the idea but not the idea stating that infringement occurs when a product works exactly like another brand with no distinguishing properties.

He therefore advised companies to make their products unique and consumer’s favourite.Founder, Synergy Capital Managers, Akintoye Akindele advised those at the verge of starting a business to check how saturated the market is because it would determine the growth and survival of the business as well as profits made.

Akindele said possible growth had to be estimated because in the process of growth, lots of money can be lost which may affect the business.“Inability to lead a good team can cause the failure of a company as well as a leader who doesn’t listen to his team,” he said.

Founder, Ingressive Capital, Maya Horgan Famodu said investors are looking for a big and profitable market as well as companies with high-level patronage from consumers therefore companies seeking sponsorship need to up their games. Famodu: said “Level of experience, previous achievements, the team and founders, are also part of the things we investors check.

“When making a business plan, entrepreneurs need to come up with strategies to make profit in a short run, as long-term plans are not favourable in Nigeria,