Intellectual property (IP) rights stimulate creativity in virtually all aspects of human behavior; they provide the platform to translate good ideas into profitable endeavors. World Intellectual Property Organization WIPO observed 26th April as World IP Day, to raise awareness of the impacts of intellectual property on our daily life. World Intellectual Property Day is a great opportunity to get people interested in issues relating to intellectual property (IP). World IP Day offers a unique opportunity to join with others around the globe to consider how intellectual property (IP) helps the global arts scene to flourish and how it enables the technological innovation that drives human progress. WIPO promotes a theme each year to celebrate the innovation and creativity of human intellect. This year do it differently and honoring the women in innovation and creativity the theme underlined by WIPO is “Reach for Gold – takes a closer look inside the world of sports”. It explores how innovation, creativity and the IP rights that encourage and protect them support the development of sport and its enjoyment around the world.
By its nature, sports involves multiple layers of economic activity. Properly framed, kicking the ball on a rural dirt field can become instead a stadium filled with tens of thousands of spectators plus millions more glued to their televisions, laptops, or smartphones. Cutting-edge sports gear, alluring sportswear designs, and the excitement surrounding competition make sports a highly enjoyable and popular activity. But each sport and the related sports industries need the protection of some form of IP rights, and an environment that enforces those rights. In an enabling environment of robust IP rights, a chain reaction occurs benefiting multiple sectors of the economy—to the tune of 1% of global GDP.