World's first IP market mulled

Deputy Commerce Minister Alongkorn Ponlaboot yesterday said his ministry, the Finance Ministry and the Stock Exchange of Thailand were studying the possibility of setting up a stock exchange for IP products, so that such goods could be commercialised as well as generate higher returns to the economy.

The IP securities market would be part of the Stock Exchange of Thailand and similar to the Market for Alternative Investment (MAI). It would serve only those traders interested in investing in IP goods that have shown high commercial potential, said Alongkorn.

A plan should be finalised next month for submission to the Cabinet and Prime Minister Abhisit Vejjajiva for their consideration.

"Thousands of innovative products are created each year that cannot be developed for trading, because of a lack of financial support. The IP securities market would serve as a centre for innovators to trade their innovations among interested traders," Alongkorn said.

Before coming up with the plan, Alongkorn said he had studied many countries' models, such as China's, which includes a central market for IP goods trading.

However, China's market places a limit on the number of traders and does not have good connections. Therefore, Alongkorn came up with the idea of creating the first IP securities market to promote innovative products for long-term investment and commercialisation.

Under the initial plan, traders of IP securities must own a copyright, trademark or patent in order to trade their IP rights. Bonds will be traded, and each one will have a specific value dependence on an IP product or service.

Alongkorn said innovators with low investment capital would have a chance to trade in the IP securities market. Any IP goods, including songs, lyrics, software, books, films and food recipes, could be traded here.

In addition, to promote a "creative economy", the government is considering the establishment of a Creative Academy that would promote innovative products and act as a research-and-development centre for the commercialisation of IP products.

Primarily, the academy could be set up as a public organisation, allowing it to link to other universities and schools in the development of human resources and IP products created by students.

To promote innovation and develop the business sector under the lines of a creative economy, the government soon plans to hand out IP Prime Minister Awards to businesses that develop their goods based on innovation and creativity.

The IP Prime Minister Awards will serve as a reward and help encourage Thai industry to pay more attention to creativity and less to made-to-order goods, said Alongkorn.