The existing lacuna that dismantles the success of the SMEs is the financial, labour, infrastructure, network, organisation support, among others are the elements that expose the SMEs to become unsuccessful either prior to the launch and or post launching. In addition, the SMEs face immense challenges when engaging crowdfunding and or applying for funding from various financial institutions within or outside their jurisdiction of operation.
As a result of immense frustration, the SMEs tend to put on sale their entity, not to mention that the SMEs tend to gain low pay due to the economic duress that they encounter.
However, those are not the only challenges that SMEs encounter, for instance, certain high tech innovations be it software or hardware, there is always the question concerning legal protection of the Intellectual Property Rights. However, most Intellectual Property Rights, if not all, are territorial in nature, therefore, registering the sub rights of Intellectual Property Rights does not necessary enhance the assumed protection in other Jurisdictions save where one utilises regional and international rostrums like:
- a) World Intellectual Property Organisation (WIPO);
- b) European Union Intellectual Property Office (EUIPO);
- c) African Regional Intellectual Property Organisation (ARIPO);
- d) African Intellectual Property Organisation (OAPI/ AIPO);
- e) United States Patent and Trademark Office (USPTO);
- f) Madrid Agreement Concerning the International Registration of Marks (the“Madrid Protocol”);
- g) Eurasian Patent Convention (E/APC);
- h) Gulf Cooperation Council (GCC), among others.
The lack of legal protection to the respective Intellectual Property Rights exposes the SMEs to their competitors or any financially stable person that is likely to harness the IPRs, hence, making the SMEs lose their grip, which eventually leads to the dwindling of the SMEs. In addition, to certain extent, it is always close to impossible to tell who is the owner of the IPRs should it happen not have been registered, hence, throwing SMEs under the bus by large corporates that intend to harness the IPRs or technologies by the SMEs.
The SMEs need to have an immediate solution, which will not be based on multiple complex procedures and or protracted measures that a person needs to follow for purposes of enabling their projects to attain funds to make their goals realised. In light of that, the Conglomerate One intends to develop a Blockchain concept that will harmonise various procedures that will ease the manner in which the SMEs will harness opportunities and develop the same to higher lengths.