BAM says SMEs should build their own IP to boost product awareness

Small and medium enterprises (SMEs) should invest in “intangible” aspects of their businesses such as intellectual property (IP) to boost awareness, said Branding Association of Malaysia (BAM) president Datuk Lewre Lew.

“Malaysian SMEs are very fond of investing in tangible things such as buildings, plants and machinery. But they hardly invest in IP, which is something intangible,” he said at the launch of the Branding Entrepreneurs Conference (BEC) 2011 yesterday.

Lew said many small businesses in other Asian countries had started venturing into building their own IP. “It saddens me that many business owners, especially SMEs, in Malaysia are still laid-back and do not realise the importance of branding. It's about changing the mindset,” he said.

Now in its third year, the BEC, which was jointly organised by SME Corp Malaysia and the BAM, aims to promote the development of SMEs especially in building and developing their brands of products and services. -The Star