Unlocking The Business Of Sports In Barbados

The intersection of intellectual property and sports was the focal point at a forum in celebration of World Intellectual Property Day, hosted by Business Barbados (formerly the Corporate Affairs and Intellectual Property Office).

Senior Minister Coordinating the Productive Sector and Minister of Energy, Business Development and Commerce, Kerrie Symmonds, in an examination of the central question, “Who Owns the Game? Unlocking the Business of Sports in Barbados”, highlighted Barbados’ potential to monetise its sports assets.

 “Let’s talk about monetisation. Who exercises the rights in sports? The athlete should be enabled to exercise his or her rights, and equally the sponsors should be exercising rights.   

“I think Government obviously would have to hear from the people of Barbados on their feelings about young athletes using their name, image and likeness…. It is something that we should be thinking about because we empower our young athletes across the board – not just in cricket, swimming or track and field. We empower them now to be able to stand on their own two feet, and to start to finance a future for themselves in a discipline that should then become more than just a passion pursuit, but rather, …an opportunity to earn a living,” Mr. Symmonds underscored.

Adding to the discussion of intellectual property in sports, Chairperson of Business Barbados, Connie Smith, said: “We are a nation rich in sporting talent, global influence and creative ingenuity. Yet, we must ask ourselves, are we fully capturing the value of what we create? Are we protecting it? Are we structuring it in a way that allows our athletes, our institutions and our country to truly benefit?

“At Business Barbados and through our Intellectual Property Office, we are committed to fostering a culture where ideas, talent and innovation are not only celebrated but protected, commercialised and scaled, because when we get intellectual property right, we do more than safeguard rights. We unlock opportunity, we create new revenue streams, we attract investment, we build sustainable industries, and we ensure that the value generated here, benefits Barbados.” 

The recent forum was held at the Garfield Sobers Complex, Wildey, St. Michael, and underlined the need for strategic action to unlock the business of sports in Barbados. (PR/GIS)