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The Bullet: The Importance of Homegrown IP — Why Asian Countries Should Invest in Locally Developed Products and Technologies

Written by Degen Hill Published on   3 mins read

Relying on imported technology and IP can be convenient and cost-effective in the short term, but in the long term, it limits a country’s ability to innovate and grow.

As we look around the world, it’s hard to miss the impact of technology on our lives — it’s fundamentally changed how we communicate, work, and live. But as our reliance on tech tools increases, it’s important to take a step back and ask ourselves: where is this technology coming from?

For many Asian countries, the answer is often “from somewhere else.” For years, Asian countries have relied on imported technology and intellectual property (IP) to drive their economies and meet the needs of their citizens. But as the world becomes more connected and competitive, the creation of “homegrown” or “locally developed” IP products is becoming increasingly important for these countries.

Think about it: when a country imports technology and IP, it’s essentially buying someone else’s ideas and innovations. Sure, it can be convenient and cost-effective in the short term, but in the long term, it can limit a country’s ability to innovate and grow. For example, it may become dependent on foreign companies and their technology, hindering the development of its own domestic technology industry, could potentially reduce the need for local R&D, and most importantly, importing technology and IP may also come with restrictions on how it can be used, which could limit a country’s ability to use it in new and innovative ways.

On the other hand, when a country develops its own IP products, it’s investing in its own future. It’s creating jobs, stimulating innovation, and providing a sense of pride and ownership for the people of the country.

But how can Asian countries support and encourage the development of homegrown IP?

One way is with the support of government policies and programs that promote research and development as well as provide resources for entrepreneurs and startups. For example, South Korea’s “Creative Economy” initiative provides funding and support for small and medium-sized enterprises (SMEs) working on cutting-edge technology and IP. The initiative has helped South Korea become a global leader in technology and IP, with companies like Samsung and LG at the forefront.

Another way is through education and training programs that prepare the next generation of innovators and entrepreneurs. For example, in Singapore, the Infocomm Media Development Authority (IMDA) provides training and resources for individuals and companies to develop their digital and technology skills. This not only helps create a more skilled workforce but also encourages innovation and entrepreneurship in the country.

India is another Asian country that has been focusing on the development of homegrown IP products in recent years. The Indian government has implemented a number of initiatives to support the growth of the technology and startup sector in the country. One such initiative is the “Startup India” program, which provides funding, mentorship, and resources for entrepreneurs and startups working on new and innovative ideas. The program has been successful in supporting the growth of the startup ecosystem in India, with many Indian startups now competing on a global level. For example, Indian startup Flipkart, founded in 2007, is now one of the largest e-commerce companies in India and has attracted investment from international companies such as Walmart.

Another initiative, the “Digital India” program, aims to increase the use of technology in government services and improve access to technology for all citizens. This includes the development of digital infrastructure, increasing internet connectivity, and promoting the use of technology in education and healthcare. These efforts have helped to create a more digitally-enabled society and open up new opportunities for innovation and entrepreneurship in the country.

In the face of rapid technological advancements, it has become increasingly important for Asian nations to nurture the development of their own intellectual property products. This means investing in research and development, fostering an ecosystem that supports and funds entrepreneurs and startups, and preparing future generations of innovators and business leaders. By embracing this challenge and creating a culture that supports and fosters technological advancements, Asian countries can secure their place as a thriving hub for innovation and growth, ensuring a bright future for both the nation and its citizens.

All opinions expressed in this piece are the writer’s own and do not represent the views of KrASIA. Questions, concerns, or fun facts can be sent to [email protected].


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