The World Intellectual Property Organization (WIPO) announced recently that the organization has launched a new Global Awards Program to commend enterprises and individuals for having invoking IPRs to produce marked impact domestically or internationally. The first round of awards will be given to SMEs that effectively use IPR to work out innovative or creative solutions and making economic, social or cultural contributions to communities.

"The Global Awards Program is part of the midterm strategy of WIPO, aiming to build the IPR ecology so that innovations and creations in all regions can receive IPR support and each one can benefit from it," WIPO Director General Daren Tang said.

Any SME of WIPO member states, before March 14, 2022, can apply for the award online and the list of award winners will be publicized in July 2022. The winners will have access to tailor-made IPR services and be invited to the WIPO General Assembly scheduled from July 15 to 22, 2022 to receive the prize.

According to the World Bank, SMEs are defined as "enterprises with up to 300 employees and total annual sales of up to 15 million  dollars (equivalent to about 95 million yuan)". SMEs are the most active market entities in many countries. Instilling SMEs with vitality and creativity is crucial for the future economic growth.