By Gene Shill
The value of intangible goods is making an unprecedented contribution to the global economy as the world becomes progressively digitised, with many products and services shifting from the marketplace to the marketspace. This article discusses and outlines the formative steps to commercialising intellectual property in the creative industries and the impact the creative economy is making globally.
The value of intangible goods is making an unprecedented contribution to the global economy as the world becomes progressively digitised, with many products and services shifting from the marketplace to the marketspace. While the price of intangible goods such as patents, intellectual property, and brand equity carry a mystique and value challenging to calculate, its presence in the global economy is unapologetic. Further, add the importance of social and cultural capital into the fold, and the future of intangible asset trade becomes an exciting prospect.
With consumers placing greater emphasis on experience, quality and performance, products of the Creative Industries that sit within Global Creative Economy offer additional value add through intangible creations such as, but not limited to, ephemeral art. Typically, ephemeral (temporary) art transcends the physical and malleable characteristics of tangible goods and are more often than not measured by attitudes and perceptions which can be directly related to social and cultural capital. Furthermore, advancements in technology also enhance the capabilities of knowledge-based industries such as creative, education and innovation to now emerge as some of the most dynamic sectors of the global economy. Although commercialising intellectual property and placing value on intangible goods is not a new concept, leveraging its ‘invisible advantage’ and combining it with the likes of technology is what’s creating an additional value add within the Global Creative Economy.
About the Author
Dr Gene Shill is Assistant Professor in Creative Entrepreneurship and Practice at Hong Kong Baptist University. With a background in entrepreneurship and intellectual property law in the global creative industries, he is also an established contemporary saxophonist and record producer of the alias ST. AMANT.
UNCTAD. (2018). Creative Economy Outlook: Trends in International Trade in Creative Industries. P.1 Retrieved from Geneva: https://unctad.org/en/PublicationsLibrary/ditcted2018d3_en.pdf
UNCTAD. (2018). Creative Economy Outlook: Trends in International Trade in Creative Industries. Retrieved from Geneva: https://unctad.org/en/PublicationsLibrary/ditcted2018d3_en.pdf
Bock, Adam J. & George, Gerrard. The Business Model Book: Design, Build and Adapt Business Ideas that Thrive. P.28. Pearson