This is the era of entrepreneurship, and entrepreneurs are engaged in a revolution that is transforming and renewing the economies at the global level. Entrepreneurship has been one of the key factors for the promotion and creation of micro, small and medium-sized enterprises (MSMEs) around the world.

SMEs play a fundamental role in the economy of Latin America and the Caribbean (LAC) and its development. They represent 99% of the industrial fabric and generate 67% of sources of employment in the region. However, MSMEs in Latin America and the Caribbean face multiple challenges: i) low productivity; ii) low competitiveness and efficiency; iii) high degree of labour and tax informality; iv) limited growth and expansion; and v) low innovation. This last challenge has the greatest impact on the economic and trade performance of regional MSMEs, since, in an economy that moves towards integration and globalization, the success of a good or a service in the market is determined by the role played by the innovation factor, which is enhanced through the development of entrepreneurial initiatives, among other things.

The differentiation of a product or service with respect to another is achieved through knowledge creation and application, both in manufacturing of goods (tangible assets) and creation and management of services (intangible assets).

That process of creating and applying knowledge in the manufacturing or processing of products (goods and services) is closely related to intellectual property, which is considered an intangible asset of the company and has given rise to intellectual property rights. They are a key tool to manage the development of intellectual property in the economy and its interrelation with economic stakeholders who use it.

MSMEs are potentially the engine of innovation in Latin America and the Caribbean. However, they do not leverage their own innovative and creative capacity due to, among other factors, relative ignorance of the intellectual property system. Therefore, it is imperative for MSMEs and entrepreneurs to clearly understand this system, which includes patents, copyright, trademarks, industrial designs, geographical indications and databases.

The protection, management and enforcement of intellectual property are evident in rights and in the system itself, in which MSMEs find incentives to turn ideas into commercial assets with marketing value and ensure reinvestment for the creation of new knowledge.

This also promotes higher levels of competitiveness, since it prevents the imitation and counterfeiting of goods and services protected by intellectual property rights belonging to MSMEs.