May 12, 2021

HSM IP educates Cayman Islands students on the dangers of counterfeit products

Pin It

68 Fort Street, Grand Cayman (Thursday, 29 November 2018): Corey Neysmith and Gabriel Morla of HSM IP Ltd. presented International Trademark Association’s (INTA) Unreal Campaign to over 40 students at the Cayman Islands Further Education Centre (CIFEC) on Thursday, 29 November.

INTA’s Unreal Campaign is a consumer awareness programme aimed at educating teenagers about the importance of trade marks, intellectual property and the dangers of counterfeit products.

Corey, a Senior IP Assistant, started the presentation by explaining the role and importance of registering a trade mark. Corey explains, “A trade mark can be a word, design, service mark and can even be the shape of a building. If a company doesn’t register their distinct features, then a competitor can rightfully take ownership of their ideas and with it, their customer base.”

Since 1 August 2017, it has become possible to register a trade mark in the Cayman Islands without having to go through the United Kingdom or European Union first, thanks to the implementation of The Trade Marks Law, 2016.

Gabriel, an IP Assistant and past CIFEC student, delivered the second part of the presentation which focused on counterfeiting. Gabriel shares, “We stressed the economic impact created when people purchase knockoffs. Counterfeits not only pose a threat to your health and safety, but they directly hurt businesses in the form of job losses and their reputation.”

The students then enjoyed a game of “spot a fake”, where they had to guess between two similar looking products and identify the reasons as to why one of them was the fake. Afterwards, there was a lively discussion for Q&A.

This is the fourth time that HSM IP has presented to students in the Cayman Islands as part of the Unreal Campaign initiative and encourages all consumers to be vigilant when shopping.

Studies show that counterfeiting is rising at an alarming rate. It is estimated that by 2022, the global total value of counterfeit goods could reach US $2.8 trillion, according to a 2017 impact study, The Economic Impacts of Counterfeiting and Piracy, released by Frontier Economics and commissioned by INTA and the International Chamber of Commerce’s Business Action to Stop Counterfeiting and Piracy.

“It is rewarding for our team to be able to share their expertise with our local community and to bring awareness of the negative impacts caused by purchasing counterfeit products,” shares HSM IP Managing Partner, Huw Moses. “Consumers of all ages need to be alert to the risks of purchasing counterfeits, which may expose them not just to financial loss but physical harm.”

IMAGES:
Photo 1: CIFEC Students Engaging with INTA’s Unreal Campaign
Photo 2: Gabriel Morla (left) and Corey Neysmith (right) Share the Importance of Trade Marks

Print Friendly, PDF & Email
About ieyenews

Speak Your Mind

*