Digitalization and intangible assets: brand’s multidimensional impact unveiled at Brand Global Summit 2023
The Brand Global Summit 2023, themed “Brands for impact” concluded by combining online and in-person participation from a diverse range of experts, policymakers, and industry leaders. They gathered to explore the impact of intangible assets, such as brands and intellectual property (IP), in fostering sustainable development.
The summit, which took place at the Vienna International Center and was broadcast on YouTube provided a platform for experts to discuss how brand and IP management can boost economic performance, foster innovation, promote inclusivity and enhance intellectual value at all levels. It also emphasized the alignment between branding, social and environmental responsibility, gender mainstreaming and economic resilience, all anchored in the Sustainable Development Goals.
In his opening address, the UNIDO Director-General emphasized the significance of intangible assets in advancing the global sustainable development agenda in the digital era: “With capabilities that extend beyond automation and analytics, digitalization brings brands to a new level of interaction and responsiveness to the market expectations, which transcends conventional branding and marketing strategies. UNIDO and EBI, recognizing the transformative potential of intangible assets, are aligning them with broader objectives of reinforcing sustainability, inclusivity and competitiveness, in the joint effort to inch closer to the realization of Agenda 2030”.
Gerhard Hrebicek, President of the European Brand Institute, elaborated on the brands’ evolving nature and largely untapped potential: “Strong brands and intangible assets play a crucial role in reputation building, offering trustworthiness, quality and reliability. Moreover, as markets become more interconnected, intangible assets like brands can be considered a competitive advantage, allowing businesses to establish a global presence. These assets also have the potential to endure, evolving and adapting to remain relevant and resilient against digital disruption”.
UNIDO and EBI have consistently worked to develop replicable approaches to branding and intellectual property management. With initiatives based on the “Branding for competitiveness and sustainable growth” service module, focusing on strategic brand and reputation management, IP protection, and fueling innovation and competitiveness of its beneficiaries, the two organizations are helping them strengthen operations, enhance international reputation, forge partnerships, create jobs, diversify the economy, and attract investments. These initiatives have already shown significant success in regions such as Africa, Central and East Asia, Eastern Europe, Latin America, and the Caribbean.