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UPSTO REPORT SUMMARY
[/vc_column_text][us_separator][vc_column_text] In the latest edition of the report published by the United States Patent and Trademark Office (USPTO) entitled "INTELLECTUAL PROPERTY AND THE UNITED STATES ECONOMY: THIRD EDITION", the importance of how the economic contributions of those industries that make greater use of intellectual property (IP) protection in their brands (products/services), including patents and copyrights, have been creditors of the benefits derived from the use of a solid and constant Intellectual Property system in their industries was emphasized. One of the great challenges at the business level is not only the growth of the economy through the provision of goods and services, but also the growth of "innovation and invention" that can generate an economic and social increase for a country. As part of their performance and operation, companies, even without being aware of it, are in continuous contact with real or potential Intellectual Property assets such as copyrights, trademarks, patents, inventions, among others, butWhy should it be necessary and strategic for a company to recognize, create and register its intellectual property assets?The answer is simple: because it will "contribute to and increase their productivity, competitiveness, and growth." The report, published by UPSTO, highlights how intellectual property (IP) has been vital to American innovation and entrepreneurship, as the industry has benefited from the key benefits generated by IP: "Economic growth and access to better, higher-quality jobs." "Employees working in industries that make intensive use of intellectual property (IP) are more likely to earn higher wages compared to industries that do not make use of IP." In 2019 alone, 127 IP-intensive industries in sectors such as manufacturing; wholesale and retail trade; and professional, technical, managerial, and administrative services accounted for $7.8 trillion of U.S. gross domestic product (GDP), or 41% of total GDP. Direct employment in these industries accounted for 47.2 million jobs, or 33% of total U.S. employment, compared to workers in industries not focused on protecting their innovations through intellectual property. According to the study, workers in industries that strive to make intensive use of intellectual property are more likely to:
- Earn higher wages.
- Working in larger companies (500 employees or more).
- Participate in company-sponsored health insurance plans.
- Participate in company-sponsored retirement plans.
- Have a bachelor's or postgraduate degree.
But besides creating better, quality jobs, what else can I get for my company by using intellectual property?First of all,a better competitive position in the marketSince by obtaining exclusive rights to exploit my protected products/services, the intellectual property asset will give me a greater advantage over other companies dedicated to the same field. Secondly, by protecting my innovation (brand, patent, copyright, etc.) I amgreatly increasing the value of my businessBy adding this (intangible) asset to my company, thus increasing its market value; Thirdly,expand my business opportunities, since a company that has its innovations protected will not only be able to sell its products more advantageously, but will also be able to authorize other companies to license the use of its trademark. In conclusion, a company's strengthening of its use of intellectual property will give it the right to appropriate all the benefits derived from its innovative efforts, giving it the opportunity for this strengthening to become a fundamental pillar and a viable strategy for promoting both the growth and development of its company and for the economic growth of a country. [/vc_column_text][us_separator][vc_column_text]Written by: Lic. Paola Alarcón Lexincorp El Salvador [/vc_column_text][/vc_column][/vc_row]
