By Liz Gray and Chris Chiavatti
A recent study by the European Patent Office (EPO) and European Union Intellectual Property Office (EUIPO) found enormous benefits of IP ownership. Companies owning at least one patent, industrial design, or trademark have higher productivity and higher wages than companies with no IP at all. Patent ownership, in particular, is correlated with corporate success, with patent-owning companies having 36% higher revenue per employee and paying 53% higher wages.
The benefits of owning IP rights are especially pronounced for small- and medium-sized enterprises (SMEs). After controlling for size and economic sector, SMEs that own IP rights earn 55% more revenue per employee than SMEs with no IP. Additionally, owning multiple forms of IP has synergistic effects: SMEs that own both patents and trademarks generate a whopping 75% more revenue and grow faster than SMEs with no IP rights.
Nevertheless, despite the clear benefits of IP, only 9% of SMEs in the EU own such rights. An IP strategy for SMEs is a crucial part of medium- and long-term growth. For more information about planning an IP strategy for your enterprise, please contact our experts at Brion Raffoul.