Are there any financial advantages to possessing Intellectual Property Rights?
Back in 2015, a study was conducted within the EU that demonstrated that those companies that protect their intellectual property rights *, generally have 29% higher revenue per employee, they have about six times as many employees, on top of that comes the fact that those companies pay 20% higher wages than companies that do not own intellectual property rights!
The study was conducted by the Office for Harmonisation in the Internal Market (Abbreviated OHIM / OAMI. Today it’s called EUIPO). One of the key🗝 findings of the study shows that there are a very limited number of SMEs, that own either patents, trademarks or designs that are registered. (In other countries, such as the United States, copyrighted works can also be registered.)
Be that as it may, there are significant advantages to owning intellectual property rights, as this, the IPR, leads to a higher turnover in the SMEs of just over 32% more than those SMEs that do not own similar rights.
It is the focus of the EU to make it even more attractive to own intellectual property rights among SMEs, which, as you know, constitute a significant part of the EU economy. SMEs are also the companies that make the most of intellectual property rights.
It is vitally important for SMEs to investigate the full economic potential of their intellectual property rights in order to obtain the greatest possible financial gain from them.
In addition, it is concluded from the study that the industries that are "IPR-Intensive" are contributing positively to both employment and financial performance in the European Union. Overall, about 40% of EU economic activity is generated by "IPR-Intensive" industries and just over 35% of total EU employment originates either directly or indirectly from the industry types where IPR usage is above average.
As a SME, it would be a good idea to take oneself and one's business seriously in order to actively protect and not least exploit the intellectual property rights that may occur in the company, but as of yet has not been focussed upon so far.
Feel free to reach out to me if you do not know what or how to go about it? I have created a hotline for the Nordic and central European countries. It is available at a monthly fee. Contact me if you'd like to know more?
* Intellectual property rights are copyrighted works, patents, trademarks, designs & utility models.