Intellectual property continues to be a powerful driver of the U.S. economy, according to a recent report by Sonecon. It found that even in the face of the recent recession, the value of the intellectual capital increased from 2005 to in 2011.
The Sonecon report demonstrates that you can put a price tag on innovation. The total value of patents, copyrights, and the research and development that produces them now stands at a staggering $9.2 trillion, the equivalent of 55 percent to 62.5 percent of U.S. GDP in 2010.
The study also examined the value of IP in 24 specific industries. It found that “intellectual capital now pervades most industries, from the most advanced goods and services to traditional manufacturing.” The ten industries with the largest stocks of intellectual capital are energy; software and software services; insurance and other finance; capital goods; pharmaceuticals, biotech and life sciences; technology hardware and equipment; food, beverages and tobacco; media; materials; and healthcare equipment and services.
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The report highlights that the pace and impact of innovation have increased in recent years, with the value of IP nearly doubling from 2005 to 2011. It credits the legal mechanisms available to protect and enforce IP rights with helping to spur these advances. It notes, “Without such protections and enforcement, innovators have little incentive, especially to develop new technologies, materials and production processes.”
As this study highlights, protecting innovation is often the key to business success. Whether it is prosecuting your patent, defending against infringement, or enforcing your rights in court, we have the skills and expertise to protect your innovation. Contact us today by phone or email to schedule your free 30-minute consultation.