IP Australia recently released its report on Intellectual Property Rights and Business Growth. It presents the results of a study on small and medium-sized enterprises (SMEs) and the role of intellectual property rights. We summarize key points from the report that reveal that SMEs were more likely to experience strong growth in employment and revenue after IP filing.
The report’s research was undertaken between 2002 and 2017 and included around 600,000 Australian SMEs, and identified high-growth SMEs as those that achieved growth of more than 20% per annum in terms of employment or turnover. business for three consecutive years.
SMEs that hold intellectual property rights are larger
SMEs that own IP rights are 3.5 times larger, have more employees – seven on average, and pay a higher median wage than SMEs that do not own IP rights.
SMEs that own intellectual property rights are more likely to experience strong growth
SMEs that have filed at least one IP right in a year are 8% more likely to experience positive employment growth and 16% more likely to experience strong employment growth compared to SMEs that did not file any IP rights in the same year.
Brands are a key driver of growth
SMEs holding intellectual property rights doubled from 2% to 4%. This upsurge in the use of trademarks mainly concerns the service sector, such as information, media and telecommunications.
IP Filing by Startups Indicates Potential for Future Growth
SMEs produce 57% of Australia’s gross domestic product (GDP). Newly founded SMEs that filed at least one IP right in their first year were twice as likely to experience strong growth in turnover and employment.
How FB Rice can help you
The report highlights the importance of brand protection to maximize potential growth. Companies that are aware of brand value and bring this knowledge to their business operations are rewarded with higher growth and revenue than competitors who lack a similar understanding of brand value.
Researching the availability of trademarks for use and registration, and filing for registration to obtain the statutory rights it provides, can be daunting. However, a trademark specialist will facilitate this process. It’s about getting help when you need it (when building new brands, preparing marketing campaigns or export plans), reducing risk and taking your brands to the next level. higher level – registration.