Intellectual Property: Powerhouse for Innovation and Economic Growth
The study, Intellectual Property: Powerhouse for Innovation and Economic Growth, is the result of a collaborative effort on the part of ICC BASCAP and the ICC Commission on Intellectual Property.
The report was launched during the 6th Global Congress on Counterfeiting and explores the benefits of intellectual property (IP) protection in strengthening national economies, driving innovation and technology, fostering new ideas, and enhancing society and culture.
At ICC, we believe that a critical element in the fight against counterfeiting and piracy is to do a better job communicating “what IP is” and “why it’s such a valuable part of our economy.” Greater respect for IP – in this generation and the next – will go a long way toward guarding against its theft.
More specifically, the paper examines the effects of IP protection in five main areas:
- IP protection benefits the economy in terms of GDP, employment, tax revenues and strategic importance. IPR also promotes foreign direct investment (FDI) and technology transfers in developed and developing countries.
- IP protection promotes innovation, increases funding for R&D and helps firms realize more value from innovations.
IP helps firms monetize their innovations, secure investment, grow market value, and develop new markets. Companies that use IPR generally succeed better and have a higher market value than those that do not.
- IP protection helps small and medium enterprises. SMEs that rely on IP of all sorts reported higher growth, income and employment than those that do not – in some cases as much as 20% more.
- IP protection benefits consumers and society – providing consumers with innovative products and services in virtually every area of life, drives solutions to many of society’s most important needs – from clean energy, reduced carbon emissions and health care, and helps protect consumers from inferior and dangerous counterfeits.
- Just as adequate IP protection and enforcement mechanisms support the numerous societal, consumer and economic benefits described in this paper, inadequate IP protection and inadequate enforcement against IPR violations have the opposite effect.
Full report: Intellectual Property: Powerhouse for Innovation and Economic Growth