The United States Patent and Trademark Office (USPTO) has released the third edition of its report titled “Intellectual property and the U.S. economy: Third Edition,” which highlights the economic contributions of industries that make greater use of intellectual property (IP) protection, such as patents, trademarks, and copyrights.
Economy and Intellectual Property of the United States
“Intellectual property protection is vital for American innovation and entrepreneurship,” said United States Secretary of Commerce Gina Raimondo. “This report underscores the key benefits associated with a strong intellectual property system and reinforces the Biden administration’s commitment to expanding our innovation economy by ensuring that more Americans have equitable access to the goods, services, and quality jobs that stem from American innovation. Employees working in IP-intensive industries are more likely to earn higher wages compared to non-IP-intensive industries. IP protection isn’t just good for American businesses, it’s good for American workers.”
According to the most recent report, 127 IP-intensive industries in sectors such as manufacturing, wholesale and retail commerce, and professional, technical, management, and administrative services accounted for $7.8 trillion in US GDP in 2019, accounting for 41 percent of total GDP. In 2019, direct employment in these industries accounted for 47.2 million jobs or 33% of total U.S. employment. Indirect employment (jobs produced in other industries that rely at least partially on final sales in IP-intensive businesses) accounted for an extra 11% of total employment in the United States. IP-intensive industries accounted for 44 percent of overall employment in the United States.
Accel IP Law's prosecution is based on development of patent strategies to maximize return on investment. This requires understanding of the client's business model. The IP strategies can be specific to whether products or services are licensed or manufactured by the IP owner.
We are fluent in the diverse technologies driving our world economies. We work with our clients to acquire the protection they need for a successful business. We advise clients on what kind of patent application to initially file and options for later filing and prosecuting other types of applications in order to preserve and secure patent rights worldwide.
Generally, to protect utility inventions, we file provisional patent applications, utility patent applications and Patent Cooperation Treaty (PCT) patent applications. We also file patent applications in nearly any other country after the initial filing of a first application in the U.S. Patent and Trademark Office. To assist in making decisions about protecting inventions we provide legal opinions on patentability. When there is concern that patents owned by another party could affect freedom to operate your business, we provide opinions on infringement and validity of potentially adverse patents.
Accel advises clients to navigate through the patent complex process as there are strictly enforced time periods for filing patent applications and it is important to consult a patent attorney before disclosing your invention to the public or making an offer for sale . Otherwise patent rights may be forfeited.
Board Certified Patent Attorney