I’ve been banging on for years about the correlation between protecting the health of your company’s IP assets and business longevity. The proposition is simple: properly maintained IP assets and exclusive IP rights create sustainable competitive advantage.
Of course, being an IP lawyer, I own a dog in this fight and may be perceived as biased.
Hooray however to the innovative folk at IP Australia who have cleverly linked ABR data with IP Australia’s own data to highlight a direct and favourable correlation between a company’s IP protection and its lifespan. In the 16 years or so of collecting ABN and GST registration data, ABR has observed a business mortality rate of approximately 35%. However, and this is where it gets exciting, for applicants of IP rights (e.g. trade marks, patents and designs), only 25% of them have perished.
This statistic, along with many others, was published in IP Australia’s 2016 annual report. The report highlights increased, and in some instances record, activity in the protection of IP rights including strong filing numbers by early stage start-ups. The statistics support the view Australia’s traditional mining and resources economy is successfully transitioning towards innovation and entrepreneurship.
So, here’s to protecting your intellectual property and surviving and thriving in 2017!