As the report notes, ABS data shows that 21% of Australian businesses register their IP. This would indicate that 79% of businesses are not registering any IP. In particular, the report shows that IP registrations are more likely to be made by large businesses, with 60% registering IP compared to only 16% of micro businesses. The report goes on to shows that firms with IP rights are less likely to fail than those who don’t.
IP is an important business issue, particularly as we transition towards a knowledge economy, Chartered Accountants ANZ Senior Leader in Thought Leadership and Policy, Karen McWilliams says.
"The growth in IP registrations is a positive step, but with 79% of businesses not registering any IP, there is some way to go with IP awareness," she said.
"IP rights don’t just refer to a new patent or design, but also trademarks. With a growing online economy, protecting your brand is becoming increasingly important for all businesses."
Chartered Accountants ANZ together with IP Australia and the Intellectuals Property Office in New Zealand (IPONZ) recently released a Trans-Tasman business briefing Maximising the potential of Intellectual Property for your business. The briefing covers a range of issues related to IP such as commercialisation, financing and the impact of social media.
"We are pleased that the government recognises that IP is a powerful tool to support and drive innovation. Our research also shows that it is important that we recognise the importance of IP to all sizes of businesses, and in particular small and medium businesses.
‘For smaller businesses that have less resources available for managing their IP, it’s great that there’s support from government and industry to help them," Ms McWilliams said.
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