Intellectual Property is the Key to Growing in the New Economy

June 8, 20160 Comments

Last year, the U.S. Department of Commerce released a study detailing the ways intellectual property supports jobs and promotes economic growth. The report found that IP-intensive industries create 40 million American jobs and account for $5 trillion of U.S. gross domestic product (GDP).

Recently, the EU revealed the results of a similar study, finding similar contributions by IP-intensive industries to the EU’s economy. The report found that IP-intensive industries create 77 million jobs and generate 40% of the total economic activity throughout the EU – roughly 4.7 trillion euro annually.

Profit is now a game of out thinking your competitor and less about out producing him. The old business model designs a product and sells it to create a major product stream. The new business model is built on intellectual property (IP) to generate much higher value than the traditional “product only” business. Today’s market investors are looking more and more at companies with intellectual property. Businesses that focus on creating and controlling rights to IP will be the most successful in this new economy.

 

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About the Author ()

Rand is President / CEO of Licensing Consulting Group, an intellectual property management and licensing company specializing in assisting clients in IP Management, Strategic Consulting, Acquisition of Licensing Rights, and Property Representation. Rand has licensed some of the biggest Hollywood blockbusters, including “Batman” and the “Mighty Morphin Power Rangers”, both of which generated billions of dollars in worldwide merchandise sales. He has lead various international licensing programs as both licensee and licensor, and through consulting projects focused on licensing strategy, brand development, sponsorship sales and property representation.

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