The European Patent Office (EPO) and the EU Intellectual Property Office (EUIPO) published on 25 Oct 2016 their second EU-wide study of the impact of Intellectual Property Rights (IPR) on the European economy in terms of GDP, employment, wages and trade.
EPO President Benoît Battistelli said: “Our joint report again confirms the benefits of patents and other IPRs for the European economy. Intellectual property assets are increasingly important for innovating companies, especially for SMEs, but also for research centres and universities. They have a positive impact on jobs, economic growth and prosperity in Europe.”
António Campinos, Executive Director of the EUIPO, said: “The rapidly changing nature of business in the 21st century means that the EU and global economy relies strongly on trademarks, designs, patents and other rights. This poses the challenge of ensuring that IP rights are more accessible to all businesses, and are protected effectively against infringement, in order to help the EU to retain its innovative strengths.”
A crucial point about legal protection of intellectual property is that it turns intangible assets into exclusive property rights, albeit for a limited period of time. It enables your SME to claim ownership over its intangible assets and exploit them to their maximum potential. In short, IP protection makes intangible assets “a bit more tangible” by turning them into valuable exclusive assets that can often be traded in the market place.
If the innovative ideas, creative designs and powerful brands of your SME are not legally protected by IP rights, then these may be freely and legally used by any other enterprise without limitation. However, when they are protected by IP rights, they acquire concrete value for your enterprise as they become property rights which cannot be commercialized or used without your authorization.
Mrs Natalija Popovič of Law Office Popovič Popović and Partners gave an interesting presentation on the issue of IPR as intangible asset and its’ legal context. That the after-presentation Q&A and discussion could have lasted till late in the evening showed that the topic was of real interest of the participants and business entities as a whole.
Hugo van Veghel