Intellectual Property (IP) Month in October is an opportunity to recognize the role that IP plays in inspiring innovation, driving economic growth, and addressing global challenges. In the U.S. alone, industry and commerce that relies heavily on IP protection accounts for $7.8 trillion in annual GDP and supports 63 million jobs. [1]
In 2023, 5.5 million new business applications were filed, making it the strongest year of new business applications on record, according to the Small Business Administration. [2] Encouraging and supporting more innovation from small and medium sized businesses has been a priority for the USPTO. So, this Intellectual Property Month, we’re rolling out an expansion to our IP Identifier tool and a new Startup Certification Training Course to ensure that the millions of new business owners, and the tens of millions of existing businesses, know how to protect their IP and the importance of doing so.
"We want to help equip all startups, small businesses, and entrepreneurs with the resources and knowledge they need to manage and protect their IP, secure the right kind of funding, and grow their businesses," said Kathi Vidal, Under Secretary of Commerce for Intellectual Property and Director of the USPTO. "Our IP Identifier and Startup Certification Training Course provide practical information and useful tools for their innovation journey. I encourage anyone considering starting a business or growing one to take advantage of these free resources."
The IP Identifier tool's latest module, Tips for managing your IP assets, provides tips on how to strategically manage and use your IP to strengthen your business in both domestic and international markets. It expands on the foundation built in the first two modules, which help users identify what kind(s) of IP they have and recognize the differences between patents, trademarks, copyrights, and trade secrets.
Intended for busy startup owners on the go, the USPTO's new virtual Startup Certification Training Course offers a one-stop-shop for important information and resources related to IP protection, cybersecurity, and avoiding suspicious funding. In a two-hour span, participants can get the know-how they need in easily digestible chunks, and they can engage with the course in a place and time convenient for them.
Studies show that startup companies that have IP protection are far more likely to be successful in raising funding for new product development and expanding production than those without IP protection. When used as collateral, a patent increases venture capital funding by 76% over three years. The approval of a startup’s first patent application increases its employee growth by 55% over the next five years. After five years, a new company with a patent increases its sales by a cumulative 80% more than companies that do not have a patent. [3]
Small businesses with registered trademarks reap similar benefits: five years after their first trademark filing, employment is 80% higher and revenue doubles. By contrast, companies without trademarks see less than 20% employment growth and less than 40% revenue growth over the same five-year period. [4]
The IP Identifier tool and Startup Certification Training Course are two of many free resources available on our Inventor and entrepreneur resources page.
[1] Andrew A. Toole, Richard D. Miller, and Nicholas Rada, United States Patent and Trademark Office. Intellectual property and the U.S. economy: Third edition. 2022.
[2] Small Business Administration. New Business Applications Reach Record 16 Million Under Biden-Harris Administration. January 11, 2024.
[3] Joan Farre-Mensa, Deepak Hegde, and Alexander Ljungqvist. What Is a Patent Worth? Evidence from the U.S. Patent 'Lottery'. Journal of Finance, USPTO Economic Working Paper 2015-5. Revised July 9, 2019.
[4] Emin M. Dinlersoz, Nathan Goldschlag, Amanda Myers, and Nikolas Zolas. An anatomy of US firms seeking trademark registration. Measuring and accounting for innovation in the twenty-first century, 183-228. April 2021.