At Georgia’s 22nd Annual Intellectual Property Law Institute this past weekend, Janet Gongola, a patent reform coordinator and associate solicitor at the US Patent and Trademark Office (USPTO), spoke about recent initiatives at the USPTO. She also touched on incoming changes and statistics about patent applications and applicants.
Wait! Before your eyes fully glaze over, one report she mentioned in particular stood out.
In “The Bright Side of Patents” by Deepak Hegde, Joan Farre- Mensa, and Alexander Ljungqvist [include a clickable pdf with the report? – i.e. like our highlight section?], Gongola noted that the study established a causal connection between patent grants and the growth of start-ups. Start-ups averaged 40% more employees and a 25% increase in sales within 5 years of a patent grant.
In a separate slide, Gongola also mentioned that there are approximately 40 million jobs tied to intellectual property-intensive industries, with $5.06 trillion or 34.8% of the United States GDP attributable to those industries. $775 billion or 60.7% of all exports also come from IP-intensive industries. She also mentioned that people who work in IP-intensive industries have 42% higher wages than those who do not. Importantly, she did not specifically mention what those industries were. Patent grants were also found to more than double the probability that a startup would eventually be listed on a stock exchange.
Finally, Gongola mentioned that an updated report was due to be released in the coming weeks regarding just how IP based industries fare better than those not involving IP. We will update here or write a separate blog entry depending on those findings.
 Camille would like to note that she believes this post is still a bit dry and understands if you only look at the graphics.