Study Finds American Businesses Value Patents
70% of C-suite execs surveyed across 30 industries believe patents are good for innovation
BELLEVUE, Wash., April 29, 2013 /PRNewswire/ — Intellectual Ventures, the invention capital company, commissioned market research on intellectual property perceptions and behaviors among C-suite executives in the U.S. to better understand their current views on patents and the growing intellectual property industry.
More than 200 Chief Executive Officers, Chief Financial Officers and Chief Technology Officers revealed new insights about the knowledge, relevance and value of intellectual property. The Market Research on Patent Attitudes study showed that in America’s boardrooms:
- 68% of the C-suite surveyed had a positive overall perception of patents. Only 7% view patents negatively.
- 70% of the C-suite respondents believe patents are good for innovation.
- Nearly half of the C-suite respondents believe business is better off with patents, with 53% saying they are neutral and only 3% believing business is worse off.
- 87% of the C-suite surveyed believes that patent rights should be respected.
- 78% of the C-suite respondents believe people should pay a license fee to use technology that is patented.
- 75% of the C-suite respondents are the primary decision makers regarding patents, but only 24% consider themselves very informed on this topic.
Because patents and intellectual property impact companies of all sizes, not just the most well-known players in the technology or pharmaceutical industries, the Market Research on Patent Attitudes surveyed a mix of C-suite executives across the U.S. in over 30 industries from financial services to retail to construction, ranging in size from 25 to 1000 employees, and varying in annual revenues from under US$1 million to over US$100 million. To better understand the ultimate decision makers in major business strategies related to patents and intellectual property, the study surveyed outside intellectual property’s typical domain of the legal department.
“In many ways, the study findings compliment the opinions and feedback we receive from our existing Fortune 500 customers and partners on the value of intellectual property,” said Adriane Brown, president and chief operating officer at Intellectual Ventures. “What it also tells us is that many more U.S. businesses do not have the information they need to prioritize a better understanding of their patent and intellectual property assets. A market opportunity exists for the entire intellectual property industry, not just for Intellectual Ventures, to help the C-suite put patents to work for their business.”
For more information on the Market Research on Patent Attitudes study, please visit www.intellectualventures.com/patentsmatter.
About the research
The Market Research on Patent Attitudes study was undertaken by Intellectual Ventures with integrated communications company, Waggener Edstrom Worldwide, and market research firm, Research Now. Using both qualitative and quantitative research, the study was a blind survey of 204 C-suite executives, followed by in-depth, qualitative interviews with 20 of these executives, all of whom were employed in the U.S. during a three-month period from December 2012 through February 2013.
About Intellectual Ventures
Founded in 2000, Intellectual Ventures (IV) is the global leader in the business of invention. IV collaborates with leading inventors, partners with pioneering companies and invests both expertise and capital in the process of invention. IV’s mission is to energize and streamline an invention economy that will drive innovation around the world.
SOURCE Intellectual Ventures