Report: Intellectual property contributes over $1 trillion to U.S. economy

The American market continues to grow in many sectors, but it is unclear what industries play a significant role in the $15 trillion economy. According to research from the International Intellectual Property Alliance (IIPA), protecting copyright materials and innovation is valued at over $1 trillion in the United States.

IIPA's study looks into the impact of academic journals, books, video games, computer software, films, television programming and found that about 5 million Americans are working in these sectors—all aimed to represent and protect these innovations.

"To foster continued growth of this dynamic sector, we need strong and modern copyright laws that take into account changes in technology and the continuing harm caused by copyright piracy, especially as legitimate digital distributors continue to emerge," Steven Metalitz of the IIPA said in its release. "Vigorous enforcement of those laws is also critical to ongoing efforts to create and preserve good US jobs, reduce persistent trade deficits and foster durable economic growth."

The value of intellectual property may appear priceless during the early stages of development, but that is not the case. Before getting caught in a poor business detail or copyright infringement case, a small business lawyer can explain what protections are available. 

American businesses may be experiencing slower growth since the last recession, but companies that build new products and ideas are growing at a rate of 4.7 per year, which is twice as fast as any other market. If the national economy continues to improve, it is pertinent that aspiring startups and entrepreneurs have taken the proper steps to protect themselves from competitors.

Categorised in: Intellectual Property Law

This post was written by