USA

Impact of Intellectual Property on the Economy: The U.S. Example

USA

The White House released the first-ever report on the unbelievable impact that intellectual property and IP-related industries have on the economy and U.S. jobs on the 11 day of April, 2012.

Some of the principal findings were:

1. The entire U. S. economy relies on some form of IP, because virtually every industry either produces or uses it. By focusing on relevant data and various statistical measures, this report identified 75 industries (from among 313 total) as IP-intensive.

2. These IP-intensive industries directly accounted for 27.1 million American jobs, or 18.8 percent for all employment in the economy in 2010.

3. A substantial share of IP-intensive employment in the United States was in the 60 trademark-intensive industries, with 22.6 million jobs in 2010. The 26 patent-intensive industries accounted for 3.9 million jobs in 2010, while the 13 copyright-intensive industries provided 5.1 million jobs.

4. IP-intensive industries accounted for about $5.06 trillion in value added, or 34.8 percent of U.S. gross domestic product (GDP), in 2010.

After reading the report, one will begin to wonder when the Nigerian Government will come to the realisation that IP-related industries are latent gold mines to the nations decrepit economy and GDP. I recommend that this report  be read by the Minister of Communications Technology, Mrs Omobola Johnson and other relevant authorities to further chart our ICT course as a nation and harness our potential as a creative economy, shift our dependence from oil and create an enabling legal environment for creativity.

“When Americans know that their ideas will be protected, they have greater incentive to pursue advances and technologies that help keep us competitive, and our businesses have the confidence they need to hire more workers”

Commerce Secretary, John Bryson.

You can check the PDF version of the complete report here and/or watch the report as released by white house on April 11, 2012 in the video below:

Image Credit: Flickr/ Werner Kunz

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