The U.S. Patent and Trademark Office recently announced the release of a new Intellectual Property identifier tool.
The tool aims to be user-friendly and a vital resource for those who aren’t very knowledgeable with regards to IP, according to a Jan. 18 news release. The announcement was made during the USPTO Women's Entrepreneurship event in Naples, Fla.
"Protecting your IP is a smart and necessary business strategy, and the IP Identifier is a great starting point for those new to IP," Under Secretary of Commerce for Intellectual Property Kathi Vidal said in the release. "This resource will equip entrepreneurs with a basic understanding of the IP they have and will lead them to resources to protect it."
People who are considering growing or starting a business are encouraged to use the IP Identifier tool, the release said. Vidal said it’s another example of the work being done to grow the economy, increase American competitiveness and solve the world’s problems by bringing more people into the innovation ecosystem.
IP for business is important as a first patent can increase a company’s venture capital funding by 76% over three years, according to the release. IP protections also can increase market shares. A new company with a patent increases its sales by a cumulative 80% more than those who don’t have patents.
