Did you know the U.S patent board has been in existence since 1790? The office’s first and longest running head, Thomas Jefferson, granted all three applications that came in that year! One hundred years later, in 1890, the U.S patent office issued 39,884 patents.
The world of intellectual property has come a long way since then. In 2022 there were 418,123 patent applications examined and 360,925 patents granted. Samsung alone had 6,248 granted patents, earning themselves the number one spot for 2022. The numbers show massive growth in granted patents even in recent decades. In the year 2000 there were 295,926 patents issued. That is a 70% increase in issued patents in the last 22 years.!
According to the World Economic Forum, 2021 was a record-breaking year for patent applications: The number of global patent applications is breaking records. Where are the hotspots?
What does a granted patent mean for a company? Tonix Pharmaceuticals, (https://finance.yahoo.com/quote/TNXP?p=TNXP&.tsrc=fin-srch) saw their stock price jump 66% after a patent was approved for their vaccine.
Ocean Biomedical stock recently jumped 92% after being granted a patent for their Cancer Immunotherapy discovery (https://www.marketwatch.com/story/ocean-biomedical-shares-jump-92-after-patent-award-946ad097).
Successfully being granted a patent has the potential to generate millions of dollars in profits. That is why the leading companies prioritize intellectual property and growing their patent portfolio.
There are several ways to grow your company’s patent portfolio to ensure growth in the future. Qmarkets recently published an article about the top four culture of innovation practices;
Here are the main takeaways;
1. Amazon – Empower Every Employee to Innovate
2. SpaceX & Tesla – Reward Innovative Thinking
3. Apple – Striving for Perfection
4. Salesforce – Put Your Customer Needs First & Cultivate External Relationships
Stellar Kent can help you to reward and incentivize innovative thinking with a Patent Award Program customized to meet and exceed your company’s patent incentive goals. A custom award celebrating the achievement of a patent application or grant is the perfect way to reward innovative thinking.
Contact Stellar Kent Corporation, www.stellarkent.com, to discuss how we can help your team develop a patent award program to fulfill your organization’s goals.