Today is World IP Day! In partnership with the Property Rights Alliance, the Austrian Economics Center is proud to stand with content creators and rights holders around the world to fight for stronger, more effective intellectual property rights. This year we are especially proud to stand with women inventors and entrepreneurs, as stronger intellectual property rights helps incentivize greater participation of women in IP fields. For all these reasons, we and our international partners have launched an open letter signed by an international coalition of think tanks and associations addressed to the World Intellectual Property Organization’s Director General Dr. Francis Gurry.
As noted by the letter:
“This year’s theme, Powering change: Women in innovation and creativity, is particularly relevant to our organizations. Intellectual property has played an important role throughout history in advancing the rights and liberties of women worldwide. We remain committed to supporting women in innovation—as all of humanity benefits from the incredible discoveries that flow from strong IP rights.”
The protection of intellectual property rights is imperative to innovation, entrepreneurship, and economic growth. When these rights are not secure, products and their unique identifiers are subject to infringement. This reduces economic incentives to innovate or enter new markets.
Stronger intellectual property protections allow content creators to have control over their products, content, and designs, and to take a stand against those who infringe on their unique contributions. Studies have continuously shown that countries with stronger IP regimes have higher GDPs per capita and higher overall levels of development.
IP-intensive industries are a driver of the global economy, and their rights must not be taken for granted. IP-intensive firms account for 38% of GDP and 45.5 million jobs in the United States, as well as 42% of GDP and 82 million jobs in the European Union.
This is why, in honor of World IP Day, we, the Property Rights Alliance, and dozens of our partners, are joining WIPO in this annual day of celebration, remarking, “World IP Day is an opportunity to celebrate that which is uniquely human: constant innovation, reinvention, and curiosity.”