World Intellectual Property Organization (WIPO) has just released its annual balance sheet, which reveals new trademark registrations raised nearly 14% and patent applications raised 1.6%.
According to WIPO, entrepreneurship has remained “vibrant” despite the challenges of the global economy, with new products and services being created in response to the pandemic.
China led in new patent applications, with nearly half of the world’s 3.2 million applications.
Trademark applications raised 13.7% last year, even with the COVID-19 pandemic, informs the World Intellectual Property Organization (WIPO). The entity has just released its annual balance, noting that patent registrations raised 1.6% and industrial design raised 2% in 2020, compared to the previous year.
According to WIPO, entrepreneurship has remained “vibrant”, despite the challenges of the global economy, with new products and services being created in response to the pandemic.
The UN agency highlights that innovative professionals, designers, and brands are increasingly relying on intellectual property to expand their business and seek new forms of growth.
China in the lead
WIPO Director General Daren Tang also said that this is a “strong sign of innovation in the business sector, with companies introducing new products and services and finding opportunities to reach consumers, opening up new markets and presenting new ideas to the world.”
In 2020, China alone registered 1.5 million patent applications, nearly half of the 3.2 million applications worldwide.
WIPO also calculates that nearly 13.5 million trademark applications have been filed, with the highest number of applications being filed in China, Iran, the European Union, and India.
WIPO’s director-general said the report “confirms that even with one of the biggest economic downturns in decades, intellectual property registration applications have shown remarkable resilience during the pandemic.”