Entrepreneurs in Texas may be pleased to learn that the United States has been selected as the country with the best environment for intellectual property. The U.S. Chamber of Commerce compares the world’s major economies on factors such as the safeguarding of trade secrets and the protection of copyrights and patents, and they produce an International IP Index every year. The 2016 index was published on Feb. 10, and Britain, Germany, France and Sweden joined the United States to round out the top five nations.
The 38 economies ranked by the Chamber of Commerce account for the overwhelming majority of the world’s production and economic output, and the business federation’s president said that passing strong intellectual property protection laws and signing several international trade agreements and treaties put America at the top of the index. Intellectual property is thought to have created about 40 million jobs and makes up more than a third of the nation’s gross domestic product.
However, the Chamber of Commerce report was not all good news for American entrepreneurs. The nation’s infringement enforcement practices were criticized, and the U.S. was ranked fifth in this area. Enforcement effectiveness is measured by determining the rate of infringement, evaluating the legal remedies available to the injured parties and assessing the authority that customs officers have to stop and inspect cargo shipments.
Intellectual property, such as logos, formulas, recipes, symbols and inventions, is often among the most valuable assets of a business, and making sure that these assets are protected should be a major priority. Attorneys with experience in this area could ensure that paperwork is properly completed and filed, and thy may also initiate litigation against those who infringe upon the rights of their clients.