Innovation and patents as a business success factor
Keywords:
Innovation, Business success, Patent registration, Sales growthAbstract
Purpose. The purpose of this paper is to expose the impact of innovation and patent registration, as a strategy that contributes to business success in the current competitive and globalized market conditions.
Design/methodology/approach. This paper presents a study on the innovation and contribution of the patent registry in the growth of economic sales of 1,746 companies in the Colombian manufacturing sector, whose applied methodology was a statistical correlation analysis and a binary logistic regression.
Findings. The results reveal a positive relationship among incremental product innovations with the achievement of sales success, although it is evident that patent registration negatively influences business success as a factor in innovation.
Originality/value. This study allows organizations to understand the importance of developing innovation processes and patent registration as a competitive factor that drives sales growth and success.
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