Innovation and patents as a business success factor

Youseline Garavito Hernández and Javier Francisco Rueda Galvis

Journal of Economics, Finance and Administrative Science, 2021, vol. 26, issue 51, 143-159

Abstract: 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.

Keywords: Innovation; Business success; Patent registration; Sales growth (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:jefasp:jefas-09-2019-0218

DOI: 10.1108/JEFAS-09-2019-0218

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