Improved reputation and credibility, increased turnover and better market expansion prospects are all positive effects of intellectual property rights ownership for small and medium enterprises (SMEs).

That’s according to a major EU-wide survey of SMEs and intellectual property (IP) released last week by the European Union Intellectual Property Office (EUIPO), a decentralised agency of the EU, which shows that 54% of SMEs with IP rights claim that registration has had a positive effect on their business.

However, nearly four out of ten SMEs say that a lack of knowledge about intellectual property (IP) rights, such as patents, trade marks and designs, stopped them from obtaining the IP protection that they needed.