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.
Highlights
The concept of business success is associated with the positive analysis of an organization when it demonstrates growth through financial and management indicators, results of efficient management of production processes and the adequate use of resources as market opportunities
Product innovation is considered as a critical factor for the success of companies because it positively influences economic profitability and maintains their competitive edge in the market, an aspect that adds to the patent registration as another element that generates success by allowing an organization to maintain in a better measure their positioning and overcome the breakeven point easier as well as their return on investment (ROI) (Artz et al, 2010; Galvez and García, 2012)
In Colombia, studies on the effect of innovation and patent registration turn out to be limited, which is why this research focused on the analysis of success based on sales in manufacturing companies nationwide
Summary
The concept of business success is associated with the positive analysis of an organization when it demonstrates growth through financial and management indicators, results of efficient management of production processes and the adequate use of resources as market opportunities From this perspective, Darroch (2005) and Chittithaworn et al (2011) express that the development of new products that meet customer needs and expectations is an essential strategy to achieve corporate success as it guarantees the company’s permanence in its commercial environment with the generation of greater benefits associated with sales, profits and profitability. The full terms of this licence maybe seen at http://creativecommons.org/licences/by/4.0/legalcode
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