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Journal of Economics, Finance and Administrative Science
Print version ISSN 2077-1886
Abstract
GARAVITO HERNANDEZ, Youseline and RUEDA GALVIS, Javier Francisco. Innovation and patents as a business success factor. Journal of Economics, Finance and Administrative Science [online]. 2021, vol.26, n.51, pp.143-159. Epub Jan 30, 2021. ISSN 2077-1886. http://dx.doi.org/10.1108/jefas-09-2019-0218.
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.