The fast-follower advantage: leveraging intellectual property as driver of economic growth

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The object of research. The research focuses on the factors driving the rapid growth in patent applications globally, with a particular emphasis on China’s patenting dynamics. It seeks to explore the economic mechanisms that enable a sustained increase in patent activity despite the significant costs of intellectual property (IP) development and maintenance. Additionally, the study highlights the role of the "fast follower" strategy and its interplay with the scale effects of large domestic markets in shaping such growth. Investigated problem. Over the past two decades, the number of patent applications has surged, particularly in emerging economies such as China. However, this growth raises significant questions about sustainability. On one hand, IP creation and management demand substantial financial investment, while on the other, regions like China invest more in acquiring IP than they gain from selling it. This paradox is compounded by disparities in global patenting dynamics, where countries face challenges in balancing innovation-driven competitiveness with cost management. Moreover, understanding how this approach is scalable to markets with differing economic structures remains underexplored. The main scientific results. This study proposes that China's strategy hinges on the "fast follower" model, emphasizing the acquisition of existing IP over conducting costly in-house R&D. The analysis demonstrates that leveraging vast domestic markets and reducing production costs create efficiencies that sustain patenting growth. Furthermore, by focusing on commercialization, rather than invention, this approach provides insights into optimizing IP management across different economies. The area of practical use of the research results. The findings are applicable for policymakers, organizations, and economies aiming to enhance their IP strategies. By adopting targeted IP acquisition models and aligning innovation with market dynamics, entities can maximize their competitive positioning. Innovative technological product. A framework for leveraging intellectual property commercialization using the fast-follower model, allowing firms to reduce R&D costs, capitalize on domestic market scale, and achieve sustainable innovation-driven growth. Scope of the innovative technological product. The study’s insights are particularly relevant to industries where knowledge-intensive products dominate, such as electronics, telecommunications, and advanced manufacturing

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