Promoting Innovation is now even more Important

At the end of February the Licensing Executive Society (LES) submitted a letter to the Obama administration promoting and supporting innovation as an economic engine.  The letter can be seen here.

I am a huge supporter of the efforts made by LES, AUTM and others in the promotion of innovation.  As stated in the letter, support for where there is innovation is truly “a sound system” for protecting the economy and as a result  “economies are robust and the quality of life is high.”  An important aspect of innovation is the protection of Intellectual Property (IP), however it is not the only element.   Innovation is mandated and empowered by the Constitution, granting rights to the inventors in order to experience exclusivity and in exchange society benefits both through quality life improvements and economics.  My field, technology transfer, focuses not solely on IP rights but mainly on commercialization supporting these 2 elements.

Need I remind you that we are in tough economic times right now, yet there are important initiatives that need to be maintained in order to support and promote innovation.  It is required that the systematic laws ensure that technology is brought from the “lab bench” to the marketplace.  LES calls for 3 main IP related initiatives that I too encourage: (1) provide gap funding for critical technology development, (2) preserve IP policies that promote both innovation and competition, and (3) support greater access to public and privately developed technology.

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One Response to “Promoting Innovation is now even more Important”

  1. You are so right. Our economy has grown on the backs of small business. More and more of those small businesses include brand new products or much better ways to accomplish existing products/services. If there is one way that the US should be able to compete, it’s innovation.

    However, with the ease that knowledge can flow around the world now, it is going to be important that the effort/cost that goes into innovation can be made to pay off. There is a fine balance between protecting IP and allowing innovations to play off of each other.

    If there are anyone reading this is responsible for driving innovation in their firm and is DC-based, I encourage you to join DCinnovation.ning.com

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