Innovation Alliance Applauds Introduction of Bipartisan SUCCESS Act by Representatives Comstock and Adams
Bill Takes Important Step Toward Addressing Patent Equity Gaps
WASHINGTON, D.C. – Innovation Alliance Executive Director Brian Pomper today issued the following statement on the introduction of the bipartisan Study of Underrepresented Classes Chasing Engineering and Science Success (SUCCESS) Act of 2018 by Representatives Barbara Comstock (R-VA) and Alma Adams (D-NC):
“The Innovation Alliance applauds Representatives Comstock and Adams for introducing the bipartisan SUCCESS Act. This legislation would take an important step toward addressing the equity gaps in inventing and patenting by directing the Small Business Administration, in consultation with the U.S. Patent and Trademark Office, to study and identify best practices for increasing patenting rates for underrepresented individuals.
“Researchers have found that women, persons of color and low-income individuals apply for and hold far fewer patents than white males, which is contributing to an imbalance in entrepreneurial and startup success rates and a drain on U.S. innovation and competitiveness. For example, economists at the Institute for Women’s Policy Research recently found that fewer than one in five patents are held by a woman inventor and, at the current rate of progress, women inventors will not reach parity in patenting until 2092.
“Generating higher rates of patenting or other intellectual property holdings among women, persons of color and low-income individuals would improve their access to venture capital and other financing, allowing them to expand research and development and more easily bring their innovations to market. Progress toward gender, racial/ethnic and socioeconomic equity in patenting would also benefit society by driving economic growth and bringing new ideas to the table in the search for solutions to the world’s most pressing problems.
“The Innovation Alliance urges Congress to take up and pass the SUCCESS Act as soon as possible.”
ABOUT THE INNOVATION ALLIANCE
The Innovation Alliance represents innovators, patent owners and stakeholders from a diverse range of industries that believe in the critical importance of maintaining a strong patent system that supports innovative enterprises of all sizes. Innovation Alliance members can be found in large and small communities across the country, helping to fuel the innovation pipeline and drive the 21st century economy. Learn more at www.innovationalliance.net.
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