Innovation Alliance Commends Congress for Passing Bipartisan SUCCESS Act
Bill Takes Important Step Toward Addressing Patent Equity Gaps
WASHINGTON, D.C. – Innovation Alliance Executive Director Brian Pomper today issued the following statement on Congress passing the bipartisan Study of Underrepresented Classes Chasing Engineering and Science Success (SUCCESS) Act of 2018 (S. 3483, H.R. 6758):
“The Innovation Alliance commends Congress for passing the bipartisan SUCCESS Act. We thank the U.S. Senate for following the House’s lead by quickly and unanimously approving this legislation. And we particularly thank the bill’s co-sponsors, including Senators Grassley, Coons, Hatch, Hirono and Feinstein, and Representatives Chabot, Johnson, Goodlatte, Nadler, Comstock, Jeffries, Velazquez, Wagner, Adams, Handel and Cicilline, for their support. We urge President Trump to sign the bill into law as soon as possible.
“The SUCCESS Act will take an important step toward addressing equity gaps in inventing and patenting – gaps which are holding back the U.S. economy. Specifically, the SUCCESS Act will direct the U.S. Patent and Trademark Office, in consultation with the Small Business Administration, 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 American 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 will 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 will 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.”
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.