Patent News

Jan. 15, 2020

House Small Business Committee Republicans Press Release: Witnesses Explain Benefits of Intellectual Property Protections for America’s Innovators

WASHINGTON – Today, the House Committee on Small Business heard from a panel of experts on patent diversity and intellectual property (IP) protections.

“Studies show that small business owners with IP protections can earn 32 percent more in revenue compared to their counterparts who have none.  Firms with IP rights also pay, on average, 20 percent more in wages,” said Ranking Member Steve Chabot (R-OH).  “In the 115th Congress I worked to get the SUCCESS Act passed.  This law became the starting point for this hearing and gave the U.S. Patent and Trademark Office the opportunity to collaborate with the SBA in order to study and reach recommendations for how to better include women and minorities in entrepreneurship and patent activities.”

Panel Underlines Importance of Promoting Diversity in Patent Applications

“The IP index – Intellectual Property index – which measures economies across some 50 countries, what it does is shows a correlation between intellectual property protections, patents, job creation, and success/growth of business. That has been a consistent trend, and probably the most important trend, that I think should be the basis of… this conversation: how do we increase entrepreneurs and innovators across diverse communities so as to create more jobs and create to the positive forces of our economy,” said Mr. Rick C. Wade, Vice President, Strategic Alliances and Outreach, U.S. Chamber of Commerce, in Washington, DC.