IP Watchdog Opinion: How Congress can ensure the patent system protects inventors and entrepreneurs, by Brian O’Shaughnessy
This post originally appeared on IP Watchdog on May 22, 2016.
Patent protection promotes invention and discovery, and the formation of new businesses. Patents are often the principal asset in the start-up portfolio, and a reliable indicator of its ability to attract capital and investment. Patents are the currency of the innovation system. As with conventional currency, we must ensure that patents issued by the U.S. government are reliable, durable assets that can be utilized for many, diverse purposes. This is imperative if we are to keep the wheels of our innovation-based economy turning smoothly.
Patents are critical to the growth and viability of any innovation-oriented start-up. The MIT Innovation Initiative recently reported that the likelihood of growth of start-up firms is thirty-five times greater for those that avail themselves of the patent system. Similarly, a study from Harvard Business School and NYU’s Stern School of Business, reports: