When you think about intellectual property including patents, trademarks and copyrights do you also think about the U.S. economy? You should. According to a September 26, 2016 report by the U.S. Commerce Department, intellectual property (IP) is a major economic driver that supports at least 45 million U.S. jobs and contributes over $6 trillion to the U.S. GDP, which equates to 38.2% of the GDP! That’s amazing. When President Trump said at the recent State of the Union Address that, “we will protect … American intellectual property, through strong enforcement of our trade rules,” he was pointing out the obvious, our economy is not only powered by IP, it depends upon IP.
IP creates value through providing exclusive rights to patented inventions, trademarked brands, or copyrighted works that, like other property, can be bought, sold or licensed. As reported by the Commerce Department, IP protection affects the economy by: providing incentives to invent and create; protecting innovators from unauthorized copying; facilitating vertical specialization in technology markets; creating a platform for financial investments in innovation; supporting startup liquidity and growth through mergers, acquisitions, and IPOs; making licensing-based technology business models possible; and enabling a more efficient market for technology transfer and trading in technology and ideas.
The value of IP and the promise it holds for our economy will only increase over time. As new technology comes online—such as autonomous vehicles, genetically engineered medical treatments, and quantum computing—it will be through IP protection that we collectively reap the rewards of this innovation. It is also fair to say that whether you are starting a new business or keeping your competitors at bay, IP holds a key role in making your business a success.
There are many great takeaways from the Commerce Department’s report and its implications. A big part of the success of our country is founded on IP. We owe a debt of gratitude to our forefathers for their recognition of the value of IP and ingraining it into our laws. We also have clear insight into how we can contribute to the success of our own businesses—develop and protect your IP.
The Intellectual Property department at Amburn Law is handled by Dean Amburn. Dean has over twenty-five years of experienced in all aspects of IP legal work and litigation, including seventeen years as a patent attorney focused on litigating IP disputes. He also prosecutes patent and trademark applications.
Amburn Law is an elite civil litigation law firm representing clients across a broad spectrum of disputes and cases including all types of personal injury, intellectual property matters and commercial litigation.Share this Article