IP is an Important Economic Driver for the U.S. Economy
Did you know that every two jobs in intellectual property-intensive industries support one other job elsewhere in the economy1? Plus, IP-intensive industries account for $6.6 trillion of the U.S. GDP1. Strong patent protections will help ensure that the American inventor continues to drive job creation and economic growth going forward.
Innovation Always Thrives When Incentivized
Strong patent protections help ensure individual inventors can secure the investment and financial backing they need to develop and bring their innovations to market. For universities that innovate and don’t produce physical goods, strong patent rights enable them to license their inventions to others and bring in licensing fees that fuel the development of new innovations.
Technology is Moving Quickly
Entire sectors of our economy are being disrupted by new technological innovations. Self-driving cars, online grocery services, and artificial intelligence, just to name a few, are creating new, amazing possibilities for the United States. There is no doubt that these new services, products, and categories will drive novel ideas for innovation and invention just as they have for the last 230 years. But protecting those ideas will be critical, making patents and IP rights particularly important in 2018 and beyond.
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