news

Many of our most successful ventures in America started as a note on a napkin, a schematic on a white board or a dream by an entrepreneur.  When these ideas blossom into new products and services, they create jobs – a critical component of a healthy economy.  

The success of these new ventures requires a system that effectively protects entrepreneurs’ ideas from being unfairly copied and stolen.  Businesses that develop new products need assurances that the economic value of their innovations will be maintained.   

At the same time, we must ensure businesses know how to obtain those protections and enforce them.  Doing so helps entrepreneurs reach global markets and the working capital they may need to get off the ground.

Because of our entrepreneurs’ creativity, the United States is an unparalleled global leader when it comes to new ideas.  In fact, nearly 45 million American jobs are supported directly or indirectly by industries with an Intellectual Property focus.  

This includes small firms that are independent television and movie producers, video game designers, songwriters and manufacturers. Collectively, this trillion-dollar industry constitutes a significant aspect of our nation’s economic success.  

Unfortunately, the full potential of this creative field has not been realized. Many more small firms could launch and contribute to this sector, if they only knew how to protect their Intellectual Property.  

As the Internet continues evolving, the situation has become more complicated. While the Internet has empowered artists, retailers, and researchers to rapidly disseminate their ideas, services, and goods, it has also created opportunities for bad actors.  

For small, innovative firms, many of which already face challenges accessing capital, it is vital their investments be protected from counterfeits and piracy. Without such protections, these entrepreneurs would be unwilling to assume the risks necessary to produce the next market disrupting invention, thereby hampering growth. 

This is especially true among women, minorities, and other underserved business owners who already face obstacles obtaining IP protections and funding. Not only do woman-owned startups receive just 10% of all global venture dollars, they are awarded just 18% of U.S. patents.  Addressing these disparities must be part of the conversation. 

Today’s hearing will examine how the system for protecting intellectual property can foster innovation and parity among entrepreneurs.