Global Intellectual Property Center

Tag Archives: entrepreneurship

The Untold Story of Patents and Innovation

The Untold Story of Patents and Innovation

It’s a tale that has been told countless times, and while the details vary from story to story, the basic plot remains the same: An innovative company or entrepreneur introduces a game-changing product or technology that has the potential to improve our lives or tackle major societal challenges. While the breakthrough initially garners praise, the response sometimes turns sour when consumers realize the price reflects the years of research and development and the incremental failures and successes that lead to the discovery. It’s that second part of the narrative that has given rise to the notion that patents are what make new technologies expensive, and that they restrict our access to the world’s latest and greatest innovations.