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How Innovation Weathers the Storm
They say that April showers bring May flowers. In different terms, you have to endure the tough times in order to experience the good ones. Further, it’s often that hardship itself fuels worthwhile rewards.
In the industry of innovation, the adage – and the lessons at its core – rings wholly true. The path from idea to reality is never straightforward. It takes incredible resources to bring a product or service to market.
For example, it takes $2.6 billion to develop and bring a new drug to patients. It takes on average between $65 million and $100 million to produce a major studio movie, in addition to another $35 million to market it. A beginning artist can expect to pay around $10,000 to produce a song; a chart-topper will spend closer to $80,000.
Behind these numbers are millions of hardworking people working early mornings and late nights. Their work is rigorous, sometimes even dangerous, and there’s no guarantee of success. Creators and innovators fail and fail again: the first idea or model or trial is hardly ever perfect.
So why do creators and innovators endure such trouble. Why do they endure the rain?
Because there’s the promise of good fortune – of blossoms – ahead.
Strong IP protections signal to creators and innovators that their high-risk investments in innovation are worthwhile. They give tangible value to ideas and safeguard them from theft and other unfair market practices.
In the spirit of our saying, strong IP protections encourage and incentivize creators and innovators to work through the showers to realize the flowers we can all enjoy.
ABOUT THE AUTHOR
Courtney Paul is the manager of communications for the U.S. Chamber of Commerce Global Innovation Policy Center.