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Innovation Lifecycle Explains IP Importance

Mark Marich

Why is intellectual property important to job creation and the expansion of economic growth? Do you know the five stages required to take an idea from initial conception to a final product in the marketplace?

If you aren’t sure, check out the new Innovation Lifecycle, a multimedia platform recently released by the U.S. Chamber of Commerce's Global Intellectual Property Center (GIPC) to help answer those and other questions. Users her directly from the voices of innovators in some of America's most creative sectors--illustrating the challenges, dedication, and skilled individuals behind the process of bringing an idea to market.

"Every American innovative sector has a story to tell, and each story is unique," said David Hirschmann, president and CEO of the Chamber's GIPC. "The Innovation Lifecycle project captures these stories and demonstrates how intellectual property creates jobs, encourages and incentivizes innovation, and promotes long-term economic growth."

The purpose of the resource is to provide legislators, policymakers, and the public with a better understanding of the role that IP plays in our economy and society.

"Businesses and individuals are required to pour thousands of man hours and possibly millions of dollars to create something new and bring it to market. That latest movie, pharmaceutical, or 'it' technology wouldn't be possible without intellectual property," added Hirschmann. "The Innovation Lifecycle shows Congress and the Administration the need to promote sound IP policies to enable these ideas to see the light of day, and sustain strong IP enforcement efforts, like those addressed in rogue sites legislation, in the United States and abroad."

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