Technology invention is an indispensable component of today’s innovation economies. However, technological research and development implies high risks and uncertainty: significant up-front investment is required, global competition is intense, prototypes often need to be developed for new ideas to be taken seriously, multiple failures usually precede success (if any) and, when a superior new technology is invented, it can be copied by free-riders.
Some policy makers may misunderstand this reality. Prejudice and misperception is impacting decisions about intellectual property (IP) frameworks and could potentially weaken innovation economies. Without efficient IP protection, the risks associated with invention will outweigh the gains, and venture funding, entrepreneurship, innovation and job creation will drastically slow down.
Through fact based research and education, 4iP Council seeks to improve policy makers’ understanding of how innovation happens.