The innovation economy depends on inventors. And inventors need more support.
I’d put my money on the sun and solar energy. What a source of power! I hope we don’t have to wait until oil and coal run out before we tackle that.
– Thomas Edison, 1931
As the Gulf oil crisis and bleak jobs picture remind us, there is an urgent need for new green-energy sources, jobs, and related technology. America’s competitors get this. In 2009, China issued more than 580,000 patents, up 41 percent from 2008. It also now is the world’s largest manufacturer of wind turbines and solar panels.
Yet here in the United States, utility patents have stalled and some 85 percent of inventions in the US die before they reach commercialization.
Many of these inventions fail not because they weren’t useful, but because their creators ran out of time and money.
If 85 percent of cars ran out of gas before they could complete their trips, we’d add fuel stations, increase efficiencies, or build more roads to solve the problem. Likewise, if we’re serious about building America’s innovation economy, we must redesign the support network for America’s inventors.
A lone inventor with a day job might spend years and up to $100,000 developing a new technology at home. It takes a village to turn an idea into a business: The daunting steps to commercialization include hiring lawyers, creating a business plan and prototype, and finding investors and customers.
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