This week’s News You Can Use features stories that show how a strong intellectual property system supports economic growth. As a result, countries are prioritizing investment in innovation.
Countries with Strong IP Systems Invest More in R&D; Innovate More
The U.S. Chamber of Commerce’s blog published four key graphs showing the correlation between a strong IP system and a strong economy. The graphs use data from the Global Intellectual Property Center’s recently released International IP Index to show positive relationships between a strong IP system and:
- investment in research and development;
- percentage of employees in knowledge-intensive jobs;
- economic investment generally; and
- innovative output.
The U.S. ranks highly in these charts, and countries worldwide are working to bolster IP protections to foster positive outcomes demonstrated by these metrics.
WEF Highlights Private-Sector Innovation Support Key for Entrepreneurial Growth in China
A new article from the World Economic Forum (WEF) points out that a strong innovation economy will play an important role in the outlook for China’s private sector. Absent support for innovation, entrepreneurs may lack the confidence necessary to continue to invest in new business ventures and develop intellectual property. The article highlights prioritization of start-ups and government support for innovation as mechanisms that can enable Chinese companies to sustain a high level of growth.
White House Recruits Innovation Fellows
The White House announced this week a new round of competition for Presidential Innovation Fellows. For this round, the U.S. is focusing on supporting innovation in four key areas: education; jobs and the economy; climate change; and health and patient care. Selected fellows can become “entrepreneurs-in-residence” at a variety of federal agencies where they will work to implement their innovative ideas.
Check out previous fellows’ projects, which have focused on improving federal responses to natural disasters, streamlining businesses’ ability to work with government, and improving veterans’ access to education, among others.