One idea has the potential to change the world. Take major advances, such as the automobile, the mobile phone and vaccines, for instance. And consider inventions that are currently in development, like COVID-19 diagnostics, treatments and vaccines. Each of these world-changing innovations started as a mere idea that took a path to become a new invention.
But the journey from an idea to a valuable new product or process takes a lots of time and money. That’s why robust, modern approaches to intellectual property (IP) rights are needed. They encourage investment in the ideas that lead to tomorrow’s new inventions and breakthrough solutions.
A new IP Progress video brings to life the journey from idea to innovation – the potential, the path to market and the importance of IP to protecting the innovator along the way. Some key takeaways:
- Ideas are vital for progress. They help improve every facet of our lives – from the food we eat, to the technology we use, to our professional lives and our personal wellbeing and care – making life easier, healthier, better.
- Investing in an idea takes commitment. It can easily take years, if not decades, from the time an idea is documented until it is brought to market, requiring capital and time researching, fundraising, building, testing, refining and marketing the invention. In fact, invention consultant Invention City indicates a simple idea can take two to five years to bring to market from the time a final product is developed – and that does not even include the ideation, fundraising and testing.
- Ideas can often fail, but the payoff for success can be lifechanging. For example, nearly 90% of potential new medicines fail at some point in the research and development stage. But without those attempts, we wouldn’t have medicines for diseases such as cancer, heart disease and diabetes that improve health and save lives.
- Because of the investment and potential for failure, IP remains incredibly important. IP rights are a critical tool to recognize and protect the investments innovators make in breakthrough products and processes. And, importantly, these protections facilitate knowledge sharing to continue to advance ideas and inventions that positively impact lives around the world.
Innovation begins with an idea. And strong IP rights, that protect and reward innovators, help fuel the innovation ecosystem that transforms these ideas into tomorrow’s breakthroughs.