IP protections help accelerate access to innovation
Adequate protection of intellectual property affords people around the world faster access to innovation. If an innovator is uncertain that IP will be adequately protected, they will be less willing to enter their product into the market, leading to hampered access to the latest breakthroughs. Moreover, strong IP systems provide the right incentives for competition, which accelerates innovation and its entry to the market.
IP protections incentivize investment in future innovation
Undertaking innovative work is often a tremendously risky endeavor requiring massive investment of time and money. In the agricultural sector, the invention of hybrid seeds has transformed crop farming, but it can take up to 15 years and millions of dollars to develop a commercially viable product. Without strong protection of IP, fewer people will assume the risks and investments required for innovation to occur.
IP protections sustain and grow economies
Robust intellectual property protections enable the commercialization of invention, driving sustainable economic growth in countries around the world and across levels of economic development. When IP is protected, industries that depend on the safeguarding of intellectual property can flourish, generating high-paying jobs and driving economic growth and competitiveness.