US is losing the innovation war — to China
Franklin Center President Nicole Neily writes in The Hill about the decline in American innovation due to a weakening of intellectual property laws:
Over the last decade, government policies and legal rulings are pushing U.S. investment money overseas to China, while here in the United States, key industries that have potential to spur economic growth are paying the price.
This may sound like the sentiments of President-elect Donald Trump, but it’s actually the verdict that former U.S. Patent and Trademark Office Director David Kappos delivered during his closing remarks at a recent Inventing America conference.
“The U.S. no longer provides the kind of patent incentives that are necessary to invest in key industries like biotech and software,” Kappos lamented. “When investment incentives are reduced, you can expect investment to move elsewhere.”