Connnecting great IP to various funding agents to spark innovation

Submitted by Storm Palace on Mon, 11/21/2005 - 14:33.

Please post thoughts regarding the connection of IP to various funding agents to spark innovation in NEO

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What is great IP?

I find the question of what is great Intellectual Property especially interesting. Is it a secret formula for a nanotech coating that becomes Nonofilms, of the raps of Bone Thugs n Harmony, or a sculpture by David Davis, all valuable and "invented" here in Cleveland.

I know we are surrounded by great IP of every imaginable type, here in NEO, and NEOans have the opportunity to help grwo that IP every day, in big and small ways. You can eat at Parkers, and support that IP, or you can buy a felt scarf by Horst, and spread that IP, or you can invest in an entrepreneur - in each way, you profit in your own ways. The only way you and NEO lose is if you don't participate in our authentic IP economy. Every meal you eat at a chain restaurant, and every McArtwork you buy at a mall, and every dollar you invest in a non-local fund, sucks funding away from local IP creaters.

We speak of the need for more VCs, and new investors, but what we really need is a culture of spending and investing locally, with every dollar you may, to help local IP creators stayhere and thrive in every way. There are all sorts of entrepreneurs and they all depend on friends, family and angels large and small. Play your part in building an inventive, entrepreneurial, successful economy here at home by really thinking about how you spend and invest your money and looking for local options as a priority. There is not a shortage of IP, creativity, funding or wealth here. 

Ideation to Innovation takes Implementation

I don't think there is a more valuable resource on our planet than great ideas - the creativity and brainpower that generates innovative ideas is the ultimate source for the creation of new value. Revolutionary new ideas become intellectual property that can be patented, licensed business processes and models, Most models I have seen work to generate new IP through research funding and then work to find the sources of funding for prototyping, development, and testing of the IP generated necessary to commercialize it. So ideation does not become innovation until this process goes full cycle. What I would like to see are systems that share IP generated at one source with thinkers and researchers at other sources who can offer improvements and insights that better the original before it becomes commercialized in its initial, more primitive form.

Unfortunately individualism and desire to protect IP from others for individual recognition and gain lead most IP generated to be hidden as a trade secret or patented so others cannot 'steal' the IP in question. Once an idea is patented a limited window of protection is created for the specific process or item in question but it becomes available for others to work with and potentially design workarounds or alternative versions of the original. In some ways this might be better than the trade secret route for society-at-large, because there is disclosure that can produce additional benefit.  Again, in an effort to prevent workarounds through patent disclosure companies, in my opinion, spend extra resources to proactively identify potential workarounds (in the case of drug companies this is represented by alternative molecular structures or reagents, etc) so these can be patented as well. I suppose this speaks to the very nature of capitalism and enterprise but I wonder how much bureaucracy and expense could be avoided or redirected to progressive research if IP could be honored and associated with those creating it without these burdensome legal recourses that some may not be able to afford.

Perhaps web technology could help in creating a 'virtual IP bank' that instantly credits those with great ideas on a universally recognized platform or portal - a global IP bank that stamps IP with its author and date of conceptualization. I'm sure there are other ideas regarding alternatives and I would love to hear them.

For Northeast Ohio it would be great to facilitate the connection of IP to the funding that can materialize it to lead to innovation. Again the power of open source virtual environments to draw corporate sponsors, angel investors, or venture capitalists to the Idea bank envisioned could be one model to help spark the innovation we need to see in our region that can ultimately lead to economic benefits for our region and a better quality of life for everyone. The newly created outcomes we see will materialize in a multitude of forms - new drugs that promote health and longevity, new technologies that save people time and resources, and innovative new businesses and ventures that stimulate economic growth via revenue and job creation. 

So let's hear other people's ideas on models we can implement regionally to stimulate economic development - there's so much more to share and I hope to hear back from others soon!