COMMERCIALIZATION AWARDSExpressO (2014)
AbstractSome patent law scholars have proposed introducing new forms of patents to promote commercialization of inventions that would not otherwise be commercialized, or at least not within a reasonable period of time. In this Article I suggest that so-called commercialization patents are unnecessary because the United States already has a system for promoting commercialization of inventions that does not require creating unprecedented exclusive rights: direct government financing. Drawing on statutes and administrative codes, I provide an in-depth account of the major commercialization financing options for inventors and entrepreneurs at both the federal and state levels. I then compare these incentives, called commercialization awards, to newly proposed commercialization patents. I show that, like commercialization patents, commercialization awards create strong incentives to commercialize inventions in the near future, and that award administrators employ a variety of strategies, such as strict investment matching requirements, to reduce the risk of wasting public money on projects that are not commercially viable. Given that non-patent commercialization incentives exist and may be as efficient or more efficient than commercialization patents, I argue that we do not need new forms of exclusive rights to promote commercialization and that introducing these rights would be unwise – especially in light of empirical uncertainty regarding whether patents promote innovation and the current anti-patent climate.
- commercialization patents,
- comparative analysis,
- state venture capital financing,
Publication DateApril 1, 2014
Citation InformationCamilla A. Hrdy. "COMMERCIALIZATION AWARDS" ExpressO (2014)
Available at: http://works.bepress.com/camilla_hrdy/3/