The World is Light: The Rising Tide of Intellectual Property and the Need for a New Marketplace for Rights
Irwin Gross, General Partner, Worldview Technology Partners
Track: O'Reilly Radar: The Executive Briefing
Date: Tuesday, July 25
The fastest-growing source of value in the U.S. and other developed economies is creative output ideas, designs, code, and other intangibles. These intangibles are embodied in intellectual property rights such as patents and copyrights, and they comprise the key assets in virtually all high-value technology products and services. Yet, unlike other important classes of assets physical goods, real estate, and financial assets there is no broadly functioning, efficient market for intellectual property rights. Each IP transaction involves significant uncertainty and requires a unique and costly negotiation. There are no readily available sources of pricing information, and no widely accepted valuation models. The result is billions of dollars wasted each year on delay and litigation. And those losses hit us where it hurts the most: they are a tax on the creative output that fuels economic growth. We must put a stop to those losses by developing working markets for the exchange of intellectual property rights. Open source has provided one model for eliminating such losses, but how broadly can it be applied, and what other types of solutions should we consider?