Intellectual property: a golden oppportunity

San Diego is the second-most inventive city in the world. According to the Organization for Economic Co-Operation and Development, the city produces 8.9 new patents for every 10,000 residents.San Diego's tinkerers and innovators are fast becoming California's next economic titans. And their intellectual property (IP) -- the ideas underpinning their ground-breaking inventions -- are driving growth and creating local jobs. But our city and state will never reach their full creative -- and economic -- potential unless our leaders preserve the strong intellectual property rights that protect those ideas. Today's IP industry is broad and lucrative. It encompasses not only inventions but music, writing, photography, mechanical processes, and medical breakthroughs. Patents, copyrights, and trademarks acknowledge the value of these contributions, allow their creators to capitalize on them -- and protect them from infringement or theft. IP is fueling economic growth. California's IP-intensive businesses contribute $922.8 billion to the local economy. One of them is my own, Aventyn. We develop advanced healthcare technology solutions, including a comprehensive electronic health record platform and tools that allow for remote patient monitoring and integrated chronic-disease management with smart analytics. These cutting-edge technologies can help reduce healthcare costs and improve patient safety. We depend on the protection of our IP rights to secure a return on the investment of time and resources we've made in these products, which help patients around the world. Collaborating with trade organizations such as the Wireless Life Sciences Alliance and CONNECT, we've created real jobs right here in San Diego. Our IP is the foundation of our business. And there are many more like us. The Golden State is home to hundreds of thousands of scientists and engineers. It's also a refuge for innumerable artists, thinkers, and performers. In total, California's creative enterprises provide 7.38 million residents with high-quality opportunities that offer an average annual salary of $65,171 -- 37 percent more than positions in other fields. Some of California's most successful companies rely heavily on IP. Consider the Walt Disney Company -- the only entertainment business with a "creative discovery" division. Anaheim's Disneyland Resort recently completed a five-year expansion project that created 3,000 local jobs and an estimated $19 billion in economic activity. The park now employs over 21,000 California residents. San Diego in particular is home to many IP ventures. The city is anchored by a robust life-sciences sector comprised of more than 700 companies and 80 research institutions that employ 34,000 local residents. IP has helped make California the top exporting state in the nation. The Golden State now sends $122 billion in IP goods abroad. California's entire $159.3-billion export business accounts for 10 percent of American goods shipped overseas. But these impressive figures could easily dwindle if policymakers don't preserve the protections that allow innovative firms to thrive. Strong IP rights acknowledge that inventive and creative processes require huge upfront investments -- in time, in money, in emotional energy. If talent isn't appropriately rewarded, it's discouraged. And without guaranteed protections for ownership, artists, innovators, and inventors will lack the proper economic incentives to continue pursuing their critically important work. In the Internet age, stealing others' intellectual toils has become easier than ever. But government can't police cyberspace theft alone. The private sector -- especially those firms with significant digital footprints -- must continue to pitch in to help stop illegal activity and the money that supports it. Intellectual property encourages invention and entrepreneurship --and boosts the economy in the process. Led by San Diego, California has developed a foothold in the lucrative sectors fueled by IP. But the state must continue to reward original creativity by maintaining and strengthening protections for intellectual property. If it fails to do so, the Golden State will miss out on a golden opportunity. Navin Govind is the Founder and CEO of Carlsbad-based Aventyn, Inc.

********** Published: Dec. 19, 2013 - Volume 12 - Issue 36