I firmly believe in the power of human ingenuity and the inherent value of our minds. Intellectual property (IP) reveals this ingenuity and the value of the human mind by highlighting the fruits of creativity, innovation, and cultural expression.
I also believe the most pressing socio-economic issue in the U.S. today is awareness of intangible asset rights, particularly IP rights and data privacy rights for consumers. Why? Because in today’s knowledge-driven economy, IP is often the most valuable asset for both private and public institutions (i.e. companies, universities, and governments).
Some IP Stats:
The global value of intangible assets is worth over 60 trillion USD. That’s more than the combined GDP of the U.S., China, Germany, Japan, and India. 1
Intangible assets make up more than 90% of the S&P 500 market value.2
In 2019, IP accounted for 41% of the U.S. GDP. IP-intensive industries accounted for 63 million jobs, or 44% of all U.S. employment. 3
In 2019, the average weekly earnings of workers across all IP-intensive industries in the U.S. was 1,517 USD. Workers in non-IP-intensive industries earned an average of only 947 USD per week in 2019.4
These statistics highlight the crucial role of IP in driving economic growth, innovation, and job creation in the U.S.
What is Intellectual Property?
IP is any form of creation that comes from the human mind. My law school IP professor, Osagie Imasogie, famously stated that IP is the new global currency that any human being can mint. And once IP is minted, it can be exchanged for value – cash, equity, debt, notoriety. IP is powerful.
There are four main categories of IP.
Copyrights: Copyrights protect original works of authorship, like BOOKS, music, film, and art, giving the creator exclusive rights to reproduce, distribute, and display the work. Copyright in the U.S. typically lasts for the creator’s lifetime plus 70 years.
Examples: Your TikTok & IG posts, All of your academic notes from high school and college, Art work, software.
Trade Secrets: Trade secrets include confidential business information that provides a competitive edge and economic value, like formulas, practices, or processes. Unlike patents, trade secrets are not publicly disclosed and can last indefinitely as long as secrecy is maintained.
Examples: Nooks and Crannies of English muffins, TikTok’s Content Recommendation Algorithm, Chanel No. 5 Perfume formula.
Trademarks: A trademark is a recognizable sign, symbol, word, or phrase that distinguishes goods or services of one company from those of others. It protects brand identity and can be renewed indefinitely as long as it's in use.
Examples: Amazon Smile Arrow, Instagram Camera Image, Your College’s name
Patents: Patents protect new inventions or processes, granting the patent holder the exclusive right to use, make, sell, or license the invention for a specific period (usually 20 years in the U.S.). There are generally three types of patents: utility, design, and plant patents.
Examples: Amazon’s One-Click Ordering , Peloton Bike, Apple’s Face ID Technology.
Through copyrights, trade secrets, trademarks, and patents, IP allows individuals and companies to gain recognition for their contributions while encouraging further innovation. This protection incentivizes creators to invest time and resources into developing new ideas, which ultimately benefits society as a whole.
