Posts in Technology & Innovation

Bayh-Dole was created because of a glaring problem– billions of hard earned tax dollars invested annually in government R&D were being squandered by ineffective government patent policies. If this research cannot be taken out of the labs and turned into products, the public is being short changed. Even so, it was a long, tough road to travel, and we only succeeded by the smallest of margins. Turning around long standing government policies, no matter how ineffective, is never easy.

Betsy de Parry spoke of how the Bayh-Dole act affected her personally by lending time and resources to university discoveries that created the life saving treatment that has led her to 8 years of being cancer free. de Parry brought an emotional and very human element to the celebration because she is living proof of what this piece of legislation has meant to so many — it fostered discoveries and drugs that literally saved her life. Her story was quite moving and admittedly brought me to tears. For those of us who have loved ones afflicted by cancer, it gives me great hope that eventually a cure will be found.

At one point during his remarks last night President Obama said: “Nobody rushes on the field and dumps Gatorade on them (laughter) when you win a science award. Maybe they should!” Indeed we should celebrate science and math victories every much, if not more, than we celebrate sports victories, but that is not our culture unfortunately. We need to change our culture to raise the profile of those who are succeeding on every level in the scientific fields. President Obama can play a major role in bringing about that change, and his raising the profile of those who are science fair winners is certainly encouraging.

Earlier this evening President Barack Obama awarded National Medals to 16 distinguished scientists and engineers in a ceremony in the East Room of the White House. Without further ado, here is my photo diary of the 2009 National Medal of Science and 2009 National Medal of Technology and Innovation awards ceremony.

Later today President Barack Obama will honor the 2010 recipients of both the National Medal of Science and the National Medal of Technology and Innovation. I have been granted press credentials by the White House to cover this event, so check back tomorrow for my first hand account of the awards ceremony and a birds eye view of the event from inside the White House.

Currently, the average time between the approval of a green technology petition and the first action on an application is just 49 days. In several cases, patent applications in the green technology program have been issued within a year of the filing date. Earlier patenting of these technologies can help inventors to secure funding, create businesses, and bring vital green technologies to market much sooner. In fact, since the pilot program began in December 2009, a total of 790 petitions have been granted to green technology patent applicants, with 94 patents having already been issued.

Upon the expiration of the Bush tax cuts, among increases in the tax rate for all tax brackets, the dividends tax rate will increase. So even if Congress and the White House extend the Bush tax cuts for all but the top earning Americans, virtually all small business owners, regardless of their tax bracket, will see an increase in their effective tax rate as a result in the increased tax rate for dividends. Policies that make job creation more difficult and investment in innovation more unlikely are reckless, particularly at a time when our economy is so hurting. That is why the Bush tax cuts should be extended across the board at least temporarily.

But looking back, what strikes me is the surprisingly-variable role that patents played in the growth and success of the half-dozen trailblazing startup companies that I helped lead. For these startups, which collectively created more than 2,500 jobs, I raised approximately $1 billion from strategic and venture investors (who ended up with $3 billion in returns). And in the majority of cases, owning patents proved to be crucial to the funding and commercial success of my startup. But this wasn’t always the case. In several startups, patents were almost completely irrelevant to either the financing or the ultimate fate of the company. Understanding why this was so may offer some insights into both the value and the limitations of patenting.

In May 2009, Genzyme Corporation acquired the worldwide rights to a potential breakthrough treatment for Multiple Sclerosis (MS) along with three marketed oncology products from Bayer Healthcare Pharmaceuticals. In February, the University of Pennsylvania (Penn) and AstraZeneca forged a new collaborative research agreement, featuring a significant licensing component, that makes use of their respective talents and resources to generate new Alzheimer’s Disease (AD) drug candidates for the clinical development pipeline.

Biotechnology industry leaders announced today a major new program to improve the quality of U.S. life science education. The Biotechnology Institute’s new “Scientists in the Classroom” initiative is the life science industry’s response to President Obama’s “Educate to Innovate” campaign to improve the performance of America’s students in science, technology, engineering, and mathematics (STEM) education. The announcement came as life science industry executives participated in a White House event announcing the creation of the new broad education coalition called “Change the Equation” comprised of CEOs from across a broad spectrum of industries.

While success in Phase I is critical, there are substantial hurdles to overcome yet before this vaccine could reach the market. Nevertheless, such a promising cancer vaccine ought to be heralded by everyone, right? Think again! Inovio actually has the audacity to have patents on its ground breaking innovation, which will lead the anti-patent non-thinkers to be more concerned with blowing up the patent system than rooting on Inovio and others as they attempt to eradicate cancer. Absolutely ridiculous if you ask me!

I continually preach to inventors the need to follow what I call a “business responsible” approach, which is really just my way of counseling inventors to remember that the goal is to not only invent but to hopefully make some money. Truthfully, the goal is to make more money than what has been invested, which is how the United States Congress defined “success” in the American Inventors Protection Act of 1999. Odds of being successful with one of your inventions increase dramatically if you engage in some simple steps to ensure you are not investing time and money on an invention that has little promise.

I understand the objections to embryonic stem cell research, but I simply cannot understand anyone that has a moral objection to embryonic stem cell research. How is it moral to watch those with crippling diseases agonize without trying to do everything we possibly can to find cures and treatments? Simply put, there is nothing moral about watching the suffering of another human being and doing nothing.

For now we can be thankful that the U.S. enjoys dominance in an important and growing field like nanotechnology. Even though China does not receive high marks yet, it seems only a matter of time before the Chinese figure out what we in the United States, most in Western Europe and many in Asia have know for a very long time. Significant investment in technology and the creation of a business friendly climate lead to businesses locating, investors investing and high-paying technology jobs being created. Of course, there is also the national security angle to consider as well. So not only are we allowing other nations to catch up to us from a technology and business standpoint, we are allowing other countries to catch up to us from a military technology standpoint, which is concerning.

This past Sunday there was a brief but very interesting segment on Fox New Sunday that actually discussed the plight of the United States Patent and Trademark Office and how the enormous backlog of inventions in the queue at the USPTO is preventing organic job grow at a time when our economy desperately needs job creation. Sitting in for Chris Wallace was Brett Baier. He was interviewing Mark Zandi, who is Chief Economist for Moody’s Analytics, and Liz Claman, an anchor on the Fox Business News channel. The topic for this 11:54 second segment was the health of the U.S. economy and what can and should be done by our leaders in Washington, DC. Surprisingly, at least to me, Claman brought up the USPTO as an ideal opportunity for “instant stimulus.”