SAN JOSE, Calif. - June 4, 2024 - PRLog -- If innovation is to continue to drive the global economy, more efforts will have to be invested in shoring up "trust" in the conventions and institutions that underpin the international intellectual property community. So says Paul E. Davis, CEO and president of Adeia Inc., a leading R&D and intellectual property (IP) licensing company, in an interview for journalists.

In the context of the IP community, "trust" means having confidence and assurance that the systems protecting and enforcing IP rights are fair, effective and have integrity. This trust is important for creators, innovators, businesses and consumers.

"There is a clear relationship between IP and economic vitality, with patented innovations that have delivered widespread societal benefits worldwide. Rapid rates of innovation, however, can only be sustained in an environment that all key stakeholders comprehensively trust," says Davis.

This is critically important because IP ecosystems are extremely diverse, vibrant and dynamic. When complicated issues constantly change, it can create confusion. Trust, says Davis, is the primary path to resolving confusion.

"Trust plays a crucial role in supporting the IP sector. It's the foundational building block that enables critical stakeholders to communicate openly, share insights and build relationships that foster innovation," he adds.

It is why, he adds, the trajectory of innovation in the United States has been so impressive. In 2023, the U.S. Patent and Trademark Office granted 346,152 patents, up 90% from 2000, when 182,218 patents were issued, according to research from Statista.

Setting the IP Record Straight

The remarkable rate at which patented innovations have worked their way into the economy has been undermined in recent years by efforts to downplay -- and in some cases delegitimize -- key players and processes in the intellectual property community.

"It is always important to consider the source when reviewing critiques of our IP environment. All too often, companies that hold a 'limiting' view of the IP sector have already taken advantage of patented technologies…only to denigrate patent holders once they reach a certain level of funding and growth," he says.

Two key priorities must be pursued to maintain a healthy innovation economy. According to Davis, the community of interest should be aligned in supporting a patent system in which all participants benefit from sharing innovations and technologies. The same system should recognize, respect and compensate those who contribute to patented innovations.

"Pursuing these objectives, however, can be challenging when public statements from influential market players devalue the IP community and important aspects of the patent system," says Davis. "A lot of important perspective can be lost in the narrative."

That said, Davis sees immense value within the patent system and the broader intellectual property ecosystem.

"The outlook is promising. I'm confident that innovation will persistently progress towards trust, bolstered by a broader appreciation of the patent system's significance. There is increasing recognition among stakeholders in this ecosystem, including consumers, of the pivotal role patents play in driving technological advancement," Davis says.

Building trust requires a high degree of transparency across all participating players. Key stakeholders must be aware of the implications of innovations, the time frames over which they evolve and who benefits from patents. These different participants in the ecosystem must be willing to work together.

Walking the Walk

Adeia was recognized by Statista and Newsweek in November 2023 as one of the World's Most Trustworthy Companies. It is a technology innovator whose primary focus is inventing the future of media and semiconductor technology.

"We believe in maintaining a high level of transparency in our licensing discussions with partners in order to explore -- and mutually agree on -- the value of our IP so that, together, we can create viable technological solutions that advance the industries we serve," he says.

"We look forward to continuing our time-tested practices of building relationships to ethically license our intellectual property to advance technological innovations for many generations," he concludes.

To read the full Q&A with Adeia's Paul E.Davis, visit:
https://bit.ly/Davis_Trust_in_IP