At the national level, we can and must do more to foster innovation. It will keep our economy humming, our businesses competitive and hiring, our manufacturers producing, our standard of living rising and our wages high.
There are five essential ingredients for innovation:
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Intellectual property (IP) — that covered by patents, trademarks, copyrights and harder-to-protect trade secrets — is now worth as much as 75 percent of the total value of major companies. But while the importance of these assets has grown, many businesses lag in their efforts to protect IP.