Innovation fuels entrepreneurship. Developing new technologies, products, and services results in the formation of new businesses. Entrepreneurship fuels the U.S. economy. According to the Kauffman Foundation, an organization that studies the economic impact of entrepreneurship, one-year-old businesses create almost one million new jobs a year, while 10-year-old businesses generate just 300,000. Between 1980 and 2005, almost all net job creation in the United States took place in companies less than five years old.
This statistic demonstrates the vital importance of robust innovation to our economic recovery. Staking your future on the success of an idea requires inspiration and gumption. But it also requires unimaginable amounts of planning, research, and know-how. That’s where we, as lawyers, try to protect our clients as we propel them forward into the marketplace.
In the most recent edition of SML Perspectives, we have compiled a series of articles that touch on some of the legal issues faced by both innovators and entrepreneurs. Whether talking about commercializing research, determining whether a joint venture will get you to market, or evaluating what could be at stake in intellectual property litigation, our focus is on finding ways to allow our clients to flourish.
In good times and bad, Americans launch around 600,000 new businesses every year. Facilitating new businesses in getting to market, and continuing to protect them once they get there, is what our firm is all about. It’s incredibly rewarding to play a part in these enterprises, and to be part of the engine that drives our economy forward. We truly appreciate and respect the work of our clients and their efforts to always be better and smarter. They make us better and smarter lawyers.
Click here to view the full digital version of the The Innovation edition of SML Perspectives.