Shutting down the idea factory
Thursday, May 21, 2009 at 04:44PM e economic downturn has hurt just about everyone: individuals, businesses, banks and even governments. But an unreported effect may have the most negative impact. The unnamed victim in this economy is 'innovation.' The U.S. Patent and Trademark Office is laying off people because so little is happening. "A reporter for the Associated Press named Deb Reichmann first spotted the problem. At a time when we are being urged to invent the new future of American business and energy, the U.S. Patent and Trademark Office is laying off people because so little is happening.Venture capitalists, who always underwrite the next big thing, have invested $3 billion in the first quarter of this year. But that's down by nearly 50 percent from six months ago. Just when we need a flood of innovation in America, the money to make it happen has become a trickle." Is the situation any different in Canada? No. Canadian journalist David Crane wrote an editorial on the release of