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President Obama Signs America Invents Act and Announces New Steps to Help Entrepreneurs Create Jobs

Published: 07 Nov 2013 01:38:04 PST

Friday, September 16, 2011

Commerce Department’s National Advisory Council on Innovation and Entrepreneurship helps drive university commitments to advance research commercialization

Ata ceremony at the Thomas Jefferson High School for Science and Technology,President Obama today signed the America Invents Act into law,representing historic patent reform legislation that will help Americanentrepreneurs and businesses bring their inventions to market sooner, creatingnew businesses and new jobs. Passed with the President’s consistent leadershipand strong bipartisan support, the America Invents Act represents themost significant reform of the Patent Act since 1952, and will help Americancompanies and inventors who have suffered costly delays and unnecessarylitigation focus on innovation and job creation. 

Innovation is the primary sourceof economic growth, job creation, and U.S. competitiveness in today’s globaleconomy. An efficiently operating intellectual property system is critical toour ability to spur innovation and bring new services and products to themarketplace faster. For investors, patents are strong indicators of marketpotential for new companies; and for inventors, they are often vital toattracting investment. 

Thebill signing also included the announcement of an initiative among universitypresidents across the country – driven by the Commerce Department’s NationalAdvisory Council on Innovation and Entrepreneurship (NACIE) – to help convertthe ideas from America’s universities and research labs into new products. Incoordination with the Administration, the Association of AmericanUniversities (AAU), and the Association of Public and Land-grant Universities(APLU), 135 university leaders have committed to working more closely withindustry, investors, and agencies, to bolster entrepreneurship, encourageuniversity-industry collaboration, and enhance economic development. Today,more than 40 universities, including many of those represented on NACIE,outlined recent and planned efforts to fulfill their commitments. 

“Oursuccess in creating the conditions that spur new ideas, and our commitment toinvesting in the education, research and development priorities that help shapeour country’s innovation infrastructure, will determine the opportunities offuture generations,” Acting Commerce Secretary Rebecca Blank said. “Theseissues will determine whether or not America is home to the industries thatwill fuel economic growth – and the jobs that come with it - in the 21st century.”

Earlier this year, NACIE worked inclose cooperation with AAU and APLU, as well as other key stakeholders, topresent former Commerce Secretary Gary Locke with a set of recommendations onpolicies and actions that would enhance university efforts to commercializefederally-funded research. In support of the recommendations, NACIE spearheadeda signature drive that resulted in these university leaders’ commitments topush their institutions for results by: upgrading their programmatic efforts toteach entrepreneurs; enabling more innovation by faculty; accelerating technologytransfer to the private sector; developing deeper and broader partnerships; andfostering regional economic development.

Participatinginstitutions include The Georgia Institute of Technology, The University ofMichigan, The University of North Carolina at Chapel Hill, and The Universityof Southern California – all represented on the advisory council. NACIE advises the Commerce Secretary and theadministration on key innovation and entrepreneurship issues and engages withthe public and stakeholders to promote effective public policies that enhanceU.S. global competitiveness.   

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