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Joseph Schumpeter, known as the Prophet of Innovation, describes the importance of inventors in his Theory of Economic Development. Inventors are the "fiery-spirits" that disrupt the status quo with their vision of doing things 'better, faster, cheaper.' In the process, their inventions represent "the heroic intervention of individual men (or women) who appear as leaders toward new economic shores." We believe that intellectual assets, commonly taking the form of patented technology, are the least-understood and most-relevant resources to stimulate economic development through innovation. To make this happen, intellectual property (IP) needs to be more comprehensively understood so that better business decisions can be executed. This is why we are in business. An invention must have economic utility to benefit society. Some times, inventions are way before their time. However, most of the time, the business execution to commercialize the invention fails. In fact, those that conceptualize the invention rarely reap the rewards of the innovation's ultimate success.

If the complexities of legalities seems simple, you may want to consider becoming a patent agent or patent attorney. If you are a do-it-yourselfer (DIY), you may want to get David Pressman's book "Patent it Yourself" or David Hitchcock's book "Patent Searching Made Easy". If you are like the rest of us, this process does not seem simple. Sure it may cost some money to engage someone to guide you through this process, so you need to carefully consider your innovation in context of (1) is it patentable? and (2) is it a viable business opportunity? It may, however, be in your best interest to learn as much as you can about the system and then hire a competent patent attorney to get the job done. Just think what it would cost to great idea, poorly patented, which may ultimately cost you "like a bigillion dollars in lost royalties or something like that."

IP Street is driving the innovation economy by delivering actionable business intelligence from patent documents. IP Street empowers users to Discover, Measure, Compare, and Connect to business opportunities. Designed for inventors, IP counselors, strategists, executives, investors, and analysts, the features of IP Street's cutting edge technologies simplify the complexities of intellectual property into intuitive and meaningful graphical summaries. These visualizations provide the essential "due diligence" to allow users to effectively evaluate business questions. IP Street helps you better understand patent search, patent analytics, patent value, patent infringement and how to patent an idea. Our patent search services will provide patent analytics that will revolutionize your business strategy by helping you determine the value of a patent business intelligence from an IP lens. The company is headquartered in Spokane, Washington, with a development office in Seattle. More information is available at www.IPStreet.com.