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CLOSING DIVERSITY GAPS IN INNOVATION 733

Patents help start-ups grow by encouraging capital CEO of Uncharted Play, invented a soccer ball that
investment, creating jobs, and generating follow-on can harness energy and power lamps—an invention
innovations that create more useful and accessible inspired by a power outage during a family wedding
products for consumers. Indeed, patents are essential in Nigeria. Today, Uncharted Play holds 15 patents
for start-ups to obtain funding, whether from VC for technology that can be installed in any device that
firms or other investors (7). Companies with at least “can harness kinetic energy,” such as baby strollers,
one patent application filed typically receive venture floor panels, and furniture (26). Without broader
funding faster than companies with no patents (25), perspectives and experiences, innovative ideas to
and patents factor into the funding decisions of both solve significant problems might not emerge.
commercial and investment banks, angel investors, Increasing participation in invention and patent-
and even friends and family looking to invest in a ing will ensure that persons of all backgrounds can
business (23). participate fully in the culture of innovation and
The connection between patents and start-ups is entrepreneurship that the framers of the IP Clause
important for the broader economy: Start-ups gen- envisioned at the nation’s founding. Equal opportu-
erate 10 percent of all new jobs in the U.S. each year. nity to invent, patent, and commercialize innovative
Allowing more people access to the patent system ideas will drive the U.S. innovation economy ever
will only increase these economic benefits (23). forward, creating countless new products and cures
Greater inclusion in the innovation ecosystem that will create jobs, stimulate economic growth, and
means more perspectives and more ideas in the inno- improve the quality of life for millions of people.
vation pipeline. For example, Jessica Matthews, the

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