The Invisible Financial Sector: Uncovering Prosperity through Innovation, Intellectual Property, and Trade Deals
In the spring of 2024, Patrick Kilbride embarked on a new journey, founding Kilbride Public Affairs. Before this venture, Kilbride served as the Senior Executive Vice President at the United States Chamber of Commerce's Global Innovation Policy Center.
Kilbride's vision for his new company is a holistic approach that encompasses patents, copyrights, and accounting, aiming to create an environment where innovation thrives. He believes in the global necessity for such environments, emphasizing the shared human instinct to create and solve problems.
Kilbride's focus is on novelty, arguing that patent laws should focus only on this aspect to protect innovation effectively. He defines innovation as doing something new and novel, not just something new to the person.
The potential for economic growth is boundless, according to Kilbride, by unlocking the power of intangible assets such as intellectual property. He believes that this could propel the U.S. economy into unprecedented heights.
However, Kilbride stresses the ongoing struggle with intellectual property (IP) in trade agreements. While some countries view it as a development obstacle, he sees it as an essential foundation for growth. He advocates for a system where novel work is protected by law, honouring the American founders' vision that property rights should be tied to labour.
Kilbride also points out that general accounting principles that do not allow for the valuation of organically created intangible assets hide the real value of companies, locking up trillions of dollars in untouchable, unrealized assets.
In a transformative journey, Kilbride, initially skeptical about intellectual property, became a staunch advocate after working at the Global Intellectual Property Center. He anticipates more significant reforms in IP laws, reminiscent of the transformative 1952 Patent Act, driving a new wave of economic dynamism.
Kilbride advocates for every country to find its place in the innovation supply chain, arguing that contributing to global solutions outweighs negotiating for IP flexibilities. He believes innovation is an economic activity that requires a supportive environment and strong IP laws to flourish, reinforcing the importance of these laws in the economy.
Our conversation with Kilbride offers a roadmap for a future where creativity and legal infrastructure coalesce to fuel progress. The conversation can be watched on our YouTube channel, and the entire podcast episode can be downloaded from various platforms or accessed on our publication, Unleashed, on Buzzsprout. For more from Unleashed, see below for our growing archive of previous episodes.
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