Patent holders are still largely white, male and wealthy, research shows.
The Value Gap is a MarketWatch Q&A series with business leaders, academics, policymakers and activists on reducing racial and social inequalities.
A recent study found that women, especially African-American and Latina women, obtain patents at significantly lower rates than men; people of color get approved for patents less often than white people; and individuals from lower-income families are less likely to acquire a patent than those who grew up in affluent families.
“Every single part of that system, as far as generating ideas, keeps the economy going,” Cook said. “That’s where my analysis begins and ends. The whole world benefits when we accelerate the pace and arrival rate of ideas.
MarketWatch spoke with Cook for The Value Gap about the nebulous inner workings of the U.S. patent system, policies that could help advance women and minority inventors, and the urgency of closing the racial wealth gap: MarketWatch: Is there any linkage between diversity of inventors fostering innovation in other economies?
Cook: The gap that would be most important is with respect to applications. I haven’t seen papers or analysis that have systematically shown patent examiners discriminating. I would still argue that blind review can be helpful because a lot can be revealed by your name. If you had a consistent inventor ID, or some other way of masking your name, it could allow less of implicit or explicit bias to come into play.
MarketWatch: If the IDEA Act is passed and requires the U.S. Patent and Trademark Office to collect demographic data, do you think this can bring more transparency and potentially be a new frontier for prospective inventors? Different people have different lived experiences. It’s not just the diversity of thought, but it’s diversity of experience — and that’s where innovation is going to come from.
MarketWatch: Research has shown that owning patents is linked to helping investors and entrepreneurs start businesses and create jobs. Being that you work in higher ed, what role can universities play in ensuring that underrepresented groups are included and have equal access to the innovation ecosystem?
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