Replace traditional patent monopolies with an open-access system where any company can produce and improve patented products. In return, they must pay royalties to the original inventor or patent holder.
Companies that upgrade or improve a patent will continue to pay royalties to the original inventor for the duration of the patent’s life, ensuring fair compensation for the foundational idea.
Pros:
- Faster Innovation: Allows multiple companies to improve upon inventions without legal barriers.
- Increased Competition: Promotes lower prices and better product quality.
- Fair Compensation: Original inventors still earn royalties for their contributions.
- Economic Growth: Encourages collaborative innovation, benefiting consumers and industries alike.
This policy focuses on improving America through innovation while guaranteeing that original inventors get paid. By allowing widespread production and improvement, inventors could earn even more than they would by working alone, as companies collectively expand market access and foster nationwide growth.