By David J. Kappos in Fortune

U.S. laws over intellectual property give companies the incentive to invest billions in research and development of new products and services.

“Never let the facts get in the way of a good story.” The old saying, often attributed to Mark Twain, is as applicable today as in his time. And in the intellectual property arena, a “good story” has been going around recounting the death of American innovation at the hands of an outmoded and obstructive patent system. But, again to paraphrase Twain, rumors of innovation’s death have been greatly exaggerated. In fact, American innovation is thriving—and not in spite of patents but because of them.