The vertical research spillovers created by new research tools (or IMIs) are not just a
challenge for designing appropriate intellectual property policy.1 They are also exemplars of the
core innovation externality highlighted by endogenous growth theory (Romer, 1990; Aghion and
Howitt, 1992); a central source of underinvestment in innovation is the fact that the intertemporal
spillovers from innovators today to innovators tomorrow cannot be easily captured. While
tomorrow’s innovators benefit from “standing on the shoulders of giants,” their gains are not
easily shared with their predecessors. This is not simply a theoretical idea: an increasing body of
evidence suggests that research tools and the institutions that support their development and
Challenges presented by AI-enabled invention for legal doctrine and the patent process are beyond the scope of
this essay.
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