A core assumption of Western IP law is that innovation will not happen unless the government offers innovators and entrepreneurs a limited legal monopoly on the fruits of their labors. It is even written into the US constitution that: "The Congress shall have Power ... To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries." Developments in open source have demonstrated that innovation can flourish in the absence of a monopoly, although the implementation of open source requires a wry twisting of compulsory copyright law. Emerging IP ecosystems, such as China's, come from a different cultural background. US IP pundits are quick to dismiss these emerging IP ecosystems as lawless, anti-innovation, and unproductive. However, my experience indicates that the weaknesses of the US IP system are understated, and the strengths of the China IP system are uncelebrated. This talk explores these weaknesses and strengths from the standpoint of an SME entrepreneur/innovator.