Stanford Law School professor Mark Lemley talks with Recode's Kara Swisher about Silicon Valley's obsession with startups getting an "exit" — usually an acquisition by one of the tech giants — and why that trend is suffocating innovation. Lemley explains the decline of IPOs and antitrust scrutiny in America, why today’s tech monopolies are especially hard to break, and how he thinks we should fix this broken system. He also discusses emerging legal issues in tech, including space, robotics and autonomous cars. Plus: What happens to companies that spurn acquisitions and remain independent, and is it possible for an acquired company to stay innovative inside a megacorp like Google or Facebook? Featuring: Mark Lemley (@marklemley), professor at Stanford Law School and director of its Program in Law, Science, and Technology Host: Kara Swisher (@karaswisher), Recode co-founder and editor-at-large More to explore: On Reset, Arielle Duhaime-Ross explores why — and how — tech is changing everything. On Recode Media, Peter Kafka interviews business titans, journalists, comedians and podcasters about the collision of tech and media. On Pivot, Kara Swisher and Scott Galloway talk about the big tech news stories of the week, who's winning, who's failing, and what comes next. And on Land of the Giants, Jason Del Rey chronicled the rise of Amazon. Season 2 will focus on Netflix and is coming soon! About Recode by Vox: Recode by Vox helps you understand how tech is changing the world — and changing us. Follow Us: Newsletter: Recode Daily Twitter: @Recode and @voxdotcom Learn more about your ad choices. Visit podcastchoices.com/adchoices