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Compared to other areas of electronics design, the IP industry has lagged in the development of comprehensive standards for description, integration, verification, and evaluation. This lag has stifled the development of automation tools, which have been so effective in growing other aspects of the electronics design industry. The current state of IP standards is a major roadblock to industry growth. But how can this problem be solved? The author of this column argues that the IEEE is the best place to centralize standards development but that this must be done in conjunction with active participation of other industry groups for market research, feedback, and funding.