Not necessarily? You’d retain first-to-market advantages, particularly where implementation is capital-heavy - and if that’s not enough you could consider an alternative approach to rewarding innovation such as having a payout or other advantage for individuals or entities which undertake significant research and development to emerge with an innovative product.

I think the idea that nobody would commit to developing anything in the absence of intellectual property law is also maybe a bit too cynical? People regularly do invest resources into developing things for the public domain.

At the very least, innovations developed with a significant amount of public funding - such as those which emerge from research universities with public funding or collaborative public-private endeavours at e.g. pharmaceutical companies - should be placed into the public domain for everybody to benefit from, and the copyright period should be substantially reduced to something more like five years.