Why Patent Trolls’ Greatest Threat To Innovation Is Invisible
10/06/2013
These monsters gobble up vague patents and extort money from companies trying to make legitimate products. Here’s why that (...)
These monsters gobble up and extort money from companies trying to make legitimate products. Here’s why that matters--even if you don’t own any patents. The White House is taking on trolls--legal entities that buy up vague, over-broad and use them to extort money from companies. The specifics of the president’s plan will be hashed out in the coming days, but it’s a good time to take a look at a small example of a very big problem. How big? The White House announcement was accompanied by a report from the National Economic Council and the Council of Economic Advisers, which notes that troll lawsuits have jumped by 250% in the last two years and now make up the majority (62%) of infringement suits. That means the vast majority of lawsuits aren’t inventors protecting their intellectual property, but specialized legal entities that will never produce anything.Read Full Story