For inventors, innovators, and anyone interested in safeguarding the progress of technology, it is important that you know that the US House of Representatives voted and passed the Innovation Act of 2013 (H.R 3309) yesterday. The bill is intended to reform the US patent system that has been plagued by low quality patents and by “trolls.” “Trolls” you say? The mythical dwarfy-looking creatures? No, I am talking about Patent Trolls, which are shell companies that make a living by filing frivolous lawsuits against businesses.
The bill, which passed with bipartisan support yesterday, will now go to the US Senate. From there it will go to the White House to finally get ratified and made into law.
What is the Innovation Act, and why you should care?
The Innovation Act aims to stop attacks by “Patent Assertion Entities”, better known as “patent trolls” from undermining innovation and technological progress for quick financial gain. Trolls take advantage of a deeply flawed patent system that allows them to bring up patent infringement cases on large and small businesses alike. Small and medium-size businesses operate on tight budgets and are often financially destroyed by costly lawsuits that result in loss of revenue, salary cuts and job losses, and even bankruptcy.
As a CEO, an inventor myself, a patent holder, and tech industry veteran, I can attest first hand to the fact that the frivolous law suits brought to court by patent trolls stifle innovation and thwart progress. Companies hesitate to launch new products for fear of violating an unknown, obscure, and flimsy patent. These trolls usually submarine patents for years and then surface all of a sudden and claim infringement, dragging companies into complex legal battles. Codero stood together with our partners in the Internet Infrastructure (i2) Coalition to pass H.R. 3309 through the House to put an end to the chaos and financial stagnation caused by costly lawsuits brought forth by patent trolls. Not only will the passage of the resolution place onus on greedy trolls, it will also require that all parties that stand to gain financially make themselves known without being able to stand behind the curtain of anonymity.
We need your help:
We ask that you help stand up against the detrimental actions of patent trolls by contacting your State US Senators and sharing this information and the following links with your friends, family, and acquaintances via all possible media outlets.
Tell Your Senators to Vote for the Innovation Act (https://trollingeffects.org/call),
and enjoy this educational piece brought to you by the I2Coalition: 8 Differences Between Elves and (Patent) Trolls (http://i2coalition.com/8-differences-between-elves-and-patent-trolls/)
Thank you for standing with us for innovation, and against the frivolous patent trolls.