Innovation Asset Blog

Businesses assess implications of patent law reform

In the immediate aftermath of landmark patent law reform, businesses across the country are still deciding who has the most to gain from the passage of the America Invents Act.

Government officials have insisted that these fundamental patenting policy changes affecting first-to-file provisions and intellectual property rights will be instrumental in inspiring a new wave of much-needed American innovation. But in the days since the vote, some are wondering if the legislation lives up to the rhetoric surrounding it.

According to NPR, experts are optimistic that the expedited elimination of the 700,000-patent backlog managed by the Patent Office will allow inventors to get operations up and running, creating thousands of new job opportunities. Leading corporations including IBM have praised the legislation, claiming the new system puts the nation in a "much better position to spur innovation and economic growth," according to the news provider.

However, the updated first-to-file provision has some smaller firms worried that large corporations will be able to dominate the landscape by leveraging their superior legal resources. And according to Fox Business, the redesigned patent fee structure put forth by Congress may ultimately prevent the Patent Office from making capital investments that could further improve operations.

Peter Ackerman

Peter Ackerman

Founder & CEO, Innovation Asset Group, Inc.