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Innovation is the lifeblood for many entrepreneurial ventures. As William Baumol has written, innovative inventors help to push our economies forward in “revolutionary” ways, helping us to stay competitive and bring new ideas to the marketplace.
Momentum for a comprehensive patent reform has been slowly building in Congress. Last week, the House Judiciary Committee began examining a patent bill introduced in March by Judiciary Chairman John Conyers (D-MI) and ranking member Lamar Smith (R-TX). In the Senate, Leahy (D-VT) recently cut a deal to soften damages language in last year’s failed Senate bill. Most are eager to see reform. The rules, protections, and the adjudication process surrounding IP requires constant adjustments to keep up with challenges of the digital revolution. However, as new policy is considered, I hope policy makers contemplate the effects of patent legislation on our future job creators.
The creation of new ideas being essential to a growing economy, the U.S. government has continuously reformed rights of Intellectual property (IP) to maintain the most entrepreneurial climate possible. Recognized in the Constitution itself, patents for new inventions and copyrights for new artistic creations provide an incentive for people to both create and publicize their intellectual property. However, rules, protections, and the adjudication process surrounding IP requires constant reforms to keep up with challenges of the digital revolution. Piracy has become much easier, while at the same time patent laws in the U.S. are increasingly cumbersome. In many cases, innovation is being hindered by overly broad and specious court and agency decrees. This brief is on U.S. patents; copyrights will be treated elsewhere.
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