Patents are Innovation Currency

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Explore:  Patents USPTO

[author: James G. Gatto]

The Director of the USPTO recently explained why patents are "innovation currency," how they create jobs and how they add significantly to the economy. He also explained why this is driving the multi-billion dollar acquisitions of patents and high-profile patent wars in the mobile space. The Director also acknowledged that the patent system is not perfect, but highlighted the new patent laws that will help ensure the quality of software patents. In part, the Director said:

It is increasingly clear that intellectual property, or IP, is a key driver of economic growth, exports, and job creation. IP rights are the global currency for creating value for products and services, for all innovators, in all markets. And the protection provided by patents is critical to the innovation ecosystem. In fact, last spring, the U.S. Commerce Department released a report that found IP-intensive industries support at least 40 million jobs and contributes more than $5 trillion to our economy, accounting for 35 percent of America's gross domestic product. So it is in this context that we are seeing multi-billion dollar acquisitions of patent portfolios and a number of high profile patent lawsuits, involving some of the most innovative companies on the planet, who are producing some of the most popular technologies ever created.

For a full copy of the speech, click here.

Notwithstanding the clear value and importance of software patents, many companies still do not appreciate their value. Additionally, many people do not fully understand the types of software-based inventions that can be patented. Those that do not seek guidance from knowledgeable patent attorneys who specialize in software and internet patents fail to retain their rightful share of innovation currency.

Software and internet patents are crucial to many of today's leading industries, including games, social media and mobile. For some examples of what can be patented in these types of areas, see our client advisory on IP Protection for Games.

If you are interested in learning more about challenging software patents under the new laws, we have a team of people dedicated to these new procedures. We also have a whole new section of our website dedicated to the new procedures for challenging patents.

For more information about software patent strategies, please contact us.