A Squeaky Wheel
Reform of our patent process could help stimulate innovation and entrepreneurial activity by offering more cost-effective means of protecting intellectual property. But despite bipartisan support, the Senate reform bill has not made it to the floor for a vote. The stakes are high; patents are often critical to securing venture capital funding and without protection of their intellectual property, entrepreneurs are often reluctant to undertake risky investment in commercializing their innovations. At our recent small business briefing in Washington DC, members of the National Small Business Association told White House officials that at least six years pass from the time of filing for patent protection to the first office action and hundreds of thousands of dollars in legal expenses are incurred in the process. The backlog of applications to the U.S. Patent and Trade Office exceeds 700,000. Other countries offer clearer, more transparent processes, such as a first to file system. The United States is the only major developed country to award patents to those who can prove that they invented something before someone else filed a patent on it. As a result, our system is mired in costly litigation to resolve needless disputes. The reform bill would transition the U.S. to a first to file system and would reduce by one-half filing fees for smaller businesses. Let’s make our voices heard by our Senators and Congressmen that patent reform is a top priority for the small business community.