The Kentucky Chamber and its member companies are very protective of intellectual property laws; however, there have been increasing abuses by so-called patent trolls. That is why the Chamber is asking Congress to support the Innovation Act of 2015 (H.R. 9), which would take vital steps to protect our local businesses from unscrupulous actors.
Generally, there has been a perception that patent trolls mainly target tech companies. The truth is that they target a broad range of American businesses: large and small, tech and Main Street: manufacturers, realtors, restaurants, convenience stores, auto dealers, and more.
These lawsuits are often based on vague, misleading, or tenuously related patents. Many of these patents date back to the 1980’s and 1990’s and have had multiple owners with minimal or no continuing involvement of the actual inventor. Currently, there is little downside to the patent trolls threatening or even filing a lawsuit and that is why this legislation is so important.
The Innovation Act is a strong step forward that will protect businesses large and small from frivolous patent lawsuits that are a drain on industry and a tax on innovation. The bill includes a number of key reforms that will close the loopholes that allow patent trolls to thrive. It would also require that a losing party who brings a frivolous case pay the other side’s attorneys’ fees.
These elements of the Innovation Act would work as a shield for local businesses, protecting them from the worst effects of patent troll lawsuits and allowing them to focus on their own jobs. The Chamber is asking business people and citizens to contact their members of Congress and Senate to support the Innovation Act, which will protect businesses and foster innovation all over Kentucky.
To learn more, visit http://www.unitedforpatentreform.com/.