High-tech innovators and investors call for Congressional action on patent trolls - griffithatted1945

More than 60 innovators, investors and entrepreneurs called on Congress Wednesday to act on statute law to tread patent trolls.

In a letter of the alphabet to the chairman and peak Democrat of the Judiciary committee of the U.S. House of Representatives of Representatives, the group urged to legislators to pay back the orchis rolling on bills aimed at curbing judicial proceeding by "not-practicing entities, ofttimes referred to as patent trolls."

"US Congress should take measures that shift incentives away from those who game the system and toward an innovative economy and competitory market," the letter aforesaid.

The aggroup argues that patent trolls are sulphurous innovation by targeting startups for lawsuits.

"While banging companies mercenary much of the $29 billion in direct costs resulting from activities by patent trolls in 2022, the costs made upbound a bigger share of small companies' revenue," the alphabetic character explained. "In fact, the majority of companies targeted by manifest trolls have less than $10 million in taxation."

"Without startups, there would have been no net job growth in the Joined States all over the last two decades," IT added.

Among those sign language the letter to the committee was Mark Cuban, proprietor of the Dallas Mavericks and long-familiar entrepreneur.

"We have a shameful spot in this nation, with patents and patent litigation pain both competition and origination," Cuban aforesaid in a statement. "That's badness for both consumers and small businesses. The time for Congress to roleplay is now."

A projected law is currently before Congress to address the patent problem. Called the SHIELD—Saving Advanced Innovators from Egregious Legal Disputes—Act, the measure requires that if a patent troll loses in tribunal because the patent is found to be invalid or there is no violation, so the troll pays the other lateral's legal costs. Those costs can often sum to millions of dollars.

"It's clock to force these trolls to take responsibility for the damage they do with their bogus claims," EFF Staff Lawyer Julie Samuels avowed in a statement.

"The introduction of the SHIELD Act sends an important content to patent trolls: their business model is severe and their years are numbered," she added.

Other signers of the letter include managing directors of the Metalworks Group, Jason Mendelson, Ryan McIntyre, Brad Feld and Seth Levine; Union Square Ventures manager Brad Burnham; Reddit conscientious objector-founder Alexis Ohanian; Memeo President George V Northup; founder of Fry Electronics, William Randolph Fry; and Paul Sieminski, general counsel to Auttomatic, the company behind WordPress.

Source: https://www.pcworld.com/article/456994/high-tech-innovators-and-investors-call-for-congressional-action-on-patent-trolls.html

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