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The Correlation Between Patents & Innovation
With increasing litigation sparked by patent trolls, patents and the entire patent system have come under scrutiny. Many are calling for patent system reform while others are saying that the entire system should be abolished. Getting rid of the entire patent system would “strip away much of the incentive to create, impeding investment in new technologies, slowing the production of new creative content and harming economic growth”. In short, it would be a disaster.
“Just because today’s technologies can sometimes make it easier to invent more quickly and at less cost doesn’t mean the resulting inventions are less valuable to society or less worthy of protection.” Without the protection of the patent system many entrepreneurs would be at risk of having their innovations simply stolen by larger competitors. The Patent Act of 1790 was the first federal patent statute in the United States and it was created because there was a need to safeguard inventors. While patent laws have transformed over the years, the principle that entrepreneurs and inventions need safeguards remains true.
The current patent system in place does have its flaws and standards should be tighter to ensure that only inventions truly worthy of protection receive intellectual property rights. Reforming the patent system should be the next step, not abolishing it. “The fast pace of innovation and the increasingly international flow of goods and content can create challenges for traditional patent and copyright systems. But those systems, despite their flaws, remain vital to economic prosperity. The correct approach is to update them, not dismantle them.”
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Works cited: The Scientific American – Why Patents and Copyright Protections Are More Important Than Ever
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