What is the meaning of patent troll?
What is the meaning of patent troll?
Disparaging term for a person or company that hoards patents for the purpose of threatening alleged infringers with legal action. Usually, the patent troll holds patents that are vague and ambiguous and seeks to enforce patent rights extending beyond the patent’s actual value or contribution to the prior art.
How do you beat the patent troll?
There are several ways to deal with patent troll problems. One is to hire a patent-tracking company that will buy up any patents that could present a danger to you before the patent troll companies get to them. Another is to join a network of companies, such as LOT Network, that band together to fight patent trolls.
Is patent trolling illegal?
The term may be used to describe a number of business activities that utilize patents and the court system to earn money. While the practice of patent trolling is not illegal, a company that acts as a patent troll files patent claims without any intention of ever developing a product or service.
How do patent trolls make money?
A patent troll exploits existing structural issues within the U.S. patent and court systems in order to generate revenue. Patent trolls use a number of legal activities and loopholes that involve patents and the court system to earn money, including filing false patent infringement claims.
Can you sue patent trolls?
State and federal government leaders are beginning to take a stand against patent trolls. States are also fighting to curb the business of patent trolls. On May 22, 2013, Vermont passed a law stating that patent trolls can be sued by victimized businesses, their customers, or even the state attorney general.
Why is patent trolling bad?
Meritless patent assertions take a major toll on the economy. In boom times, that’s bad enough; during a recession, it can be even more painful. Patent trolls demand money that struggling companies don’t have; and thriving companies will have less to spend on R&D and innovation.
Can you sue a patent troll?
How do you counter a patent?
Prove that you are compliant, by data that shows you are not infringing, or argue that the asserted patent is invalid, if that be the case. Stop selling or making the infringed product. Negotiate licensing fees from the patent owner by cross asserting your patent portfolio (if the plaintiff is not an NPE).
What is a patent troll?
A patent troll uses patents as legal weapons, instead of actually creating any new products or coming up with new ideas. Instead, trolls are in the business of litigation (or even just threatening litigation).
What is the purpose of a patent?
The U.S. Patent System is supposed to represent a bargain between inventors and the public. In theory, it is simple: in exchange for dedicating a novel invention to society, along with a clear explanation of how to practice that invention, a patent applicant gets a 20-year monopoly.
Is the patent system destroying Innovation?
In theory, it is simple: in exchange for dedicating a novel invention to society, along with a clear explanation of how to practice that invention, a patent applicant gets a 20-year monopoly. But, lately, we’ve watched as the system appears to fall apart, harming innovation, the very thing it was designed to foster.
