Local inventors: Protect your intellectual property rightsWith the rise of intellectual property there has also been a rise of laws regarding intellectual property rights and so-called patent trolls. A patent troll is someone who buys patents from small time inventors and then finds companies that have infringed on the patent. The patent troll then sues the company for infringement, often winning large settlements, either in or out of court.
Business disputes such as these and breach of contract are on the rise. The Obama Administration has sided with big businesses and not the smaller businesses these patent trolls support. Obama has declared that since these companies are not the ones actually making anything, they are exploiting the system and trying to extort money out of the big businesses. He says it is people like this that are abusing the patent system.
Patent trolls themselves say they have done nothing wrong and have nothing to hide. In their mind, they are protecting small inventors against large corporations who steal their ideas and then make millions. The corporations often scoff at the inventors and claim their idea was not as original as they thought it was. When a patent has been filed, however, there is proof that he original inventor’s idea was first. Often, though, these inventors do not have the means to fight the big companies, which creates a niche for the patent trolls.
Litigation is often a fact of life for many businesses today. So many disputes, both internal and external, can spring up suddenly. To protect your business and your assets, make sure you have a business litigation attorney on your side.
Source: CNN Money, “Patent troll: ‘I’m ethical and moral’“, David Goldman, July 02, 2013