IP Protection for Startups: The Role of Legislation in Stopping Patent Trolls and Encouraging Innovation

Abstract

In the past five years, the rate of startups entering the market has drastically increased, and it continues to see an upward trend, giving rise to the phenomenon known as the "startup boom." While the United States Patent and Trademark Office ("USPTO") has implemented major changes to the patent system in the past decade, the agency has not been able to address the problem that is crippling the success of emerging companies: patent trolls. Various states' legislatures have recognized this issue and enacted statutes prohibiting bad faith patent assertions as a result. This article explains the startup industry's need for greater protection against patent trolls and the role of federal and state legislation in addressing this issue.