Hearing on Patent Assertion Entities Excludes Testimony from Key Sector of California Economy
Mountain View, Calif. – Today the California Assembly Select Committee on High Technology held an Informational Hearing on Patent Assertion Entities. Unfortunately, the Committee has suddenly chosen to require registration for the hearing and to listen to only one side of the debate. As such, the perspective of the Innovation Alliance (IA) and its partners, representing a large sector of California’s economy, was not included in the hearing.
“It is unfortunate that the Committee has chosen to ignore the important perspective of innovators, entrepreneurs and the general public at today’s hearing,” said Brian Pomper, Executive Director of the Innovation Alliance. “We need to be careful not to allow an emotional reaction against ‘patent trolls’ to lead us toward legislative changes that would weaken patent rights for all companies.”
The Innovation Alliance is a proponent for maintaining a strong and defensible patent system. Our patent system is the envy of the world, and our ability to protect large innovators along with the next ingenious garage start-up sets us apart globally. Without patents, there would be no investment in valuable discovery, innovation would slow, and American economic growth and job creation would be dramatically curtailed to the detriment of us all.
From San Diego to Orange County to universities across the state, California accounts for 25 percent of the nation’s patents, and Silicon Valley is the number one generator of patents in the nation: one out of every eight registered patents originates there. It stands to reason, then, that California is the number one state for venture capital (VC), receiving four times more than the nation’s average. In 2012, California received more than 50 percent of all VC invested in the U.S., far more than any other state. This was possible because the promise of a patent provided the assurance to both inventors and investors that there would be a return on their idea.
“Patent legislation is an extremely complex issue and one that must be addressed with caution, understanding and an eye toward protecting a system that has served our country well for hundreds of years,” continued Pomper. “California is setting the pace for innovation, and the innovation that happens there not only impacts our local economy but heavily influences our national economy. Innovation plays a fundamental role in the culture of California. We must protect and nurture the innovative spirit that has set the stage for breakthrough world discoveries.”
About Innovation Alliance
Innovation and entrepreneurship are at the heart of America’s economic strength. The U.S. patent system is, in turn, the foundation for America’s inventiveness and dynamic business culture. Changes to the U.S. patent system will impact our nation’s ability to continue as the globe’s technological leader and must be approached with caution and forethought. The Innovation Alliance is committed to improving patent quality while protecting and promoting innovation. For more information, please visit: www.innovation.wideeyeclient.com.