Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Housing News

President signs patent reform laws, gives hope to array of industries

Patent reform has major impact on businesses

In recent years, real estate startups, technology companies that serve the real estate industry, Realtor associations and MLSs have been subjected to lawsuits claiming patent infringement, many of which have bled the real estate industry and dues paying members of millions of dollars. AGBeat has long advocated against patent trolling as it retards innovation at all levels, especially in an industry struggling to remain relevant.

President Obama has signed into law major patent reforms in the “America Invests Act.” According to the National Association of Realtors, the Act is divided into three parts, “First, it aims to keep the U.S. patent system attractive to global companies by aligning its processes with other countries’ processes. Second, it tries to align funding for the U.S. Patent Office with its needs by modifying its fee system. And third, it aims to raise the bar on the quality of the patents so only the most appropriate patent infringement lawsuits are filed.”

The third part of the act seeks to stunt patent trolling and promotes innovation as it disallows generic patents such as “real estate search” which is so broad it leaves vulnerable any company or person creating, designing or using these technologies.

The patent system in America has been desperately in need of an overhaul for decades, and although the implications of these reforms will not be seen or felt for some time, it is a much needed reform that could open the gates for innovators who have sat on the sidelines in fear.

Advertisement. Scroll to continue reading.

In the above video, AGBeat columnist and NAR Senior Legislative Analyst Melanie Wyne discusses the law and its real estate implications.

The American Genius is news, insights, tools, and inspiration for business owners and professionals. AG condenses information on technology, business, social media, startups, economics and more, so you don’t have to.

11 Comments

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Business News

Zillow's Zestimates have long been in the spotlight in the real estate industry, but will now be the center of attention during a potential...

Design

Ultra trendy design tips What’s happening in the world of art and design? D Pages knows, and they’ve just launched their blog, D Blog...

Social Media

Applying political views to business According to a recent Lab42.com survey of 500 Americans, more than one in three people have changed their opinion...

Tech Gadgets

A simple explanation Apple and Samsung have been in a heated legal battle for a long time and it is a complicated back and...

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.