How has US Patent Law influenced Innovation?
Technology has sculpted and carved the legacy of the United States. Early agricultural gadgets, stemmed American Agriculture. Cities and capitals of commerce were forged by the advancement of industrial factories. Computerization and expansion of invention has, “given rise to a nation of services” (Thompson). Fears of a future “World Without Work” have spurned from an exponential development of these technologies, but concerns have arisen that a factor meant to escalate these advancements, might be corrupting its pace. Most would grant that advancements of technology, due to immense work and sheer luck are the catalysts that have changed the world we live in today, but a commonly forgotten factor …show more content…
It has been patents purpose to develop American innovation since the system was established in Constitution and the United States Patent Act of 1790, which was established, “to promote the progress of useful Arts,”(“A Brief History…”). Since this precedent was set many regulatory reforms have been stricken down and passed in Congress, like the Patent Act of 1836, which officially established the US Patent Office (“Summary…”). Plus, the more modern, America Invents Act of 2011, which changed the patent priority from first-to-invent to first-to-file (“The Patent Fire…”). Although these reforms have made it easier to produce and obtain patents they have not depraved the system of its original purpose, to promote …show more content…
” The economic reality is that there is little, if any, incentive to invest capital in new technologies if competitors can simply “copy” them immediately” Lois Boland, a department director of the U.S. Patent and Trademark Office, explains. So, the U.S. Government rewards those who formulate and produce original concoctions, by allowing a temporary monopoly on their product for 20 years. This in turn, almost guarantees profitability of their innovation, allowing patent holders “to bring the fruits of ingenuity to the marketplace” in the form of investments and loans that fund the research and development of more gadgets
Technology has sculpted and carved the legacy of the United States. Early agricultural gadgets, stemmed American Agriculture. Cities and capitals of commerce were forged by the advancement of industrial factories. Computerization and expansion of invention has, “given rise to a nation of services” (Thompson). Fears of a future “World Without Work” have spurned from an exponential development of these technologies, but concerns have arisen that a factor meant to escalate these advancements, might be corrupting its pace. Most would grant that advancements of technology, due to immense work and sheer luck are the catalysts that have changed the world we live in today, but a commonly forgotten factor …show more content…
It has been patents purpose to develop American innovation since the system was established in Constitution and the United States Patent Act of 1790, which was established, “to promote the progress of useful Arts,”(“A Brief History…”). Since this precedent was set many regulatory reforms have been stricken down and passed in Congress, like the Patent Act of 1836, which officially established the US Patent Office (“Summary…”). Plus, the more modern, America Invents Act of 2011, which changed the patent priority from first-to-invent to first-to-file (“The Patent Fire…”). Although these reforms have made it easier to produce and obtain patents they have not depraved the system of its original purpose, to promote …show more content…
” The economic reality is that there is little, if any, incentive to invest capital in new technologies if competitors can simply “copy” them immediately” Lois Boland, a department director of the U.S. Patent and Trademark Office, explains. So, the U.S. Government rewards those who formulate and produce original concoctions, by allowing a temporary monopoly on their product for 20 years. This in turn, almost guarantees profitability of their innovation, allowing patent holders “to bring the fruits of ingenuity to the marketplace” in the form of investments and loans that fund the research and development of more gadgets