Criminal Enterprises As Patent Trolls – Coursework Example
Patent Trolls affiliation Patent trolls A patent troll refers to an individual or a company that does grant or acquires the right to be in possession of patent rights or innovations that are developed by other people. Essentially, it does purchase a business method or innovation that has been in the utility by another company. Primarily, such ideologies are bought from firms that are running into bankruptcy. Legal action is always sought in case of such occurrences. The federal government has been busy trying their best to fight against the patent trolls. The business has been on trend, and most states are passing laws against the same issue. A patent does no grant a person an opportunity to sell an invention. He does provide an opportunity to exclude others in the utility of the same (Gerwitz, 2013).
Sometimes when a company sells patent for emerging technology, it is at a dispensation of being sued of the buyer decides to do so. Such legal cases may have direct implications in the firms. It means additional cost in the business. Such extra costs may hamper the success of a business. The population of those who having such cases in America has been increasing daily hence one has to be very careful when making a transaction (Idris, 2003).
Most significantly, protection of ideas and inventions when starting up a business may be absent. Those caught making illegal initial start. It becomes quite a big drawback as the small businesses and enterprises are not in a position to run the operations and proceed with the cases. Hence, copyrights penalties should exceed above an imprisonment for 10years. Patents purchase remains a great burden to the business operations. Prior to indulging in any exchanges, all firms ought to have prior knowledge of the partners and the implications of second-design unleashes. A comprehensive patent licensing agreement must be in place prior to signing the contract. Such comprehensive measures would act to ensure that the business is not caught between the two teams.
Idris, K. (2003). Intellectual property: a power tool for economic growth (Vol. 888). WIPO.
Gerwitz, D. (2013, December 5). Perk up! Stimulating patent troll legislation brewing in Congress. ZDNET Government.