This week President Obama addressed job creation and spending in his State of the Union address. Although he did not directly address the broken patent system, his speech did support a few of the issues we have raised in terms of patent litigation stifling innovation and job creation.With that in mind, here’s some purely hypothetical uses for $5.5 million dollars:
- hire 79 experienced software engineers at high-paying salaries
- hire Indianapolis Colts Pro Bowl Receiver Reggie Wayne to play for your football team
- defend yourself in the average patent infringement litigation
According to the Metropolitan Corporate Counsel, the average cost of a patent lawsuit has risen 10% just in the past two years.The sooner we fix the broken patent system, the sooner we can put those 79 software engineers back to work and stimulate the economy. We support President Obama’s pledge to stimulate job creation and we believe that innovation will be a key component. Yet, until Congress addresses the broken patent system, many small businesses, including many in the high-tech industry, do not have the legal clarity they need to compete globally.