Spokane and Seattle, Wash. (PRWEB) September 09, 2011
Lewis Lee, founder and CEO of IP Street, remarks on the passage of the patent reform bill – formally called the America Invents Act – and its affect on the U.S. innovation economy.
Lee represents 6 of the 20 largest patent filers in the U.S. through his intellectual property law firm, Lee & Hayes (Seattle, Spokane, Portland Metro, Austin, Taipei and Beijing). He is currently in Beijing but has been following Senate action and issued the following statement:
“Patent reform is long overdue in the U.S., where innovation holds the keys to our economic recovery, as well as to our long term, global competitiveness. The timing couldn’t be more urgent: China has made bold moves in the past few years to overtake the U.S. on every innovation measure before the decade is out, and is projected to surpass the U.S. this year on the number of patent filings. The legislation will not help the U.S. overcome the China challenge, and only marginally addresses some longstanding issues like patent office funding. If the PTO can truly reinvest all of the fees it charges filers then the net effect should be a patent system that is more agile and scalable.
“Despite the incremental improvements in this bill, it leaves the hard work for future Congresses. It fails to address secrecy, one of the most unsettling features of our patent system today. Although the U.S. has the most transparent economic engine in the world, patent ownership remains opaque. Far too many patents are owned by entities that conceal their true identities, making it difficult to efficiently trade patents as real property. This is a significant roadblock to the U.S. retaining its number one status as the most trusted, transparent place to manage intellectual assets, and can only be addressed by more legislation.
“One area where private industry can provide support is helping inventors, businesses, and investors make sense of the huge volume of patent data that is available. The team at IP Street has designed a set of tools to give anyone the same sophisticated resources large companies use to navigate patent data and make strategic business decisions. This is the next generation of patent tools and we are bringing them online at a time when more and more people are struggling to make sense of the intellectual assets that are driving the innovation economy.”
About Lewis Lee – CEO of IP Street and patent attorney, partner and co-founder of Lee & Hayes, PLLC
Lewis Lee is an expert on the rise of intellectual property's role in corporate strategy, and its understated but heavy hitting impact on Wall Street. He and his firm have come to represent several of the 10 largest patent filers in the United States, including Microsoft, Amazon, Intel and Goldman Sachs, and Lee has become a recognized evangelist on the rise of intellectual assets in the U.S., China, and beyond. Lee gathered his colleagues at Lee & Hayes, some IP experts and others business strategists, raised funds, and went to work assembling the technologies and talent behind IP Street today.
About IP Street
IP Street is driving the innovation economy by delivering actionable business intelligence from patent documents. IP Street empowers users to Discover, Measure, Compare, and Connect to business opportunities. Designed for inventors, IP counselors, strategists, executives, investors, and analysts, the features of IP Street’s cutting edge technologies simplify the complexities of intellectual property into intuitive and meaningful graphical summaries. These visualizations provide the essential “due diligence” to allow users to effectively evaluate business questions. The company is privately funded and headquartered in Spokane, Washington, with a development office in Seattle. More information is available at http://www.IPStreet.com.
Contact Kara Lundberg of Raffetto Herman Strategic Communications, PR firm for IP Street & Lee & Hayes at klundberg(at)rhstrategic(dot)com, 206-264-1703.