Each year, both small and large businesses are faced with the threat of patent lawsuits, leading to tens of billions of dollars spent on settlements and litigation expenses. While some litigation might be honest or with lawful cause, there are an ever-growing number of bogus patent cases brought up each year that are draining small businesses of precious capital—funds that could have been invested in new research and innovation or created more jobs.
The Innovation Act seeks to improve the current patent system by identifying those who are trying to take advantage of gaps in the system, so small businesses can stay needlessly out of court and focus on growing and innovating.
In addition, the Small Business Capital Access and Job Preservation Act (H.R. 1105) reduces new, complicated and unnecessary registration requirements that unfairly burden small business investors and increases access to capital for small businesses.
Small businesses are the foundation of our economy. While this legislation is encouraging, we must continue finding ways to help them succeed. When we clear red tape for them, they provide job opportunities, encourage commerce and help the economy.