Patent reform is being hailed as an economic lifeline for the technology industry and a tool to restore momentum to the economy. Some insist that patent reform will foster innovation, support United States competitiveness with other countries, spark job growth, and protect companies from those who misuse and abuse the patent system.
H.R 1249, also known as the Leahy-Smith America Invents Act (AIA), will soon make good on these promises. After being stalled in the Senate for some time, the bill has now passed in both the House and Senate by a wide a margin, and was signed by President Obama on Sept. 16.
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