When it comes to intellectual property, there are a lot of terms and concepts that can be hard to grasp. One such concept is the “patent troll.” To help break down this concept, we are going to go over the basics of what a patent troll is, and explain why small businesses should be aware of this potential threat.
What Is a Patent Troll?
A patent troll is an individual or organization that purchases patents from inventors or third parties, and then leverages these patents to collect licensing fees from businesses that may be using the ideas or processes mentioned in the patents. These trolls may not have any intention of producing or marketing the product or process themselves, and instead simply hope to cash in on the patent’s legal protections.
Why Should Small Business Owners Be Aware of Patent Trolls?
Small businesses need to be especially aware of patent trolls because they potentially have less legal resources to defend themselves in a patent disputes. In addition, many small businesses may not have the resources to pay patent troll licensing fees. This means that a small business could face a potential shutdown if it does not agree or pay the licensing fees demanded by a patent troll.
How Can Small Businesses Protect Themselves From Patent Trolls?
The best way for small businesses to protect themselves from patent trolls is to be diligent when it comes to researching patents, and to be proactive in filing their own patents to protect their unique ideas. Additionally, it is beneficial to consult with an attorney who specializes in intellectual property law to get sound legal advice on how to stay ahead of possible patent infringement disputes.
Conclusion
Patent trolls can pose a serious threat to small business owners, which is why it is important to be aware of their existence. By researching all relevant patents, and filing your own patents when necessary, you can ensure that you are covering your bases when it comes to protecting your unique ideas and products. Additionally, consulting an intellectual property attorney to make sure all your bases are covered is highly recommended.