Video: Patent Reform Needed for Job Creation

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In this video, Austan Goolsbee, Chairman of the Council of Economic Advisers, explains the President’s plan to reform the patent system so that great technology ideas can be turned into the jobs. According to Goolsbee, the Patent Office now has a backlog of over 700,000 applications, with an average wait time of over three years.

I believe that these efforts are important to our nation’s ability to compete, and I would also applaud any effort to streamline the patent dispute process, which can drag on for years as well.

And as a side note, I’m wondering who on Earth writes on a white board with a seriph font?

Ed Note: Slashdot reports: “The US Senate is congratulating itself for passing a ‘landmark’ piece of patent reform legislation. Some key elements are ‘first to file’ instead of first to invent, and ending fee diversion, which means fees paid to the Patent Office will actually fund the Patent Office. Curiously, this practice has resulted in a backlog of 700,000 patent applications. The House is reportedly working on a similar bill, and soon harmony and rationality will triumph.”