Contact:

Ben Veghte
NVCA
202.864.5923
bveghte@nvca.org


FOR IMMEDIATE RELEASE:

Venture Industry Looks Forward to Working with Lawmakers on a Balanced Approach to Patent Reform

WASHINGTON, DC – The National Venture Capital Association (NVCA) today issued the following statement after the Protecting American Talent and Entrepreneurship (PATENT) Act of 2015 was introduced in the Senate by Senator Chuck Grassley (R-IA), Chairman of the Senate Judiciary Committee, Senator Patrick Leahy, Ranking Member of the Senate Judiciary Committee, and Senate Judiciary Committee members Senators John Cornyn (R-TX), Orrin Hatch (R-UT), Mike Lee (R-UT), Chuck Schumer (D-NY) and Amy Klobuchar (D-MN).

“Protecting the integrity of our nation’s patent system and the rights of patent holders is central to the preservation of our innovation economy.  We commend Chairman Grassley and his colleagues for their time and attention to this important matter,” said Bobby Franklin, President and CEO of NVCA.  “While we remain concerned that the Innovation Act of 2015 introduced in the House could be harmful to the entrepreneurial ecosystem, the PATENT Act is an encouraging step in the right direction and we are eager to dig in and review the details with our membership.”

“We all agree that abusive behavior by patent trolls and other bad actors needs to be addressed, but we should be careful not to create unintended consequences that will come back to haunt us,” added Franklin.  “As the legislative process moves forward in the Senate, we look forward to working with lawmakers to arrive at a balanced approach that addresses abusive behavior in the system while also protecting the rights of small businesses that rely on strong patent protections for their survival.  The worst thing we could do would be to pass a bill that tips the balance of power in patent enforcement cases in favor of larger incumbents.”


About National Venture Capital Association

Venture capitalists are committed to funding America’s most innovative entrepreneurs, working closely with them to transform breakthrough ideas into emerging growth companies that drive U.S. job creation and economic growth. As the voice of the U.S. venture capital community, the National Venture Capital Association (NVCA) empowers its members and the entrepreneurs they fund by advocating for policies that encourage innovation and reward long-term investment. As the venture community’s preeminent trade association, NVCA serves as the definitive resource for venture capital data and unites its nearly 400 members through a full range of professional services. For more information about the NVCA, please visit www.nvca.org.