WASHINGTON, DC – The National Venture Capital Association (NVCA) today attended an event at the White House, where senior administration officials unveiled new actions designed to improve the patent system. The NVCA also participated in a roundtable discussion at the White House to share the venture capital industry’s perspective and discuss with other stakeholders possible patent reform solutions.
Bobby Franklin, President and CEO of NVCA, issued the following statement after the event:
“The general consensus of the venture capital industry is that patent trolls create inefficiencies and undermine innovation, threatening the startup ecosystem and diverting precious financial resources away from job creation. We agree the problem must be addressed, but creating a precise solution that meets the needs of some while at the same time minimizing serious unintended consequences to others is extremely complex.
“In that light, NVCA believes it is paramount that changes to the patent system be made in a measured and judiciously considered manner, because almost any such change is likely to alter the risk/benefit equation in ways that affect individual companies and specific industries in different ways. Our goal continues to be crafting a solution that meets the dual test of helping startups targeted by trolls while maintaining strong protections for startups that must defend their intellectual property from large, entrenched interests.”
