(Image Source: Patent Post-Grant)
 

BY SARAH NG

ANCHOR CHRISTINA HARTMAN

Hoping to spur employment -- President Obama signed a bipartisan bill designed to fix the backlogged patent process and promote innovation.

As Fox News reports...

“President Obama takes a break from his jobs tour to sign into law an act aimed at streamlining the patent process. The first significant change in patent law since 1952. Even here, jobs remain on his mind. “

The big change -- instead of granting a patent to whoever invents something first, it goes to whoever applies for the patent first. Voice of America writes --- this system:

“...is standard in much of the rest of the world. Previously, the patent system has been clogged by legal battles over which applicant was the first to invent a given product.”

A writer for The Omaha-World Herald writes lawmakers are optimistic about the bill:

“Legislators hope the new system will relieve the backlog of patent filings, mitigate costly patent litigation and stimulate innovation and, by speeding ideas to market, spur economic growth.”

The bill signing means big changes for the patent office -- and more jobs -- Businessweek reports:

“The office plans to hire as many as 2,000 more examiners in the coming fiscal year, revamp an outdated information technology system and open satellite offices across the country to tap into local workforces.”

Although Mr. Obama, Congress, and business leaders are all on board with this bill -- the Los Angeles Times reports its effects might not be immediate...

“Though business interests welcome the overhaul, the new law isn’t likely to unleash a wave of new hiring. The economic impact might be years down the road, economists say.”

One downside of the changes -- Businessweek reports patent lawsuits were filed at as much as 10 times the normal rate to take advantage of existing laws.