The Economist (May 5)
The U.S. Patent Office issued 244,358 patents in 2010. That’s the good news. The bad news is that there is a back log of over 700,000 applications. “On average, hopeful inventors wait for two years until their applications are even considered. Ten months more may go by before they learn whether they have been successful.” As Congress has further cut spending, the backlog is expected to worsen. The Economist believes the wait stymies innovation. “While they wait for a decision, the American economy is losing out.”
The U.S. Patent Office issued 244,358 patents in 2010. That’s the good news. The bad news is that there is a back log of over 700,000 applications. “On average, hopeful inventors wait for two years until their applications are even considered. Ten months more may go by before they learn whether they have been successful.” As Congress has further cut spending, the backlog is expected to worsen. The Economist believes the wait stymies innovation. “While they wait for a decision, the American economy is losing out.”
Tags: Congress, Economy, Innovation, Patents, U.S.
