The technology world especially the software product firms has exploded with humungous amount of innovation and new product creation due to the bottom-up approach by an always increasing number of startups. This destructive creativity has been possible due to a global collaboration between software tech community and the ability to create products in a boot strapped model. One of the legacies of a bygone era which still exits as a thorn in this process has been patents.
In an recent article by Prof. Wadhwa he discusses that the only beneficiary of this archaic system has been the legal folks. Companies still apply for defensive patents to avoid law suits from competing firms. IMHO this stifles innovation and reduces the confidence level of teams to continue to extend the boundaries of technology. Leading companies should look at fostering innovation rather than take cover under the patent system. Look forward to seeing a constructive discussion on reforming this system.
