Company founded to blackmail US innovators could damage US economy
The Chinese regime is getting into the patent trolling business, having set up a company that will start suing American companies for patent fraud. Experts believe the new Chinese company, which the regime seeded with $50 billion in fluff patents, could be detrimental to American innovation.
Patent trolls, officially called patent assertion entities, are companies that produce no goods. They make their profits by buying vague and outdated patents, then suing other companies for violating their patents. According to a press release from the nonprofit Citizen Outreach, patent trolls cost the U.S. economy $29 billion a year and destroy jobs.
China’s shiny new patent troll is a company called Ruichuan IPR Funds. The company is based in China’s main technology hub in Zhongguancun, Beijing. Continue reading