There definitely exists a bunch of people / companies not trying to be innovative and create new ideas but, quoting Obama, "...[are] essentially trying to leverage and hijack somebody else’s idea and see if they can extort some money out of them.” They are referred to as "Patent Trollers".
So how exactly is patent trolling defined?
Patent troll is a pejorative term used for a person or company that enforces its patents against one or more alleged infringers in a manner considered unduly aggressive or opportunistic, often with no intention to manufacture or market the product. A related, less pejorative expression is non-practicing entity (NPE) which describes a patent owner who does not manufacture or use the patented invention.
The President also commented that his administration wants to, “make sure the patents are long enough that people’s intellectual property rights are protected.” I think the bigger problem is that some patents are so vague, they’re not protecting intellectual property, they only serve to stop others from innovating, or provide trolls with fodder for a lawsuit.
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