This American Life reports in an excellent piece on how a billioinaire inventor who founded a company to aggregate patents and to sue for infringement. This practice may in fact be hindering innovation and the economy the story reports:
Nathan Myhrvold is a genius and a polymath. He made hundreds of millions of dollars as Microsoft’s chief technology officer, he’s discovered dinosaur fossils, and he recently co-authored a six-volume cookbook that “reveals science-inspired techniques for preparing food.”
Myhrvold has more than 100 patents to his name, and he’s cast himself as a man determined to give his fellow inventors their due. In 2000, he founded a company called Intellectual Ventures, which he calls “a company that invests in invention.”
But Myhrvold’s company has a different image among many Silicon Valley insiders.
The influential blog Techdirt regularly refers to Intellectual Ventures as a patent troll. IPWatchdog, an intellectual property site, called IV “patent troll public enemy #1.” These blogs write about how Intellectual Ventures has amassed one of the largest patent portfolios in existence and is going around to technology companies demanding money to license these patents.
Patents are a big deal in the software industry right now. Lawsuits are proliferating. Big technology companies are spending billions of dollars to buy up huge patent portfolios in order to defend themselves. Computer programmers say patents are hindering innovation.
But people at companies that have been approached by Intellectual Ventures don’t want to talk publicly.
“There is a lot of fear about Intellectual Ventures,” says Chris Sacca, a venture capitalist who was an early investor in Twitter, among other companies. “You don’t want to make yourself a target.”
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