On September 16, 2011, President Obama signed the landmark American Invents Act ("AIA") into law at Thomas Jefferson High School for Science and Technology in Alexandria, VA. The AIA marks the first major overhaul of the US patent system since 1952.
President Obama's remarks emphasized the necessity of patent reform at this critical juncture of the American economy. "We can't afford to drag our feet any longer," the President said. "This much-needed reform will speed up the patent process so that innovators and entrepreneurs can turn a new invention into a business as quickly as possible."
The AIA aims at reducing the backlog at the US Patent and Trademark Office to ease the way for inventors to bring their products to market, creating jobs by attracting investments and incentivizing manufacturing and, ultimately, spurring innovation and making the United States more competitive. The law also aims to reduce costly legal battles.
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