OnGreen executives Nikhil R. Jain and G. Nagesh Rao were proud to attend the signing of the "America Invents Act" at an event today in the Washington, DC area. In an effort to support innovation and ideas, The America Invents Act passed with the president's strong leadership after a decade of effort to reform our outdated patent laws.
Patent reform is an issue both the White House and Congress have pushed for some time. The America Invents Act, previously known as the Patent Reform Act of 2011, was passed by the House in June with large bipartisan support. The U.S. Senate approved the House version of the bill last week voting 89-9.
The newly-signed law has a number of important transformations that will build on reforms already underway under the leadership of the US Patent and Trademark Office's dynamic Director David Kappos. The law will give the USPTO the resources to significantly reduce patent application waiting times, building on the great strides the patent office has already made, including reducing its backlog by 75,000 during this Administration even as the number of filings per year has increased.
President Obama was also anticipated to announce new steps the White House is taking to "convert ideas of American Universities and research labs into new products to expand our economy and create jobs."
The signing of the act comes at time where OnGreen is picking up steam in the Patent Marketplace as well as completing a successful China Capital Roadshow in August 2011 where 19 entrepreneurs from the U.S., Canada and Europe connected with nearly 200 potential Chinese investors and partners.
Read more on the America Invents Act: http://m.whitehouse.gov/blog/2011/09/16/america-invents-act-turning-idea...
Read more about the China Capital Roadshow: http://www.ongreen.com/roadshow