Arm your defenses against Patent trolls with these tips

Ah those pesky patent trolls, always roaming around waiting for the chance to exploit the up-and-coming new businesses, heavyweight corporations and in general, those with a patent portfolio in different industries when all a company/respectable establishment wants is to expand an idea or product they are passionate about. Be it buying patents from smaller companies or the incessant need to sue multiple companies for patent litigation, patent trolls have proven to be like hunters trying to mow down those they can squeeze some funds out of.

Not to worry, here are some tips in PatSnap, alluded by patent troll hunters, on how you can single out those vultures and be armed with the correct resources before it is too late.

All about the searching

The key to start is narrowing down the industry of interest or bearing a similarity to your patent portfolio and detecting any suspicious activity. You may ask what activity to focus on when finding this information? Here are some telltale signs of potential patent trolls in your field:

1. Litigation, litigation and oh did I forget litigation? The easiest way to catch a troll is by the amount of litigation one of their patents are involved in. When you access a patent and you see the litigation number is in the ballpark of 10 and above, then this would be a sign of something being awry. Litigation is a costly affair that would not make sense for companies to pursue unless there is a good argument that some good will come of it. Here is an example of a patent that is involved in 76 litigations owned by Lodsys Group, LLC:
2. Why does this company have a name like that? The end of point one is a good transition to the second point, which is all about the name of the company. When noticing names like “Lodsys Group, LLC”, “Research in Motion Ltd”, “NTP, Inc.” and more, a certain cloud of unsureness whether this is a real company or not ensues and rightfully so. There is no sure defined rule to what company name sounds like a patent troll vs a regular company but a lot of it can come from intuition on if the name seems off or not. The aforementioned companies are examples of patent trolls and you can find a pattern in the naming.
3. Give me your wallet or rather the trolls are banging at your doorstep to acquire your company to absorb your patent portfolio. A lot of times, the trolls are there to force a smaller company to sell their patents or the entire company to them for financial reasons. Due to how the US patent law is set up, this gives a lot of leeway for trolls to sue whomever they want and not lift a finger when it comes to producing or innovating in different markets. One common detail you might notice in PatSnap when seeing a troll’s patent is that they are tagged with this specific legal event under the legal status column (Litigation and Transfer in particular):

Here is a quote from Lord of the Rings author J.R.R Tolkien that helps sum up the nature of patent trolls:

“The Shadow that bred them can only mock, it cannot make: not real new things of its own. I don't think it gave life to the orcs, it only ruined and twisted them, and if they are to live at all, they have to live like other living creatures.” – Frodo to Sam in Return of the King –

Have more thoughts or tips you want to share on how to find patent trolls? Be sure to comment and have your say on the matter.