Written by Brandon Baum, of Baum Legal and Practice Center Contributor.
Intellectual Ventures (IV) is what is often referred to derisively as a “patent troll.” It is a non-practicing entity that buys patents in order to monetize them, whether through licensing or litigation. But entities like IV take the view that they are providing a valuable service — they provide inventors with easy access to the economic incentive that fuels invention. In other words, they lubricate the Constitutional mandate “to promote the Progress of Science and useful Arts” by creating a ready market for inventions.
IV’s recent patent complaint filed in Delaware makes this point. IV avers as follows: