America’s innovative spirit has always been one of its economic strengths, and even during the downturn entrepreneurs have continued to come up with the new ideas that could launch the next Google of Microsoft. However, a near-historic backlog at the US Patent and Trademark office forces these inventors to wait years for their patents, stifling economic growth and job creation. Congressional diversions of USPTO funds have led to chronic resource and staffing shortages that are short-circuiting a process that should be fueling recovery. In order kick-start the patent process, Third Way proposes a one-time infusion of $500 million to USPTO to hire examiners, cut down the backlog, and unleash the innovation that will create the next wave of American prosperity.
