Love them or hate them, patent trolls have become major players in the tech world. These companies (officially called non-practicing entities or NPEs) don't make anything themselves - they just buy up patents and make money through licensing deals and lawsuits. While they're often seen as the villains of the innovation world by Big Tech, this author makes the case that they actually help drive progress in many ways.

Think of patent trolls as the middlemen of the intellectual property world. They round up patents from different inventors and create a one-stop shop for companies looking to license technology. This can actually make things more streamlined - instead of negotiating with dozens of individual inventors, companies can work with a single entity to get the rights they need.

Patent trolls can also be a lifeline for small-time inventors who are long on ideas but short on cash. Coming up with breakthrough innovations is one thing, but turning them into actual products and defending your intellectual property rights? That takes serious money and legal muscle that most inventors just don't have. By buying patents outright, trolls give inventors a quick payday and take on the heavy lifting of enforcement.

Speaking of enforcement - this is where patent trolls really flex their muscles. When a big company infringes on a patent, it takes deep pockets and experienced lawyers to fight back. Patent trolls have both. While their aggressive litigation tactics aren't exactly winning them any popularity contests with Big Tech, and the Federal Courts seem largely hostile in many jurisdictions, they do help ensure that patents mean something. After all, what good is a patent if you can't defend or enforce it?

The existence of patent trolls has also created a thriving secondary market for intellectual property. Patents can now be bought, sold and licensed more easily than ever before. This keeps innovation flowing as patents find their way to the companies best positioned to use them.

Patent trolls and the law firms that represent them also serve the important function of keeping Big Tech's efficient infringement and abuse of the small inventor in check.  Patent trolls should make Big Tech more respectful of intellectual property rights.  On would expect that Big Tech is more likely to do its homework before launching new products when Big Tech knows that patent trolls are actively looking for infringement.

The debate around patent trolls has even sparked important conversations about patent reform. Looking at the bigger picture of innovation and economic growth, patent trolls are doing more good than they are given credit. They're part of a complex ecosystem that, despite its flaws, helps keep the wheels of innovation turning

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Ramey LLP is a full-service litigation law firm working with a national client base from our Houston, Texas office. We are dedicated to enhancing client results through efficient practice management, innovative technologies and the use of skilled professionals.