The article argues against the conflation of non-practicing entities (NPEs) with pejorative 'patent trolls'. NPEs, or 'patent elves', play a crucial role in innovation, as they facilitate licensing and monetization of patents, benefiting SMEs and universities. By supporting long-term R&D, they enhance technological growth and contribute positively to the market. The label 'patent troll' is misleading, overshadowing the integral role of 'patent elves' who bring economic value, foster innovation, and enable better technology interoperability in today’s global market.
The term 'patent troll' has been perversely extended to any NPE; but the label is a pejorative that clouds an understanding of the true merit of many virtuous NPEs, the 'patent elves.'
Patent elves should be seen in the same way as Norse mythology's elves, regarded as protectors who fuel further innovation rather than as pejorative figures like trolls.
Thanks to patent elves, SMEs, universities and other smaller entities can have the confidence to invest in long-term R&D, leading to innovations that ensure licensing revenues.
In today's global market, the success of so much innovation relies on interoperability, which is heavily dependent on proper patent monetization strategies by non-practicing entities.
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