Washington, D.C. – Today a group of senior business leaders from various Internet companies announced their support for the Innovation Act (H.R. 9). This bipartisan bill – introduced by House Judiciary Committee Chairman Bob Goodlatte (R-Va.) and a bipartisan group of Members – takes steps to combat the ever increasing problem of abusive patent litigation.  H.R. 9 was recently reported out of the House Judiciary Committee by an overwhelming vote and is expected to be considered by the full House of Representatives.

Below are excerpts from the letter sent by the CEOs of Etsy, Gilt, MongoDB, Business Insider, Zola, Google, LinkedIn, Pinterest, Rackspace, TripAdvisor, Yahoo, and Yelp.  The full letter can be found here and a list of all supporters of H.R. 9 can be found here.

“We are the CEOs of America’s leading Internet companies.  As such, we have direct experience of the negative consequences of the patent troll business model on our economy.  We are also innovators; in fact many of us are proud patent holders.  The jobs, goods, and services that make up our economy depend on innovations like ours to be protected by patents. 

“As inventors ourselves, we support the Innovation Act because it strikes a reasonable compromise between protecting patent holders’ rights and removing the threat of frivolous patent troll litigation. If enacted, the Innovation Act, will enable innovators like us to get back to the business of doing what we do best, namely creating the jobs and services that help run our economy.

“A flawed patent system remains one of the biggest threats to our companies, and frivolous patent lawsuits are at all-time highs.

“The Innovation Act is a positive step in the right direction for our economy.”

Learn more about the Innovation Act by clicking here.