Tuesday, 7 November 2017
Chemical Company Joins the LOT Network Against Trolls
Covestro, a chemical company which uses digital technologies to build better products, has joined the LOT Network. As previously discussed, the LOT Network was started to thwart patent trolls. Essentially, each member agrees to provide a license to the other members of the network if their patent is transferred to a patent troll. Covestro’s press release states:
“With the convergence of the chemical industry and digital technologies, our sector has increased exposure to PAE litigation,” said Gilbert Voortmans, Vice President, Head of Intellectual Property Rights at Covestro. “Innovation is core to our business, and we feel it’s important to take a stance against anything that could interfere with the fair use of intellectual property.”
Interestingly, this is the first chemical company to join the LOT Network, according to the press release. We’ll have to see whether other companies in industries generally thought not to be subject to troll suits will join the network, particularly as digital technologies influence almost all industries. Moreover, I count around 170 members listed on the LOT Network website, including companies ranging from Alibaba to Crate and Barrel to Wells Fargo to Uber to Target to Honda. I wonder if universities should create something like the LOT Network to protect themselves from future suits by university based patents.