By Wendy Marsh
Today, President Obama signed into law the America Invents Act. The President said the bill will ease the backlog of patent applications to be examined, and shorten the approval process which now he said is on average about three years. This legislation, which marks the most significant change to patent law since 1952, will transition the United States from a "first to invent" system to a "first to file" system whereby the first to file their patent application will be granted patent rights to a particular invention. Obama touted the bill as a job creator with the reasoning that it will help startups and small business owners turn their ideas into patented products more quickly and boost businesses.